CoW Protocol September 2023 Highlights

TL;DR

• During the month of September, CoW Protocol handled a total volume of $772M, and generated a surplus of $4.8M
• In exciting news, CoW Protocol ran the TWAP-tember trading contest, integrated oSnap for better decentralized governance, hosted a booth at DappCon, and much more

Protocol Stats

This month, CoW Protocol settled a total of $772M.

This month, the top 3 batches worth highlighting are the following:

• Batch with the highest % of CoW trades (Transaction details). The total batch volume was $1,571,462.41, and it was created by two traders who were perfectly CoWed for 61% ($966,799.56) of their volume. One trader was buying $cbETH, and the other trader was selling WETH.

• Batch containing the highest volume (Transaction details): The total batch volume was $20,834,561.93 and it was created by a single trader who was swapping USDC to DAI.

• Batch with the highest amount of surplus (Transaction details): The total batch volume was $97,406.4226 and it was created by a single trader who was swapping BOND to DAI. This trader achieved the largest surplus for the month of September, by getting $76,201.52 (11% surplus) extra in DAI.

During the month of September, the top 10 traders traded a total of $80M.

In the table below you can see the total volume for this month’s biggest trades. Our most active trader executed a whopping $55M in trades with CoW Protocol this month.

Solvers

In September, solvers generated a total of $4.8M in surplus, which is money in the pockets of traders.

Below you can find a breakdown of how each solver performed in September.

Governance

It was a quiet month in terms of governance. The CoWs were just chilling.

Draft Proposals

This month, there was one new proposal asking for feedback before moving into the next phase, a final CIP, in its current form:

• CIP-Draft: Change CoW DAO’s (cow.eth) Snapshot space settings

Technical Discussions

As an “agora” for technical topics on batch auctions or CoW Protocol-related topics, the forum surfaced some very interesting posts:

• Guidelines for solver-computed fees for long-standing limit orders as implied by past CIPs
• Implementing Liquidations using CoW Protocol

Make sure to read them and leave comments — your feedback is highly appreciated and will help move these important topics forward. If you are interested in submitting a proposal to the CoW DAO, make sure to use the following template.

CoWmunity News

• September was TWAP-tember for the CoW Swap herd! The grand prize was free trading on CoW Swap for the entire month of October, and we’ve announced the winners here
• CoW DAO integrated oSnap for more decentralized protocol governance. Read how oSnap directly executes Snapshot proposals on-chain here
• The CoW team traveled to Berlin to attend DappCon! The team hosted a booth and delivered talks on Composable CoW, MEV, and how to deploy a solver
• Dune published a case study on how CoW Swap uses the analytics tool to monitor exchange volume and the DeFi ecosystem as a whole
• Uniswap integrated MEV Blocker into Uniswap Wallet
• We hosted a Twitter space titled “How to execute large treasury swaps via Coinshift’s native CoW Swap app”
• The DODO research team published an article on the benefits of CoW Swap compared to other DEX aggregators
• The CoW team published several articles on our blog, CoW Protocol Glossary, CoW DAO integrates oSnap for decentralized governance and Why TWAP?

Product Updates

Backend

The backend team has been working hard to improve the product infrastructure. In September, we:

• Implemented a change so that external solvers now provide revert risk of their solutions instead of a complex composite score
• Made price estimation logic more streamlined
• Spent time deploying solver driver colocation on Gnosis chain staging
• Added some open-source contributions to the Enso simulator for features we could use
• Added support for score computation logic for the colocated driver

Frontend

The frontend team has been pushing hard for several improvements in the UI front as well as the overall UI infrastructure. In September, we:

• Added a “new” badge for TWAP to the swap widget on our website
• Added more unit tests for SDK
• Set up CMS for cow.fi based on Strapi
• Made significant UI progress on the CoW Swap widget
• WatchTower: Arrived at zero errors, polished the indexers, fixed some errors, improved logs, handled race condition

Open Job Positions

CoW Protocol team is currently looking to hire:

Engineering

Backend Engineer with Rust Remote or Lisbon

Operations

Operations Manager Remote or Lisbon

For more information on our latest job openings, visit: https://cow.fi/jobs

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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