CoW Protocol March 2023 Highlights
TL;DR
- For the month of March, CoW Protocol has handled a volume of $1.9B, with the total amount of surplus generated for that month was $9.26M.
- In terms of Governance, CowDAO executed 1 CIP about the continued funding to No MEV labs for development services.
- In regards to exciting news, CoW Protocol participated in the Safe Account Abstraction hackathon, gave an outstanding talk for DAOs in EthDenver, tested the first implementation of TWAP (time weighted average orders), gave a facelift to the limit orders UI and more :)
Protocol Stats
Over this month, CoW Protocol has settled a total of $1.9B
This month, the top 3 batches to highlight are the following:
- Batch with the highest % of CoW trades (Transaction details): The Batch Total volume was $2,030,226.68, and it was created by four traders who were perfectly CoWed for 100% of their volume. One trader was swapping $950K of USDC-USDT, another trader was swapping $1M USDT- USDC, another trader was swapping $12K USDC-USDT, while the other trader was swapping $40K USDC-USDT
- Batch with the highest volume in it (Transaction details): The Batch Total volume was $18,566,138.66 and it was created by two traders who were swapping USDC to DAI and USDC to DAI.
- Batch with the highest amount of surplus (Transaction details): The Batch Total volume was $3,130,248.85 and it was created by a single trader who was swapping ETH to USDT. This trader achieved the largest surplus for the month of $82,092.58, by getting $81.6K extra, which at the time of trade was roughly 2.61% surplus.
During the month of March, the top 10 traders traded a total of $166M
In the table below you can see the # of trades that CoW Swap traders have executed as well as the total volume for all trades. Our most active trader made a whopping 3410 trades with CoW Protocol in March.
Solvers
You can find all of the Solver Statistics in the following table. Looking at this table, we can see that on average, for the month of March Solvers were able to generate a total of $9.26M, which was money in the pockets of traders. The highest generated surplus by a solver was $1.8M.
Governance
It has been a hectic month in terms of governance! The CoW cannot be stopped by a bear at all 💪.
Executed Proposals
This month we have had one important and impactful proposal executed:
Draft Proposals
This month, there have been one new proposal asking for feedback before moving into the next phase, a final CIP, in their current form.
Technical Discussions
As an “agora” for technical topics on batch auctions or CoW Protocol related topics, very interesting posts surface throughout the month.
Make sure to read them and leave comments as your feedback is much appreciated and will help move forward these important topics. If you are interested in submitting a proposal to the CoW DAO, make sure to follow the following template.
CoWmunity News
- CoW Swap joined the safe team thematic month about account abstraction, with the intention of having hackers build tools to abstract DAOs from the hassle of trading today.
- The CoW team took over ETH Denver with an amazing booth and the best swag in the conference.
- Not only did the CoW Team take over Denver, but also Anna George, had a great talk about DeFi Experience for DAOs today
- Worth highlighting that this month we had the attention of the one and only Vitalik not only by using CoW Swap as his trading venue but also submitting PRs for UI improvements.
- While in Denver, CoW Grants Program continued to deliver! A new ERC1271 Smart contract order type just arrived, TWAP (Time Weighted Average Price) orders are now possible through CoW Swap.
- The most beautiful CoW since launch — 6 different traders selling and buying USDT — USDT, perfectly matched.
- Great example of why limit orders from CoW Swap are structurally better for traders than limit orders from other DEXs — because they are surplus-capturing!
- Nexus mutual partnered with CoW Protocol to have their insurance pools trade directly with CoW!
- CoW Swap limit orders just got a facelift! You can now see a new traffic light system in your open orders panel, which shows how close your order is to executing.
Product Updates
Backend
The backend team has been working hard to improve the product infrastructure. In March, we:
- Worked on CIP-20 auction based solver rewards
- Implemented colocation environment for Staging in Goerli Network
- Fixed several issues related to solver and driver collocation
- Created new testing harness for making writing E2E tests simpler
- Added support for Balancer V2 in Gnosis Chain
- Fixed small bug in mock HTTP server implementations to improve solvers
- Fixed settlement merging bug for EthFlow orders
Frontend
The frontend team has been pushing hard for several improvements in the UI front, as well as the overall UI infrastructure. In March, we:
- First round of improvements for Token lists automation finished. Anyone should be capable of add/remove/update tokens and images to CoW Swap’s default token list
- Added several more wallets that are coming to the UI
- Worked on Limit orders re-iteration to show Est. Execution Price → when will my order be executed
- Focused on the new RPC (mevblocker.io) endpoint landing page
- Continued with the new wallets integration and refactoring of wallets code
- Continued with the prices on limit-orders re-iteration
- Started working on Partials Execution: Limit Orders will become partially fillable (swaps will be Fill-Or-Kill → AON — All Or None)
Open Job Positions
CoW Protocol team is currently NOT looking to hire :(
About CoW DAO
CoW DAO is an open organization of developers, traders, market makers and many more community members aligned with its vision. CoW DAO is focused on fair and decentralized trading systems — in particular, building, maintaining and advancing the CoW Protocol. CoW Protocol technology powers a network of traders and solvers, enabling trustless and efficient peer-to-peer trading. Leveraging batch auctions as a key concept uniquely positions CoW Protocol as native trading infrastructure for discrete-time settlement layers like Ethereum and enables fair and accessible trading to its users.
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