According to Cointelegraph, Bancor sued Uniswap for patent infringement, accusing it of using Bancor’s technology without permission and profiting from it. Bancor designed the technology in 2016 and obtained a patent in 2017.
Bancor claims that Uniswap used its invention in the protocol launched in 2018. The two are competitors in the field of decentralized finance. Bancor project leader Mark Richardson said that action must be taken against the unauthorized use of its invention.
As of press time, Uniswap has not publicly responded to the lawsuit. Bprotocol Foundation and LocalCoin seek compensation for Uniswap Labs’ unauthorized use of Bancor’s patented technology.
According to DefiLlama data, Uniswap ranks second among decentralized exchanges with nearly $3.8 billion in 24-hour trading volume, while Bancor ranks 142nd with a trading volume of $378,579.
