CoW Protocol December 2023 Highlights
TL;DR
- During the month of December, CoW Protocol handled a total volume of $1.73B and generated a surplus of $14.9M
- In exciting news, the Crypto.com wallet integrated MEV Blocker, we teamed up with Chain Patrol for our Discord, and we welcomed traders to CoW Swap with a special holiday “Moo-ho-ho” 🎅
Protocol Stats
This month, CoW Protocol settled a total of $1.73B.
The top 3 batches worth highlighting are the following:
- Batch with the highest % of CoW trades (Transaction details): The total batch volume was $4,924,638.28, and it was created by two traders who were perfectly CoWed for $4,923,442.30 (99.8%) of the total batch volume. One trader was selling ~59K of wNXM for WETH, and the other trader was buying ~50K of wNXM for WETH. Even more interesting, one of the orders was a partially fillable limit order which was filled 87% of the way by this CoW.
- Batch containing the highest volume (Transaction details): The total batch volume was $20,423,856.02 and it was created by three traders who were swapping the following tokens: ~$9K of ETH to GEAR, ~$3K of USDC to BEND, and ~$20.4M of USDC to DAI.
- Batch with the highest amount of surplus (Transaction details): The total batch volume was $94,152.64 and it was created by two traders who were swapping ~$4.7M of ETH to wstETH and ~$1K USDC to LIT. The first trader achieved the largest surplus for the month of December by getting $94,152.64 back, which represented 2.04**%** of their order size.
During the month of December, the top 10 traders traded a total of $35M.
In the table below you can see the total volume for this month’s biggest trades. The most active trader executed a whopping $10M in trades with CoW Protocol this month.
Solvers
In December, solvers generated a total of $14.9M in surplus, which is money in the pockets of traders.
Below you can find a breakdown of how each solver performed in December.
Governance
It was a relaxed month in terms of governance! The CoWs had time to play in the snow 💪
Executed Proposals
The DAO did not execute any proposals.
Draft Proposals
There were no new proposals this month, but two important proposals from last month are still looking for feedback before moving into the next phase, final CIPs, in their current form:
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
- Installed the new Chain Patrol Discord bot to make reporting scammers easier
- Participated in the following podcasts and twitter spaces: Blockmates, “The Future of Decentralized Trading,” Native, “The Future of DEX Spot Trading” and a Steak Capital DEX Panel
- Got featured in a fantastic podcast covering intents
- Wrote two recaps of CoW DAO member talks from Dappcon: “MEV Transparency: Ensuring Fairness In DeFi Markets” and “Navigating the Evolution of CoW Swap: From Market Orders to Programmatic Orders”
- Gathered all the talks, panels, and discussions that CoW DAO members participated in during Devconnect IstanBULL!!
- The lion from Crypto.com incorporated the best protection under the sun by integrating MEV Blocker natively into the Crypto.com DeFi wallet app
- Reminder that in November, CoW Swap launched a Widget which also comes embedded with an enticing integration rewards program funded by CoW Grants DAO
- Did you know that 69% of all trades this year had a better execution price than originally quoted?
- CoW Swap gave a random CoW a new addiction :)
- Watched people YOLO their trades — this user traded with 50% slippage and got twice as much as they asked for!
- Reminded people that the only venue where limit orders get price improvements is CoW Swap
Product Updates
Backend
The backend team has been working hard to improve the product infrastructure. In December, we:
- Fixed a memory leak that caused the colocated driver to be restarted very often
- Fixed a bug that could cause incorrect internal buffer trading optimizations
- Did lots of bug fixes and performance improvements + added metrics for colocation (inflight order filtering, track time to solve and other solver metrics, optimize fetching token metadata and debugging information)
- Made progress towards deploying on Sepolia
- Made improvements for faster settlement times
- Worked on backend deployment for Sepolia testnet
- Worked on backend documentation for the refreshed docs.cow.fi release
Frontend
The frontend team has been pushing hard for several improvements on the UI front as well as the overall UI infrastructure. In December, we:
- Implemented theme colors for widget customizations
- Polished and fixed items related to wallet balances and allowances
- Released CoW Swap v1.51 (Token Lists: v2 of pre-calculated permit, permit improvements, improved loading of balances, and more)
- Worked on frontend documentation for the refreshed docs.cow.fi release
- Disabled Ledger Live in a hotfix due to their exploit
- Worked on a variety of fixes including UI issues (Safe via WC, Ledger Live integration (now removed), classic ETH flow, fixes on TWAP orders not being shown (edge case), and fixes on buy orders
- Deployed the Christmas theme 🎅 — Moo-ho-ho-ho!
Open Job Positions
The CoW Protocol team is currently not hiring
