The manufacturer of a smart contract-based automated market manufacturer, banners, sue on UNISWAP for patent violations, alleging that decentralized finance exchange has used its technology without permission and has made significant profits.
According For the May 20 announcement of the trial, Bansar designed technology in 2016 and patented it in January 2017. The technology underlines the “continuous product automatic market manufacturer”, which involves using mathematics to connect or withdraw resources from a liquid pool. The application later led to two issued patents.
The banner alleged that UNISWAP used the invention to create its protocol launched in November 2018. Both organizations are considered competitive in the field of decentralized finance (Defi).
“When an organization constantly uses our invention without our authority and does that as a means of competing with us, we should take action,” Mark Richardson said, Project lead in banner.
At the time of publication, Uniswap did not publicly respond to the trial, which was filed in the US District Court for the southern district of New York.
“With this trial, BPROTOCOL Foundation and Localcoin Uniswap Labs’s banner patent techniques are looking for a license for a license for violations and uniswap foundation’s violation,” said this.
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According to Difilama, the banner has not seen a similar success for Uniswap. The data aggregator ranks uniswap as the second of all decentralized exchanges by a 24-hour trading volume with a dollar trading approximately $ 3.8 billion.
On the other hand, the banner ranks 142 for the 24-hour trading volume trading with $ 378,579 by 20 May.
Uniswap has been one of the largest decentralized exchanges for many years. In his lifetime, it is Processed $ 2.8 trillion in trading volume.
“If companies like Uniswap may do uncontrolled work, we are afraid that it will obstruct innovation in the entire industry for all Defi players’ obstruction,” Richardson said.
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