Wormhole Faces Up Against Special Interests in Uniswap-BNB Chain Bridge Proposal
The votes coming in for the governance bridge deployment are casting a dark shadow on industry behavior.
a16z Votes Push Out Wormhole Bridge
Wormhole has a big hole to climb in the race to become the Governance Bridge for Uniswap’s deployment on BNB Chain. The major venture capitalist a16z has pushed in all 15 million of its $UNI tokens, worth over $105 million, against the proposal.
The nays against Wormhole are winning the vote as of February 5 by over 64%, despite only 10% of the token supply voting. Voting opened on February 4 and will last until February 10. The deployment of all 15M tokens by Uniswap is the first time the VC has used all its tokens in a vote, signaling a major stroke of power from the group.
Wormhole was recently selected as the potential cross-chain governance messaging bridge between Ethereum and BNB Chain for when Uniswap v3 deploys in Spring 2023. The Uniswap community chose Wormhole over the three other bridges: Celer Network, LayerZero, and Debridge.
Uniswap is the most voluminous Decentralized Exchange (DEX) in all of the cryptocurrency industry and its actions hold considerable influence across the industry. The competition for protocols to facilitate Uniswap’s deployment onto BNB Chain is becoming fierce as the power and influence could set a project up for success.
And the move from a16z is raising eyebrows. The vote by a16z is causing some controversy around centralization in the world of Decentralized Finance (DeFi) because a16z is a major backer of the bridge LayerZero, which lost the initial proposal. A16z helped lead a $135M fundraise for LayerZero in 2022.
Many on social media have come out against the optics playing out in the bridge bids. The bridge decision appears to be unraveling into a behind-the-scenes battle between VCs and special interest groups. The criticisms focus on how the bids display the negative role that special interest groups can play in the growth of DeFi.
Is this a good look for the DeFi community? Steven Zheng, Research Director at The Block, opines that the vote may have gone too far.
There is still a little less than a week to vote on the proposal. The Uniswap community has full power to rally and tip the vote in any direction. Uniswap expects to complete the bridge to BNB Chain by Q2 in 2023.
What is Uniswap:
Uniswap was launched in November 2018 and has grown to become the largest decentralized exchange in its category. It was built open-source on the Ethereum blockchain and uses the AMM model to facilitate Ethereum ERC-20 token swaps. Uniswap
Much of the progress made in Ethereum-based DeFi expansion is attributable to Uniswap as it provided the market-making utility for Web3 apps to function in a decentralized environment. The platform consistently records daily trade volumes of over half a billion dollars and has a total volume locked (TVL) of more than $3 billion. The platform has traded over $1 trillion since it launched via over 129 million transactions.
Where to find Uniswap:
What is Wormhole:
The Wormhole Network is a generic message-passing protocol that connects high-value blockchains and allows applications to leverage the messaging layer to facilitate interoperability between ecosystems. Secured by 19 guardians, developers are able to leverage the protocol to send arbitrary data cross-chain, including tokens, NFTs, oracle data, governance decisions and more.
Where to find Wormhole:
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Author
Related News
Binance Executive Tigran Gambaryan Sues Nigeria's NSA and EFCC
The lawsuit reflects escalating tensions amidst allegations of innocence and regulatory scrutiny surrounding Binance Nigeria's alleged involvement in illicit financial activities.
The detained executive of Binance, Mr. Tigran Gambaryan, has taken legal action against Nigeria's National Security Adviser (NSA) Nuhu Ribadu, and the Economic and Financial Crimes Commission (EFCC).
Gambaryan, along with the firm's Africa Regional Manager, Mr. Nadeem Anjarwalla, filed a fundamental human rights violation suit amidst ongoing legal turmoil.
Gambaryan's legal challenge, initiated alongside his lawyer Mr. Olujoke Aliyu, aims to address his prolonged detention by the federal government. The suit, presented before Justice Inyang Ekwo of the Federal High Court in Abuja, challenges the legality of Gambaryan's continued confinement and the seizure of his international travel passport.
Gambaryan, a US citizen overseeing financial crime compliance at Binance, contends that his detention and passport seizure violates Section 35 (1) and (4) of Nigeria's 1999 Constitution. His legal team seeks various reliefs, including his release from custody, the return of his passport, a public apology from the NSA and EFCC, and an injunction against future investigations.
Allegations of Innocence Amidst Legal Turmoil
Gambaryan and his colleague's legal representatives maintain their innocence, claiming that the arrests occurred during discussions with Nigerian authorities regarding legal conflicts involving Binance.
In a dramatic turn of events, Binance's African regional manager, Nadeem Anjarwalla, recently fled Nigerian custody. Anjarwalla's escape follows mounting tensions surrounding the Nigerian authorities' investigation into alleged illicit financial activities involving Binance Nigeria, totaling a staggering $26 billion.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Follow us on Twitter and Instagram!
If you need tools and strategies regarding safety and crypto education, be sure to check out the Tutorials, cryptonomics explainers, and Trading Tool Kits from BSC News.
Looking for a job in crypto? Check out the CryptoJobsNow listings!
Author
Try Now!
Sign up Now
Coming Soon
WIN BIG
Coming Soon
Start Earning Today!
Earn Now
Coming Soon
Sign Up Now
Play & Mine!
Coming Soon
Editors Choice
Other Currencies
- nameLTBuyLitecoin
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0% - nameLTBuyEOS
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0% - nameLTBuyMonero
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0% - nameLTBuyBitcoin Cash
Sponsored
Buy Crypto with Fees as low as 0%
Buy Crypto with a bank transfer, credit or debit card, P2P exchange, and more. Not investment advice. All trading risk. Terms apply.
£0£0+0%