– Uniswap announced a community vote on Tuesday to determine which bridge platform would be designated for its version 3 decentralized exchange on BNB Chain.
– The vote resulted in Wormhole winning 62% of the vote, making it the official governance bridge for Uniswap.
– LayerZero, a major competitor of Wormhole, finished second with 37% of the vote.
Uniswap, the largest decentralized exchange platform by trading volume, announced a community vote on Tuesday to determine which bridge platform would be designated to provide users with the ability to transfer assets and other data between blockchains when its version 3 platform arrives on Binance’s BNB Chain. After a tense voting period, the results were in and the winner was Wormhole, who secured 62% of the vote. This win grants Wormhole valuable new turf in an ongoing battle between bridge platforms, and will make it the official governance bridge for Uniswap.
LayerZero, a major competitor of Wormhole, finished second with 37% of the vote. LayerZero has been the target of recent criticism for under-publicized security risks, but despite that, it still managed to secure a sizable portion of the vote. The Uniswap DAO, which allows holders of Uniswap’s UNI token to vote on major strategy decisions, was responsible for the vote and its passage means that the Wormhole bridge will eventually be used to give Uniswap v3 users on BNB Chain the ability to participate in the Uniswap DAO’s Ethereum-based governance process.
Uniswap aims to deploy its version 3 decentralized exchange on BNB Chain before its business source license expires on April 1. As such, this vote could have major implications for the platform and its ability to keep up with the ever-evolving crypto and DeFi space. This vote is yet another example of the power of decentralized governance and how it can be used to make major decisions in the industry.