BSC venture clones Uniswap V3 regardless of license – Crypto Briefing


The central theses

  • A Uniswap V3 fork called HolaSwap was launched on Binance Smart Chain.
  • Since the source code of Uniswap V3 is protected by copyright, there may be legal consequences if the anonymous developers are traced.
  • In contrast to Uniswap, HolaSwap still has to bring a governance token onto the market.

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Anonymous developers have published a fork from Uniswap V3 to Binance Smart Chain, defies the business source license, which limits the use of the source code for two years.

HolaSwap breaks Uniswap V3 copyright

HolaSwap used Uniswap’s V3 source code despite a business source license that protects the use of the code for the next two years. The project was started on Binance Smart Chain, a Binance-owned blockchain that replicates some aspects of Ethereum. The code can be viewed on BscScan.

It’s not the first time another project has cloned Uniswap’s code. An the highlight of last year’s DeFi summer last year, the pseudonymous developer boss Nomi Uniswap V1 forked to start SushiSwap. The project introduced the SUSHI governance token and motivated Uniswap liquidity providers to put their tokens on the protocol. Uniswap users who supplied SushiSwap with liquidity received generous SUSHI rewards. The move enabled SushiSwap to siphon off a large part of Uniswap’s liquidity.

Not long after the “vampire attack”, Uniswap launched its own UNI token. The two projects have since been the leading DEXs in the Ethereum ecosystem.

The Uniswap team seemed keen to prevent another project from copying the code they used after starting SushiSwap. Uniswap V3 was introduced in March and introduced a business source license that implements a time delay for commercial use of the code of up to two years. When announcing the V3 update, Uniswap wrote:

“We strongly believe that a decentralized financial infrastructure should ultimately be free, open source software. At the same time, we believe that the Uniswap community should be the first to build an ecosystem around the Uniswap v3 core code base. “

The license protects the rights of the original developers by copyrighting the software and issuing a license that grants legal permission to copy, distribute, or modify the code.

The HolaSwap developers removed a governance token, possibly to bypass commercial use of the product. However, the license only allows “non-production use of the code”.

Uniswap and other Ethereum DEXs are unlikely to be affected by the Binance Smart Chain project. It is one of the few exchanges that does not include an income grower governance token. However, it is not unlikely that Uniswap V3 will be cloned again in the future.

Uniswap V3 is designed to help liquidity providers by improving capital efficiency up to 4,000 times. The plan is to roll out the optimistic roll-up solutions Arbitrum and Optimism, which are likely to lower transaction costs and potentially move liquidity from Binance smart chain projects like PancakeSwap and HolaSwap.

Binance Smart Chain can also suffer from users migrating to Ethereum and other chains due to the various attacks affecting projects on the network. BurgerSwap, Uranium Finance, Meerkat Finance and Bunny Finance have all suffered attacks in the past few weeks that resulted in millions of dollars in losses to users.

It is currently unclear how Uniswap will react to the launch of HolaSwap. Crypto Briefing has asked the team for a comment.

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