On March 6, DeFi protocol Curve Finance publicly accused rival PancakeSwap of failing to properly attribute use of its code.
The dispute centers on PancakeSwap Infinity, an upgraded version of the decentralized exchange that launched in April 2025.
PancakeSwap Looks to Make Amends Over Code Use
Curve alleges PancakeSwap integrated its “StableSwap” algorithm without preserving mandatory copyright and permission notices. The StableSwap algorithm powers seamless stablecoin swaps across DeFi protocols.
To back its claim, Curve posted a screenshot on the social media platform X from PancakeSwap’s repository. The image showed a code file labeled “CLStableSwapHook,” attributed to PancakeSwap.
Launched in 2020, the Curve protocol is widely credited with revolutionizing the efficient trading of stablecoins. It achieved this by designing an algorithm that facilitates low-fee, low-slippage trades between tightly pegged digital assets
Unlike strictly proprietary software, Curve’s underlying code in this instance is open-source under the MIT License.
This framework explicitly permits competitors to reuse, modify, and distribute the architecture for commercial purposes. The sole condition is that they maintain clear attribution to the original authors.
However, preliminary reviews of the deployment suggest these necessary copyright notices are absent.
“If you want to enjoy using stableswap without legal problems and to borrow some of our expertise to keep users SAFU – you still can contact us for licensing and collaboration,” the Curve team said.
PancakeSwap, which is the dominant DeFi protocol on the BNB Chain, replied that its team was reaching out directly to discuss the matter.
Nonetheless, this confrontation underscores a growing friction in decentralized finance as protocols aggressively expand their features to capture market share.
PancakeSwap’s Infinity upgrade introduced programmable “hooks” — smart contract plug-ins that allow developers to create dynamic fee structures and on-chain limit orders.
By allegedly integrating Curve’s mechanics into these hooks without proper attribution, PancakeSwap has sparked a broader industry debate over open-source etiquette and compliance.
PancakeSwap currently holds approximately $2 billion in total value locked. It is the second-largest decentralized exchange globally behind Uniswap, according to data aggregator DeFiLlama.
Amidst the public spat, PancakeSwap’s native token, CAKE, fell nearly 4% over 24 hours.
However, the token remains up 8% for the week, indicating the market may view the licensing dispute as a correctable oversight rather than a critical threat to the exchange.
