Bancor has filed a patent infringement lawsuit towards Uniswap Labs and the Uniswap Foundation, elevating issues throughout the decentralized finance (DeFi) sector.
Bancor Accuses Uniswap of Unauthorized Use of Technology
Bancor’s nonprofit arm, Bprotocol Foundation, and LocalCoin Ltd. have collectively filed a lawsuit towards Uniswap. The authorized grievance was submitted to the U.S. District Court for the Southern District of New York.
According to the submitting, Uniswap Labs and the Foundation are accused of utilizing Bancor’s patented fixed product automated market maker (CPAMM) know-how with out permission. Bancor claims the know-how was invented in 2016 and is central to how decentralized exchanges function with out centralized order books.
The builders behind Bancor said that they filed a U.S. provisional patent software in January 2017. The submitting reportedly led to 2 granted patents masking the CPAMM construction, which Bancor says powers its automated token swaps onchain.
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Kelvin Munene Murithi
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