A New Era for Uniswap on BNB Chain
The Uniswap Decentralized Autonomous Organization (DAO) has taken a bold step by approving a second non-binding proposal, commonly dubbed a “temperature check.” This proposal will make Wormhole the designated bridge for cross-chain governance connecting the BNB Chain and Ethereum. It’s a choice that showcases how the DeFi landscape continues to evolve.
The Voting Battle: Wormhole Triumphs
In an exciting round of voting, Wormhole emerged victorious, clinching a solid 62.31% of the votes. For those keeping score, LayerZero followed with a respectable 37.58%, while deBridge and Celer wrapped up the competition with less than 0.1% each. Talk about a landslide victory! It’s not every day you see such a clear winner, unless, of course, you’re watching a toddler demolish a cupcake.
Learning from Past Votes
It’s worth noting that this isn’t Uniswap’s first trip down this voting lane. Only a few days earlier, on January 21, the DAO tried to decide on bridging solutions, initially favoring Celer. However, community members raised eyebrows over potential security issues and centralization risks associated with Celer. Remember folks, in the crypto world, if there’s one thing you can bet on, it’s that a little security debate can ruffle quite a few feathers.
Wormhole’s Rocky Past
Wormhole is no stranger to controversy. Back in February 2022, its Solana-Ethereum version was hacked, resulting in a staggering loss of $321 million worth of cryptocurrency. Yet, in true heroic fashion, the Wormhole team promptly reimbursed users by replacing the compromised ETH. Meanwhile, their BNB-Ethereum version seems to have slipped under the radar of malicious attacks. Perhaps it’s taken a few notes from the past!
The Final Steps Toward Implementation
What’s next for Uniswap? The proposal will factor into a final plan to introduce Uniswap v3 to the BNB Chain. This will eventually head to a binding governance vote. With the DAO continuing to discuss these steps, one thing is for sure: the DeFi ecosystem is not slowing down anytime soon. Let’s just hope the next proposal doesn’t ask for a vote on pineapple pizza.
