CoW Protocol February 2024 Highlights

TL;DR

• During the month of February, CoW Protocol handled a total volume of $1.8B and generated a surplus of $15.1M.
• In terms of Governance, CoW DAO executed CIP-36,37 & 38.
• In exciting news, CoW Protocol launched the 1st MEV capturing AMM (CoW AMM), got COW token listed in tokenunlocks, and started playing around voiceover videos!

Protocol Stats

This month, CoW Protocol settled a total of $1.80B.

The top 3 batches worth highlighting are the following:

• Batch with the highest % of CoW trades (Transaction details): The total batch volume was $1,502,953.2, and it was created by three traders. Two of these traders were CoWed for $374,483.44, (99%) of the total batch volume. One trader was buying $374K of LINK and the other trader was selling $374M of LINK (Getting settled via partial fills from their total of $1.1M LINK sell order).

• Batch containing the highest volume (Transaction details): The total batch volume was $11,038,754.45 and it was created by a trader who was swapping ETH to stETH.

• Batch with the highest amount of surplus (Transaction details): The total batch volume was $567,243.73 and it was created by a single trader who was swapping ETH to USDT. This trader achieved the largest surplus for the month of February by getting 283,933.46 USDT extra, which at the time of trade was roughly 50.05% surplus.

During the month of February, the top 10 traders traded a total of $21.8M.

In the table below you can see the total volume for this month’s biggest trades. The most active trader executed a whopping $6.4M in trades with CoW Protocol this month.

Solvers

In February, solvers generated a total of $15.17M in surplus, which is money in the pockets of traders.

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

Governance

It was a hectic month in terms of governance! The CoWs cannot be stopped 💪

Executed Proposals

The DAO executed two important proposals this month:

• CIP-36: Adjusting and renewing the solver rewards budget
• CIP-37: Increasing liquidity for the COW token via Programmatic Order Framework and FM-AMM
• CIP-38: Solver Computed Fees & Rank by Surplus

Draft Proposals

This month, there were no new proposals.

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

CoWmunity News

• Launched CoW AMM, the first live AMM which solves LVR. The new AMM aimed at protecting liquidity providers from the dangers of MEV got quite coverage in the media and across various influencers: The block, DL news, Blockworks, Binance, Delphi Digital, CoinMarketCap, EthDailly, CoinLive, Cryptonews, CryptoEconomy, OutlierVentures, CryptoCondom, Martin K, Shoal Research, 0xKermo, 0xSalazar, PaulIronFinance
• Revamped the UI to make it easier for users to understand what they are trading and the amounts they are expected to receive
• Hosted a twitter space to explain all things CoW AMM and the inner workings of how it actually solves LVR.
• To boost CoW AMM outreach, marketing prepared a pair of meme videos to get everyone’s attention around the first MEV capturing AMM. Jamie Dimon & Wolf of Wall street
• COW token got listed on tokenunlocks and now all the information regarding the COW tokenomics can be easily found there.
• COW Tokens can now be leveraged to borrow DAI thanks to Ajnas permissionless pools
• Said goodbye to our longtime Goerli Network friend which was replaced by the new Sepolia Testnet
• Prepared a new monthly stats summary for MEV Blocker stats throughout the month
• MasterCoW´s treasure hunt came to an end as someone was able to decipher all the clues and claim the prize
• Felix went on Leviathian News to cover all things CoW Swap
• Started gathering UX research and feedback on how can CoW Swap Limit orders improve (Poll 1, Poll 2, Poll 3)
• Worked on multiple blogspost aimed at improving CoW Swap´s SEO results: January 2024 Monthly highlights, What does an MEV Blocker do?, CoW DAO launches 1st MEV Capturing AMM, What is LVR?
• Anna & Andrea jumped on Strange water podcast to discuss how a fair competition of solvers fixes DeFI.

Product Updates

Backend

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

• Simplified transaction submission logic for solvers
• Implemented several changes in the backend to make it compatible with CoWAMM
• Looked into providing more attractive quotes by allowing internalization of trades to Solvers
• Developed a new automated spam protection system for the backend
• Removed goerli infra
• Worked on adapting all backend solver logic to rank by surplus instead of score
• Moved the entire node infra to Reth.

Frontend

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

• Deprecated Goerli from the front end
• Revamped the entire UI with a new modal: Display confirmation information while signing to be able to compare values in the app and in the wallet, Custom recipient displaying unification, “Order submitted” popup styles fixes, “Order confirmed” screen styles fixes
• Shipped the new CoW AMM landing page
• Worked on several fixes such as handling errors, Sepolia crash, Twap order cancelation issue, Issue with localstorage growing too much
• Made several improvements to the Widget
• Events from widget to integrator (order submitted, order filled, etc.)
• Sounds and images customization
• Hide connect/account button in the header
• Option to disable “Connect wallet” button
• Improve wallet provider integration between app and integrator

Open Job Positions

There are currently no open positions.

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