VC firm Andreessen Horowitz (a16z) voted against Uniswap's plan to deploy Wormhole as the designated crypto bridge platform.
Instead, a16z hoped that Uniswap would pick up its portfolio company
LayerZero's offerings. A16z used 15 million UNI tokens, an Ethereum
token that powers Uniswap and also gives voting powers to holders, in
the vote.
- Uniswap's version 3 platform is gearing up for its debut on Binance's BNB Chain.
- The company asked its token holders to vote on which bridging platform it should use.
- Uniswap
V3 deployment received 28 million votes in favor of using the Wormhole
bridge, with LayerBridge's solution coming in second at 17 million.
- A16z, FTX, and Sequoia Capital led a $135M funding last year into LayerZero at a $1B valuation.
- A16z
owns 64 million UNI tokens; however, most of them have been delegated
to other representatives, including the University of Michigan.
- The
Wormhole protocol-based bridge previously lost $325M in an exploit at
the beginning of last year and later rebranded to Portal.
