Leap and a16z Battle for Uniswap Bridge Privileges

Key Takeaways

  • Uniswap needs to deploy on BNB Chain.
  • Nonetheless, two crypto companies are disagreeing on which cross-chain bridge the protocol ought to use.
  • Leap and a16z are each pushing for bridge options they’re invested in—Wormhole and LayerZero, respectively.

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A Uniswap proposal to deploy the protocol on BNB Chain by utilizing Wormhole is being contested by crypto agency a16z, which needs the decentralized alternate to make use of LayerZero as an alternative.

Leap vs. Andreessen Horowitz

Two crypto companies are preventing over Uniswap.

The Uniswap neighborhood is at present voting on whether or not to deploy the decentralized alternate onto the BNB Chain—and whether or not the protocol ought to use Wormhole or the LayerZero cross-chain bridge resolution to take action. 

The proposal has come underneath scrutiny within the crypto neighborhood because it pits two outstanding crypto companies—a16z and Leap—in opposition to one another. Leap is a serious backer of Wormhole, whereas a16z is invested in LayerZero. 

The preliminary “temperature test” vote noticed the Uniswap neighborhood overwhelmingly vote in favor of utilizing Wormhole as a bridge (80.28% “sure” votes in opposition to 19.72% “no” votes). Nonetheless, a16z companion Eddie Lazzarin indicated that the agency had not been in a position to commit its 15 million UNI tokens in opposition to the proposal resulting from technical causes on the subject of its custodial set-up. As a result of its large holdings, VC’s participation could have swung the vote.

Nonetheless, a16z’s stash is probably not adequate to stop the ultimate proposal from passing. On the time of writing, a complete 39.63 million votes had been forged, with over 61.67% in favor of deploying Uniswap on BNB Chain utilizing Wormhole and 38.32% in opposition to. Whereas a16z is the most important UNI holder to have dedicated its tokens to vote to date, it has solely courted a further 190,000 votes, bringing the overall of votes in opposition to the proposal to roughly 15,190,000. In the meantime, Wormhole backers have secured over 24,440,000 votes because of UNI whales akin to Robert Leshner, GFX Labs, and Argent.

Nonetheless, it’s price noting that solely 3.9% of all UNI tokens have been dedicated to vote to date: the method is subsequently removed from a accomplished deal and will nonetheless swing both approach. Voting concludes on February 10. 

Disclaimer: On the time of writing, the creator of this piece owned BTC, ETH, and several other different crypto belongings.

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