Bancor Accuses Uniswap of Patent Infringement Over DEX Technology

Bancor has filed a lawsuit against Uniswap for allegedly using its decentralized exchange (DEX) technology without proper authorization. Filed by Bprotocol Foundation and LocalCoin Ltd. in a New York court, the lawsuit claims that Uniswap's protocol utilizes Bancor's constant product automated market maker (CPAMM) system. Invented by Bancor in 2016, this technology allows trades via smart contracts. Bancor received patents for this system in 2017 and accuses Uniswap of benefiting from it unlawfully since 2018. Mark Richardson from Bancor emphasized the need to protect their innovation for the DeFi community.