CoW Protocol June 2023 Highlights
Welcome back to another CoW Update, where we break down the most notable developments of the last few weeks at CoW Protocol.
TL;DR
- During the month of June, CoW Protocol handled a total volume of $1.05 billion, and generated a surplus of $5.8 million
- In exciting news, CoW Protocol launched the Tally Recipe for CoW Swap, improved transaction bundling on Safes, launched a brand new token page, and much more
- In terms of Governance, CoW DAO executed CIPS 25, 26, and 27
Protocol Stats
This month, CoW Protocol settled a total of $1.05B.
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 $76K, and it was created by three traders who were perfectly CoWed for 91.8% of their volume. One trader was buying USDC-USDT, another trader was buying USDT-USDC, and the last trader was selling USDC-USDT.
- Batch containing the highest volume (Transaction details): The total batch volume was $8.8M and it was created by a single trader who was swapping USDT to USDC.
- Batch with the highest amount of surplus (Transaction details): The total batch volume was $800K and it was created by a single trader who was swapping USDC to DAI. This trader achieved the largest surplus for the month of June, by getting 80K DAI extra (11% surplus).
During the month of June, the top 10 traders traded a total of $77M.
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 June, solvers generated a total of $5.8M, which is money in the pockets of traders. The highest generated surplus by a single solver was $1.8M.
Governance
It has been a hectic month in terms of governance! The CoW cannot be stopped 💪
Executed Proposals
This month we executed three important proposals
- CIP-25: Operational CoW DAO Safe
- CIP-26: Solver bond funds switch
- CIP-27: Incentives Mechanism for the Price Estimation Competition
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.
Technical Discussions
As an “agora” for technical topics on batch auctions or CoW Protocol related topics, the forum surfaced some very interesting posts.
Make sure to read them and leave comments — your feedback is highly appreciated and will help move forward these important topics. If you are interested in submitting a proposal to the CoW DAO, make sure to use the following template.
CoWmunity News
- Launched the Tally Recipe for CoW Swap which allows your DAO to embed a swap action in your governance proposal
- Took transaction bundling on Safes a step further, enabling wrap, approve, and swap in a single click
- Revamped the CoW Grants Program website — take a look
- Saw early results of the Balancer discount for CoW Swap solvers with massive savings on a trade
- Shipped a token page that helps traders find out about each token CoW Swap supports
- Published an article on Effective Treasury Management for DAOs alongside CoW DAO’streasury manager, Karpatkey
- Integrated Sismo badges that you can use to claim swag at ETH CC
- Alex Vinyas gave a talk on Order Flow Auctions in the MEV Supply chain at Prague DeFi Summit
- Integrated Trust Wallet with CoW Swap
- Participated in an MEV Protection Twitter Space hosted by Blocknative
- Received a Grants proposal for a new “Smart Order” framework called Composable CoW
- Receive another Grants proposal for a second audit for Composable CoW and Extensible fallback handler smart contracts
- Published several articles: What are CoWs on CoW Swap?, What is a sandwich attack and how can you protect yourself?, Grants Wave 2 Recap
Product Updates
Backend
The backend team has been working hard to improve the product infrastructure. In June, we:
- Made progress on a new app data format
- Brought the following internal hackathon projects to production: Surplus modal, and Arak (smart contract event indexer)
Frontend
The frontend team has been pushing hard for several improvements in the UI front, as well as the overall UI infrastructure. In June, we:
- Launched a new version of the CoW Explorer that shows a new node (Buffers)
- Released the bundling ETH Flow
- Made progress on the TWAP interface including cancelations, incorporating orders table, and decoding pending safe transactions
- Worked on internal hackathon projects including a surplus modal, widget improvements, a “Have I been MEV’d” page, and a trade graph
- Worked on trying to implement Wallet Connect V2, but due to the lack of wallet support this has been put on hold.
Open Job Positions
The CoW Protocol team is currently not hiring.
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.
🐦 Twitter| 📒 Documentation| 💬 Forum | 📊 Analytics | 📸 Snapshot
