Wormhole has been approved as the official bridge for cross-chain governance of the Uniswap protocol between BNB Chain and Ethereum, following a successful vote in the Uniswap DAO referendum.
Previously Failed Attempt to Reach Consensus on Bridging Solutions
The proposal received 62.31% of the vote, with LayerZero coming in second at 37.58%. The decision comes after the second non-binding “temperature check” vote and will become part of a final plan to deploy Uniswap V3 to the BNB Chain.
BREAKING: Wormhole has won the vote to be Uniswap's designated bridge to the Binance Chain! This is a major step forward in the development of the DeFi ecosystem. #DeFi #BNBChain #Uniswap #Wormhole— BitArchive (@ChainArchives) January 31, 2023
This is the second time the Uniswap DAO has attempted to reach consensus on the choice of bridging solutions. The first vote, which took place on January 21st, resulted in a temp check to deploy Uniswap V3 on the BNB Chain and use Celer bridge for cross-chain governance votes. However, concerns over security and centralization were raised, leading to a second vote to specifically decide on the choice of bridge.
Controversy Surrounding Wormhole and Layer Zero
Wormhole faced controversy in February 2022 when the Solana-Ethereum version of the bridge was hacked, leading to a loss of $321 million worth of crypto. The Wormhole team reimbursed users and the BNB-Ethereum version of the bridge was not affected. LayerZero, on the other hand, was recently accused of having security vulnerabilities by a rival developer, a claim the LayerZero team has rejected.
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Frequently Asked Questions
❓ What is Wormhole?
Wormhole is a software protocol that enables cross-chain token transfers and governance voting.
✔️ What is LayerZero?
LayerZero is a software protocol that enables cross-chain token transfers.
🚀 What is the Uniswap DAO?
The Uniswap DAO is a decentralized autonomous organization that governs the Uniswap protocol.
👉 What is the Uniswap protocol?
The Uniswap protocol is a decentralized exchange protocol on Ethereum that allows users to trade Ethereum tokens.
🤠 What is BNB Chain?
BNB Chain is a blockchain platform developed by Binance.
What is the Solana-Ethereum version of the Wormhole bridge?
The Solana-Ethereum version of the Wormhole bridge is a software protocol that enables cross-chain token transfers between the Solana and Ethereum blockchain platforms.