CoW DAO March 2024 Highlights
TL;DR
- During the month of March, CoW Protocol handled a record-breaking total volume of $3.42B and generated a surplus of $23.4M
- In exciting news, CoW Protocol saw its largest month ever in terms of trading volume, the CoW team touched grass with an off-site retreat in Portugal, and a protocol fee report showed 130 ETH generated with no impact on user retention
- In terms of Governance, CoW DAO executed CIP 39 and received several important proposals regarding MEV Blocker fees, CoW DAO’s SHU token allocation, and strategies for enhancing treasury asset usage
Protocol Stats
This month, CoW Protocol settled a total of $3.42B.
The top 3 batches worth highlighting are the following:
1. Batch with the highest % of CoW trades (Transaction details): The total batch volume was $89,900, and it was created by two traders who were CoWed for $85,813, (95.5%) of the total batch volume. One trader was buying USDC, the other was selling USDC, and the CoW was facilitated through a common hop in WETH.
2. Batch containing the highest volume (Transaction details): The total batch volume was $20,193,757 and it was created by a single trader swapping ETH for USDC.
3. Batch with the highest amount of surplus (Transaction details): The batch with the highest surplus was the same as the batch with the highest volume, for a total volume of $20,193,757 and a surplus of 325,762 USDC (1.58%).
During the month of March, the top 10 traders traded a total of $44,898,507.
In the table below you can see the total volume for this month’s biggest trades. The most active trader executed a whopping $19,601,868 in trades with CoW Protocol this month.
Solvers
In March, solvers generated a total of $23M in surplus, which is money in the pockets of traders.
Below you can find a breakdown of how each solver performed in March.
Governance
It was an active month in terms of governance! The CoWs cannot be stopped 💪
Executed Proposals
The DAO executed one important proposal this month:
Draft Proposals
This month, there were three new proposals asking for feedback before moving into the next phase, final CIPs, in their current form:
- CIP-40: MEV Blocker fees
- CIP-41: Claim and Delegate CoW DAO’s SHU Token Allocation
- CIP-42: Enhancing Treasury Asset Usage
Make sure to read the proposals 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
- In March, CoW Protocol had its largest month ever, with a trading volume of over $3.4 billion. The CoW is quickly becoming a bull 😈
- The CoW team came together in Portgual for a yearly off-site that included a hackathon, presentations, and valuable in-person quality time
- After taking the DeFi world by storm in February, CoW AMM received a Safe App announced by none other than Steve Ballmer in a new video
- A first report of the newly-enabled out-of-market limit orders has identified they’ve generated 130 ETH for the protocol with no negative impact on user retention
- The marketing team featured a new Widget campaign, added new terms to the CoW glossary, and posted a transaction highlight featuring surplus-capturing limit orders
- CoW Protocol joined in the call to unblock crypto together with some of the biggest names in DeFi
- Anna from the CoW team was featured on the Deus Ex DAO podcast
- The blog received an update with a new article: “MEV Bots: Switch From Searcher to Solver”
Product Updates
Backend
The backend team has been working hard to improve the product infrastructure. In March, we:
- Replaced orders with custom appdata
- Transitioned solvers to a new API
- Made steady progress on protocol and partner fees
- Rolled out verified quotes on staging
Frontend
The frontend team has been working hard on improvements in the UI front, as well as the overall UI infrastructure. In March, we:
- Released CowSwap 1.62.0 which includes a partner fee option for the Cow Swap Widget, a “recreate limit order” option which allows users to duplicate their limit orders in a couple of clicks, and a redesign of the fee display
- Prepared the CoW Swap “I’m Feeling Lucky” feature as an April Fool’s joke
- Worked on a feature that allows placing limit orders for amounts beyond what a user currently has in their wallet
