Uniswap’s community has spoken and Wormhole is the choice for the new governance messaging bridge. The final proposal is set to come soon.
Uniswap Chooses Wormhole for BNB Chain Bridge
The Uniswap community has voted for Wormhole to be the bridge for its cross-chain governance messaging between Ethereum and BNB Chain once Uniswap v3 arrives. The choice for Wormhole comes just over a week after Uniswap confirmed it will deploy on BNB Chain.
The community finalized the vote on January 31 with 62% going for Wormhole over the three other bridges: Celer Network, LayerZero, and Debrige. The win for Wormhole gives the bridge invaluable preference as the infrastructure service for Uniswap v3 users on BNB Chain to participate in Uniswap’s Ethereum-based governance.
“Thank you to all the DAO members who participated in the temperature check vote to make Wormhole the preferred bridge provider for the proposed deployment of @Uniswap v3 on @BNBCHAIN!” Wormhole wrote on Twitter.
The vote will put Wormhole in the final governance proposal that will eventually be put up for a vote. Thusly, the recent vote does not guarantee Wormhole as the bridge as the final deployment proposal vote still remains.
Uniswap expects to complete the bridge to BNB Chain by Q2 in 2023. Uniswap has a self-imposed deadline for April 1– the date when its v3 code unlocks and becomes open-source– to deploy onto BNB Chain before any copycats can emerge.
The 62% victory from Wormhole does not come without any competitiveness. The first “temperature check” vote on the Uniswap went overwhelmingly to Celer Network, but the community ultimately rejected the proposal from Celer’s CEO.
Sam Kessler of CoinDesk also reported that a16 would have voted for LayerZero in the “temperature check” but was unable. Their 15 million tokens would have made LayerZero the preference in the “temperature check.”
The Uniswap DAO proposal places protocol security as the most important feature needed for cross-chain deployment.
“For cross-chain deployment proposals, we believe it is most important to optimize for protocol security — specifically, for community members to be able to make informed decisions based on all available information on risks to bridge security,” the proposal writes.
Bridges are notably vulnerable chokepoints in cryptocurrency. The Wormhole bridge is infamous for a $300 million hack in early 2022, while LayerZero has recently faced allegations of hosting a secret backdoor vulnerability in its code. Celer Network has no known exploits or hacks in its history.
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:
Source : bsc.news
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