Move to Binance Chain Approved by Uniswap Governance
80% of Uniswap’s UNI governance token owners have voted in favor of moving the decentralized exchange to the Binance Chain, an Ethereum rival.
The Concern of A16z with the Proposal
A venture investor from California named Andreessen Horowitz (a16z), who cast 15 million UNI votes against the idea, opposed the decision. This has sparked doubts about the Uniswap governance’s capacity to act in the protocol’s best interests. The partners of the venture capital company have indicated that they will vote for LayerZero as the deployment bridge.
ConsenSys Backs the Initiative
The third version of Uniswap would be implemented on Binance’s BNB Chain, according to data from Tally, which reveals that Web3 development company ConsenSys cast 7.03 million UNI tokens, or 17.58% of the voting power, in support of the plan.
Only 6.8% of all UNI tokens had cast votes as of the time of writing, with 68.82 million votes total. As of right now, 77.56% of participants have chosen “yes,” 22.07% have chosen “no,” and 0.36% have chosen to abstain.
Despite almost universal support for the idea, the low participation rate gives other stakeholders a chance to shape the outcome. The votes of influential investors like Paradigm and Polychain have not yet been counted, and it is unclear if this narrative will continue to evolve.