BNT is an ERC-20 token on Ethereum. It is the network and governance token of a decentralised exchange protocol that launched in 2017. The newest development is legal. On 10 February 2026, a US federal judge dismissed the patent suit that the protocol's foundation had brought against the developer of another decentralised exchange. A Federal Circuit docket lists an appeal filed on 17 March 2026. On-chain, the token's total supply is about 98.9 million BNT.
The newest development: patent claims dismissed, then appealed
The February 2026 ruling
- Case: No. 25-cv-4214, US District Court for the Southern District of New York. Bprotocol Foundation and LocalCoin Ltd brought the case against the developer of another decentralised exchange. Reports on the case describe Bprotocol Foundation as the foundation behind BNT's protocol.
- Filed: the court docket listing dates the original complaint to 20 May 2025.
- Patents asserted: U.S. Patent No. 11,107,049 and U.S. Patent No. 11,574,291.
- Decision (10 February 2026): Judge John G. Koeltl ruled that the asserted patents claim subject matter that is not eligible for a patent under Section 101. Holland & Knight's 26 February 2026 summary quotes the court: "merely limiting the field of use of the abstract idea to a particular existing technological environment" does not make the claims less abstract. Cointelegraph reported on 11 February 2026 that the court described the patents as directed to "the abstract idea of calculating currency exchange rates to perform transactions." The court also found that the infringement allegations were not plausibly pleaded, and it dismissed the claims of induced and willful infringement.
- Dismissed without prejudice: the plaintiffs could file an amended complaint.
The appeal (March 2026)
A US Court of Appeals for the Federal Circuit docket, No. 26-1523, lists the appeal as filed on 17 March 2026.
Why it matters for BNT holders
The suit tested whether the protocol's original pricing method could be enforced as intellectual property against other automated market makers. That method is a formula built around a reserve ratio. The district court said no. The Federal Circuit could still change that.
What BNT does
A token at the centre of the pools
The protocol is an automated market maker (AMM). Trades execute against on-chain liquidity pools held by smart contracts, so there are no order books and no matching of buyers with sellers. In the protocol's design, BNT is the common token that pools are paired against. A swap between two other tokens can therefore be routed through BNT.
Governance through vBNT
According to Staking Rewards' asset profile, BNT can be staked for vBNT, which gives a vote in the protocol's DAO. The same profile says the DAO governs the ecosystem's protocols through staked BNT. In practice, holders who want a vote stake BNT and receive vBNT, which carries the voting power.
BNT from token sale to patent appeal
Which dated events shaped BNT, from its 2017 token sale to the 2026 patent appeal?
- 12 June 2017Token saledone
Reuters reported that the project raised about $147 million in a few hours, with 396,720 ether contributed. Other outlets put the figure at about $153 million because ether's price moved during the sale.
- 19 June 2022Impermanent loss protection pauseddone
The protocol stopped paying BNT to liquidity providers to offset impermanent loss, citing "hostile market conditions". Withdrawals made during the pause did not receive the compensation.
- 20 May 2025Patent complaint fileddone
Bprotocol Foundation and LocalCoin Ltd filed case No. 25-cv-4214 in the Southern District of New York against the developer of another decentralised exchange, asserting U.S. Patents No. 11,107,049 and 11,574,291.
- 10 February 2026Suit dismissed without prejudicedone
Judge John G. Koeltl ruled that the asserted patents claim subject matter not eligible for a patent under Section 101 and found the infringement allegations not plausibly pleaded. The plaintiffs could file an amended complaint.
- 17 March 2026Appeal docketeddone
A US Court of Appeals for the Federal Circuit docket, No. 26-1523, lists the appeal as filed on this date.
This lists only the dated events in the article: it does not predict how the Federal Circuit will rule, and it does not track BNT's price or supply over time.
Key facts
| Item | Detail |
|---|---|
| Ticker | BNT |
| Standard | ERC-20 (Ethereum), 18 decimals |
| Total supply on-chain | 98,886,146.42 BNT (Etherscan) |
| Holder addresses | 38,555 (Etherscan) |
| Token sale | 12 June 2017 |
| Mineable | No. It is an ERC-20 token, not a proof-of-work coin |
History, dated
- 12 June 2017: token sale. Reuters reported that the project raised about $147 million in a few hours, with 396,720 ether contributed. Other outlets put the dollar value at about $153 million because ether's price moved during the sale.
- 19 June 2022: impermanent loss protection paused. The protocol had paid BNT to liquidity providers to offset impermanent loss. It suspended those payouts, citing "hostile market conditions". The Block reported on 20 June 2022 that large centralised entities had sold BNT they had received as protection rewards. The protocol's blog post said the pause "should give the protocol some room to breathe and help BNT recover." Withdrawals made during the pause did not receive the compensation.
- 20 May 2025: the foundation filed its patent complaint in New York.
- 10 February 2026: the court dismissed the suit without prejudice.
- 17 March 2026: the Federal Circuit docketed an appeal.
Risks specific to BNT
- Mechanism risk: the 2022 pause showed that a protection scheme funded by issuing new BNT can come under strain when markets fall. BNT holders bore the cost of that scheme.
- Legal uncertainty: an appeal is docketed at the Federal Circuit. A ruling either way may change how markets value the protocol's intellectual property.
- Supply data: Etherscan's total supply is an on-chain figure. Data aggregators may calculate circulating supply differently.
