<\/p>\n
Community governance that oversees decentralized exchange Uniswap has voted in favor of deploying on Binance-backed BNB Chain via cross-chain bridge Wormhole.<\/p>\n
A total of 500 addresses participated in the vote, casting a total of 84.8 million votes. Overall, 65.89% of votes favored the proposal and 33.57% voted against, only 0.53% chose to abstain.<\/p>\n
This particular proposal drew attention from prominent venture capital firm a16z. used 15 million UNI tokens<\/a> to vote against the proposal.<\/p>\n Another group that voted against the proposal was the Variant Fund\u2014an investors<\/a> in other blockchain networks including Polygon, Aztec Network, Scroll and Aptos. <\/p>\n Because those who hold more governance tokens tend to have greater voting power, community members raised concerns<\/a> about how much influence venture capitalists have over decentralized protocols.<\/p>\n A16z roughly holds 64 million UNI tokens<\/a>with a majority of the tokens delegated to third-party participants. <\/p>\n Despite this, not all a16z delegates voted against the proposal. Blockchain at Michigan<\/a>for example, used 3.5 million UNI tokens to vote in favor of the proposal.<\/p>\n Blockworks Research<\/a> analysts Matt Fiebach<\/a> believes that this is a positive sign for decentralization in protocols.<\/p>\n \u201cThe vote’s result against a16z shines a positive light on the VC’s decision to delegate tokens out to unbiased parties and highlights the benefits of decentralized governance,\u201d Fiebach said.<\/p>\n