

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.
a16z votes against proposal to deploy latest Uniswap $UNI iteration on BNB Chain@a16z used all 15M of their $UNI tokens (worth over $105M) to vote against the proposal, which would use the Wormhole bridge for the @Uniswap V3 deployment on @BNBCHAIN.
— TOP 7 ICO | #StandWithUkraine🇺🇦 (@top7ico) February 5, 2023
👉 https://t.co/gMyctJkXzS pic.twitter.com/X5l4IxxSro
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.
Uniswap controlled by a16z? https://t.co/9QTi1KjVjG
— CZ 🔶 Binance (@cz_binance) February 5, 2023
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.
Narrator: They went that far pic.twitter.com/bAwCXVXKPY
— Steven (@Dogetoshi) February 5, 2023
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:
Website | Twitter | Telegram | GitHub |
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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.
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Related News


Guardians of Privacy: How ZK Technology Can Transform NFTs for the Better

With enhanced security measures and privacy preservation, ZK-powered NFTs offer participants a more inclusive and diverse ecosystem.
Privacy Meets Authenticity
In the world of blockchain technology, privacy, and decentralization are often regarded as essential elements. However, many blockchain networks prioritize consensus algorithms and stability over anonymity and trust. This raises questions about the level of privacy and decentralization offered by blockchain networks.
One of the most promising solutions to address these concerns is Zero-Knowledge Proof (ZKP) technology. ZKP is an encryption system introduced by MIT researchers Silvio Micali, Shafi Goldwasser, and Charles Rackoff in the 1980s. It allows one party (Prover) to prove the truth of a specific statement to another party (Verifier) without revealing any additional information.
ZKP ensures that only the intended recipient (you) can access your secured data, providing higher privacy and security. Zero-Knowledge Proof has emerged as a significant development in the pursuit of improved privacy in the blockchain era.
Meanwhile, NFTs have revolutionized digital ownership by creating a market for unique and indivisible digital assets. These assets range from artwork and collectibles to virtual real estate.
While NFTs have gained immense popularity, concerns about privacy, security, and authenticity persist. This is where Zero-Knowledge (ZK) technology enters the picture, offering a potential solution to enhance the NFT ecosystem.
In this article, we delve into the impact of ZK technology on NFTs, exploring the positive transformations it brings while considering potential drawbacks.
Positive Impact of ZK Technology on NFTs:
Uncompromised Privacy and Security:
Zero-knowledge proof allows individuals to verify their identity without revealing any sensitive information. Using a decentralized identity, users can verify that they are citizens of a country without giving their name or passport number instead of providing identity details.
NFT ecosystems can benefit from unprecedented levels of privacy and security provided by ZK technology. By utilizing zero-knowledge proofs, NFT owners can verify their ownership and authenticity without disclosing sensitive information or compromising their identities.
This privacy enhancement mitigates the risk of fraud and identity theft, fostering trust and confidence among NFT participants. As a result, individuals have more control over their data when using ZKP-based identity protocols.
Anti-Counterfeiting Measures:
Counterfeit assets pose a significant challenge in the NFT ecosystem, threatening the integrity and value of digital assets. However, Zero-Knowledge (ZK) technology emerges as a powerful tool to combat counterfeiting and ensure the authenticity of NFTs.
It serves as a cryptographic mechanism that allows one party to prove the validity of a statement to another party without disclosing any additional data. In the context of NFTs, the owner or creator of an NFT can provide evidence of ownership and authenticity without revealing any details that could be used to counterfeit or replicate the asset.
ZK technology also assists in establishing the provenance and history of an NFT. By utilizing zero-knowledge proofs, creators can demonstrate the creation and ownership of an asset without disclosing confidential information.
Thus, ZK technology can be vital in combating counterfeiting in NFT.
Empowering Efficient Marketplaces:
By leveraging zero-knowledge proofs, ZK technology can enable NFT sellers to verify the validity of their NFT assets while preserving their privacy. The privacy feature is particularly valuable in scenarios where sellers may be high-profile individuals or institutions who wish to maintain confidentiality.
Moreover, ZK-powered NFT marketplaces enable efficient and secure transactions. The technology allows for verifying ownership and the integrity of the NFTs without the need for extensive and time-consuming manual checks.
This mitigates the risk of fraudulent activities, such as double-spending or unauthorized modifications of NFT ownership records. The process saves time and reduces transaction costs, making it easier for buyers and sellers to participate in the NFT market.
Therefore, ZK technology can transform NFT marketplaces, revolutionizing how NFTs are bought and sold.
The current state of zero-knowledge proof, however, presents some challenges as well.
Technical Expertise Barrier with Zero-Knowledge Proof
Integrating ZK technology into NFT ecosystems may impose computational overhead, potentially slowing transaction processing times. Further, the successful integration of ZK technology into NFT platforms demands technical expertise, which may hinder broader adoption among less tech-savvy individuals. Moreover, the intersection of ZK technology and NFTs raises regulatory and legal considerations.
However, ongoing algorithm advancements and optimization techniques aim to mitigate the current challenges, paving the way for smoother operations. Simplifying user experiences and providing intuitive interfaces will be essential to make ZK-powered NFTs accessible to a wider audience. Furthermore, to foster responsible innovation in this space, it is crucial to strike the right balance between privacy, security, and compliance.
Integrating ZK technology within the NFT ecosystem unlocks vast possibilities for enhanced privacy, security, and trust. Through zero-knowledge proofs, NFTs can flourish as a secure and transparent medium for digital ownership. While challenges such as computational demands and accessibility must be addressed.
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.
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