a16Z Casted 15 Million UNI To Vote Against Proposal To Deploy Uniswap on BNB Chain

a16Z, a venture capital firm that invest in crypto startups casted all of its 15 million UNI (1.5% of Uni supply) to vote against proposal to deploy Uniswap on Binance Smart Chain. The proposal will use Wormhole bridge. Whereas, a16Z prefers to use LayerZero. a16Z has invested in Layer Zero, it is an interoperability protocol that bridge between chains which let users move cryptocurrencies between blockchains. It has been speculated that Wormhole is the competitor of LayerZero, which has a16Z as an investor.

Wormhole is backed by another venture capital firm called Jump Crypto. a16Z is a part of Andreessen Horowitz, the second largest venture capital firm; the largest is Tiger Global. The company runs by Marc Andreessen and Ben Horowitz. The firm invested in Uniswap, making it so powerful in Uniswap’s DAO. a16Z assertive policy is making the DAO community thinks the firm can control a lot of proposals, but many argue that governance tokens act like shares of the company, major shareholders have more power to steer the company’s direction.