An investigation claimed that Andreessen Horowitz significantly owns governance in the Uniswap Crypto exchange, which is not healthy information for the decentralised nature of the exchange.
Uniswap is a popular Decentralised Crypto exchange on the Ethereum network, which also supports decentralised trading of crypto assets on Ethereum Layer-2 scaling networks. Uni is the native coin of the Uniswap exchange. The current trade price of Uni coin is $6.81 & this price is 3.34% high over the last 7 days of trade price.
On-chain data revealed that popular VC firm Andreessen Horowitz owns 41.5 million Uni coins, which is equal to 4.15% of the total supply of Uni coins.
On-chain data shows that there are a total of 14 wallets related to @a16z (the blue part), with a total of 41.5M $UNI (4.15% of the total supply).
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Uniswap controlled by @a16z?https://t.co/G9q31cdis8https://t.co/N8eU7XWzn4 pic.twitter.com/K24eDVzg1Z
— Lookonchain (@lookonchain) February 6, 2023
This number seems very small & also not showing significant governance of this VC firm in the Uniswap exchange but in reality, this is still a very big number to sway important proposals on the network, affecting the future of the platform.
Andreessen Horowitz is a popular VC firm because of its investment in successful crypto projects like Coinbase, and OpenAI. Perhaps people are still confident that this VC firm will not misuse its governance but few experts believe that Uniswap exchange may be subject to potential manipulation.
Uniswap partners with Polygon network
In early Jan 2023, the Uniswap team established an official partnership with the popular Ethereum layer-2 scaling solution provider Polygon network.
Through the partnership, the Uniswap & Polygon team aimed to provide a better & efficient trade service on the Uniswap platform.
It is worth noting that the Polygon crypto project showed a significant Inclination toward Web3, Metaverse, and NFTs to bring a practical level of use case with the use of blockchain technology, over the last year.
The Polygon team also established partnerships with many state government agencies in India to use the Polygon blockchain network to replace the traditional e-governance portals.
Read also: Cybersecurity team flags Dingo token’ smart contract a “Scam”
Andreessen Horowitz secretly controls Uniswap exchange
https://bitcoinik.com/andreessen-horowitz-secretly-controls-uniswap-exchange/feed/
https://bitcoinik.com/andreessen-horowitz-secretly-controls-uniswap-exchange/feed/
