CoW DAO April 2024 Highlights
TL;DR
- During the month of April, CoW Protocol handled a total volume of $2.38B and generated a surplus of $16.6M
- In exciting news, CoW DAO began a token buyback program, MEV Blocker started collecting revenue, and CoW Swap ran an “I’m feeling lucky” campaign for April Fool’s day
- In terms of Governance, CoW DAO executed CIP-40: MEV Blocker Fees, CIP-41: Claim and Delegate CoW DAO’s SHU Token Allocation, and CIP-42: Enhancing Treasury Asset Usage
Protocol Stats
This month, CoW Protocol settled a total of $2.38B.
The top 3 batches worth highlighting are the following:
- Batch with the highest % of CoW trades (Transaction details): The total batch volume was $2.26M, and it was created by two traders who were CoWed for $2,000,000, (88.5%) of the total volume. One trader was buying USDC, the other was selling USDC.
- Batch containing the highest volume (Transaction details): The total batch volume was $15,474,023 and it was created by two traders — one swapping USDT for USDC and one swapping ETH for FRAX.
- Batch with the highest amount of surplus (Transaction details): The total batch volume was 1,000 ETH, and it was created by a trader swapping ETH for WBTC. They received 1.05 WBTC (2.09%) as surplus.
During the month of April, the top 10 traders traded a total of $40,343,807.
In the table below you can see the total volume for this month’s biggest trades. The most active trader executed a whopping $14,687,148 in trades with CoW Protocol this month.
Solvers
In April, solvers generated a total of $16M in surplus, which is money in the pockets of traders.
Below you can find a breakdown of how each solver performed in April.
Governance
It was an active month in terms of governance! The CoWs cannot be stopped 💪
Executed Proposals
The DAO executed three important proposals this month:
- CIP-40: MEV Blocker Fees
- CIP-41: Claim and Delegate CoW DAO’s SHU Token Allocation
- CIP-42: Enhancing Treasury Asset Usage
Draft Proposals
There were no new draft proposals this month.
CoWmunity News
- With CIP-40 passing, MEV Blocker began earning revenue from builders
- CoW DAO began converting all collected protocol fees from ETH to COW, effectively creating a buyback program for the COW token
- MEV Blocker received an Etherscan integration that allows users to view pending transactions submitted through the private RPC
- CoW Swap supported Safe’s token launch by offering pre-launch limit orders
- CoW Swap welcomed April with a one-day-only “I’m Feeling Lucky” swap feature
- Enabled limit orders for amounts larger than the current token balance a user has in their wallet
- The Den multisig project integrated the CoW Swap widget for easy swaps
- The CoW Swap team traveled to Token 2049 to represent the project
Product Updates
Backend
The backend team has been working hard to improve the product infrastructure. In April, we:
- Finalized the partner fee implementation
- Cleaned up rank-by-surplus and fee features
- Worked on exempting CoW AMM orders from protocol fees
- Tested support for 0x liquidity
- Worked on colocating Gnosis solvers as quoters
- Implemented performance improvements to make the system more stable with colocated price estimator
Frontend
The frontend team has been working hard on improvements in the UI front, as well as the overall UI infrastructure. In April, we:
- Improved responsiveness on the CoW Swap widget
- Launched support for creating limit orders beyond the current wallet balance as well
- Launched the partner fee for the CoW Swap widget
- Supported a number of integrations including Nanse, Den, Shapeshift, Memeswap, and more
- Iterated on proposals for adding cross-chain swaps to CoW Swap
- Worked on migrating CoW Swap blog content to an internal CMS
