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Wormhole Faces Up Against Special Interests in Uniswap-BNB Chain Bridge Proposal
February 5, 2023
MINS
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 |
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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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 $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.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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.
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.
Disclaimer: This is a paid Ask Me Anything (AMA), 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 AMA for $2000 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 AMA.
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Exploring BRC-20: Top Five NFTs Building on Bitcoin Network
June 2, 2023
Presenting the top five NFT collections on Bitcoin Blockchain according to Magic Eden.
TL;DR:
- Bitcoin network introduces BRC-20 standard for NFT development, expanding beyond Ethereum.
- Top five NFT projects building on the Bitcoin network: Bitcoin Frogs, DogePunks, Misprints, BTC DeGods, and NPC Ordinals.
- Each collection offers unique digital assets stored securely on the Bitcoin blockchain.
- These projects showcase the potential of NFTs on Bitcoin, with significant trading volumes and sales recorded in the last 30 days.
Non-Fungible Tokens (NFTs) have taken the digital world by storm, revolutionizing how we perceive and trade digital assets in the blockchain industry. While Ethereum has been the primary blockchain platform for NFT development, the Bitcoin network has now entered the fray with its unique standard called BRC-20.
This article will delve into the top five NFT projects building on the Bitcoin network and explore the potential they bring to the NFT ecosystem. Important metrics would be obtained from Magic Eden and OrdinalHub. Further, all the NFTs listed in this article can be purchased on Magic Eden.
Bitcoin Frogs
Bitcoin Frogs, as the name implies, is a collection of 10,000 generative frogs on the Layer1 blockchain, with several unique traits and designs. The floor price of each NFT on Magic Eden is worth approximately 0.08 BTC ($2,000+).
According to OrdinalHub, the total volume of Bitcoin Frogs NFTs traded across numerous marketplaces is over $11M in the last 30 days. The collection is also close to recording 10,000 sales in the NFT space.
DogePunks
DogePunks is a unique collection of NFTs blending the legendary CryptoPunk theme with the iconic Doge meme. Each artwork is unique, with proof of ownership stored on the Bitcoin Blockchain.
The design comes in different varieties, including normal, zombie, ape, and alien DogePunks. Further, each digital piece has its own unique trait.
The floor price for DogePunks is 0.0155 BTC ($421), and the total volume of NFTs traded in the last 30 days is over $2M. In addition, the collection has recorded 10,000 sales within this period, representing a significant milestone in the Bitcoin NFT space.
Misprints
Although the Misprints collection looks very much like Bitcoin Frogs, it is not affiliated with the collection. The floor price is 0.0141 BTC ($383).
The total volume of Misprints NFTs traded in the last 30 days is over $1M with 2172 sales.
BTC DeGods
BTC DeGods is arguably the biggest NFT collection on the Layer1 blockchain. It is a digital art collection and global community of creators, developers, entrepreneurs, innovators, and more.
The floor price of each unique digital piece is worth 1.05 BTC, with over $1M in volume traded in the last 30 days. Apart from trading the collection on supported marketplaces, DeGods NFTs can also be staked to earn rewards on the website, offering users passive income.
NPC Ordinals
NPC Ordinals is a collection of 10,000 NPCs on the Bitcoin blockchain with a floor price of 0.0027 BTC ($73) and over 8,000 sales across numerous marketplaces in the last 30 days.
Other notable mentions on the Bitcoin blockchain include Bitamigos, Bitcoin Punks, Battle of BTC, Neo Yauto, Pepe & Pepita, and Bixels. BSC News recommends visiting OrdinalHub for NFT analytics on the Bitcoin blockchain.
As the NFT space continues to evolve, these projects are at the forefront, bringing unique and exciting experiences to collectors, artists, and enthusiasts alike. The future of NFTs on the Bitcoin network looks promising as more developers and innovators explore new possibilities of digital assets through the BRC-20 framework.
Disclaimer: This is a paid Ask Me Anything (AMA), 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 AMA for $2000 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 AMA.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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 $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.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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.
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.
Don't forget to download the BSC News mobile application on iOS and Android to keep up with all the latest news for BNB Chain and crypto.
Follow us on Twitter and Instagram!
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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!
Disclaimer: This article is exclusive BSC News Premium Content. Premium content is viewable without a membership for a limited time. After the limited time period expires, readers will need to either subscribe or hold a BSC News NFT to view Premium Content. Visit the BSC News NFT website, Discord, and Twitter to learn more about becoming a Premium member.
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