Bancor, the creator of the wise automated market manufacturer, sues the uniswap for a violation of the patent, claiming that the decentralized financial exchange has used her technology without permission and significantly benefited from it.
According to For the announcement of the lawsuit of May 20, Bancor designed technology in 2016 and patented it in January 2017. The technology is at the basis of a “permanent automated market product product product”, which includes the exploit of mathematics to add or withdraw resources from the liquidity pool. The application then led to two issued patents.
Bancor claims that Uniswap used the invention to create its protocol, introduced to the market in November 2018. Both organizations are considered competitors in the decentralized finance sector (DEFI).
“When the organization constantly uses our invention without our permission and does so as a way of competing with us, we must take action,” said Mark Richardson, project manager at Bancor.
At the time of publication, Uniswap did not react in public to a lawsuit, submitted to the American District Court for the Southern District of Recent York.
“In this process, the BProtocol and Localcoin Foundation strive to compensation for the unlicensed use of the patented Bancor technology and the introduction of the Uniswap Foundation violation,” he said.
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According to Defillama, Bancor did not record a similar success to Uniswap. The data aggregator occupies Uniswap as the second among all decentralized stock exchanges by a 24-hour trading volume, from almost $ 3.8 billion.
On the other hand, Bancor occupies No. 142 in terms of trading 24-hour trade volume, from USD 378,579 to 20 May.
Uniswap has been one of the largest decentralized exchanges for many years. In life he has processed 2.8 trillion USD of rotation volume.
“If companies such as UNISWAP may act unported, we are afraid that it will hinder innovation in the industry to the detriment of all DEFI players,” said Richardson.
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