Wednesday, February 28, 2024

Uniswap’s BNB deployment should use more bridges, claims LIFI CEO.

The head of LIFI recommended that a group of four experts is assigned to investigate the concept of using multiple bridges.

The CEO of LIFI, Phillip Zentner, stated in a forum post on February 6 that the current proposal for Uniswap DAO’s move to the BNB chain is flawed. He suggested that the idea of relying solely on Wormhole as the governance bridge for Uniswap be scrapped and that a team of researchers is tasked with creating a standardized system for using multiple bridges for governance decisions.

In his forum post, Zentner emphasized that LIFI does not believe Uniswap should choose a single bridge provider for its deployment to the BNB Chain. According to him, no single arbitrary messaging bridge (AMB) has been thoroughly tested and deemed secure enough for a project of Uniswap’s magnitude to depend solely on.

In his post, Zentner reminded readers of the multiple bridge hacks that have occurred in the crypto community in the past two years, mentioning the exploits of two major arbitrary messaging bridges (AMBs), Nomad and Wormhole, as well as criticisms directed at LayerZero’s security model (Prestwich 2, L2Beat). He emphasized the difficulties in creating secure AMBs and the risks that a dApp may face by relying on a single bridging solution.

Phillip Zentner, has recommended that Uniswap adopt a multi-bridge approach to governance rather than relying on a single solution. He suggested that a team of four engineers is assigned to research the subject and present a proposal.

Zentner also suggested that the current BNB Chain Deployment Proposal should be voted down and the deployment date postponed until March 27. This is the date that the Uniswap team had previously set for publishing a final report with community recommendations. Zentner believes this deadline can still be met even if the current proposal is rejected.

Venture capital firm a16z had attempted to use its 15 million UNI tokens to vote against the BNB proposal due to concerns about the security of the Wormhole bridge. However, Metamask developer ConsenSys used its 7 million UNI votes to support the proposal. The vote is set to end on February 10.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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