Rumor: a16z Controls 41.5 Million UNI Instead Of 15 Million As Originally Presented

The story started on February 5 with a tweet from Chris Blec, saying that a16z just utilized its full voting power to defeat a UNI proposal to launch the Uniswap protocol on the BNB chain via Wormhole bridge, which led to the founder of Binance exchange question whether Uniswap controlled by a16z.

Uniswap controlled by a16z? https://t.co/9QTi1KjVjG

— CZ ? Binance (@cz_binance) February 5, 2023

On chain voting just means the large whale(s) control the blockchain then. Just like shareholders. We were just discussing this at the conference yesterday. Vote by the people VS vote by money are quite different.

CZ tweeted

However, the story seems to open on a new page with the reveal from Buublemaps. According to the blockchain data business Bubblemaps, a16z can control 41.5 million UNIs via 11 addresses, accounting for more than 4% (4.15%) of the UNI supply required to pass any proposal quantity. Nine of these wallets hold 0.25% of the supply (2.5 million UNI), the bare minimum for submitting a Uniswap governance proposal.

You’re being lied to about the governance of UNI@a16z could control 41.5M UNI through 11 wallets, which represents more than 4% of the supply

4% is the required amount to pass any proposal ?↓ https://t.co/mVdTukYstD pic.twitter.com/u7l9kBFIWF

— Bubblemaps (@bubblemaps) February 5, 2023

According to Bubblemaps, a wallet seen as 0xb04 sent UNI to 10 wallets, including a16z. 9 wallets ended up with 0.25%, which equals 2.5 Million UNI of the supply each, and 0.25% is required to submit a proposal to the governance of Uniswap.

Following the thread, Bubblemaps indicated a paragraph in UNI governance which they find as one of the reasons behind the rumor of voting domination in UNI.

Decisions are not made by the community, but instead by a handful of power brokers. Centralization often results in nepotism: is this governance theater to extract liquidity from the treasury?

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