CoW Protocol January 2024 Highlights
TL;DR
- During the month of January, CoW Protocol handled a total volume of $1.9B and generated a surplus of $16.1M
- In terms of Governance, CoW DAO executed CIPS 34 and 35 and received an important proposal regarding increasing liquidity for the COW token via a programmatic order and an FM-AMM
- In exciting news, CoW Protocol began officially charging fees on out-of-market limit orders, published a 2023 year in review, and released a brand new set of docs
Protocol Stats
This month, CoW Protocol settled a total of $1.92B.
The top batches worth highlighting are the following:
Batch with the highest % of CoW trades (Transaction details): The total batch volume was $1,264,508, and it was created by two traders who were CoWed for $1,099,213, (86.3%) of the total batch volume. One trader was buying $1.2M of PEPE and the other trader was selling $1M of PEPE.
Batch containing the highest volume (Transaction details): The total batch volume was $10,186,406 and it was created by two traders who were swapping USDC to GEL and sfrxETH to ETH.
Batch with the highest amount of surplus (Transaction details): The total batch volume was $118,905 and it was created by a single trader who was swapping ETH to stETH. This trader achieved the largest surplus for the month of January by getting 48 stETH extra, which at the time of trade was roughly $107K (2% surplus).
During the month of January, the top 10 traders traded a total of $197M.
In the table below you can see the total volume for this month’s biggest trades. The most active trader executed a whopping $168M in trades with CoW Protocol this month.
Solvers
In January, 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 January.
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:
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:
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
- Per CIP-34, CoW Protocol is now charging fees on out-of-market limit orders
- CoW DAO had a phenomenal 2023. To commemorate it, the team published a product recap as well as a data review of all of the year’s important milestones
- The CoW Protocol documentation received a much-welcome facelift including a new website (learn.cow.fi) that helps anyone play around with CoW Protocol
- The CoW Swap widget launched color customization
- Teased the potential launch of CoW AMM, a new MEV capturing AMM that prevents LVR and increases LP returns
- Launched a campaign to attract developers to help the CoW Protocol team fix Github PRs
- Launched a campaign to help CoW Swap users understand key concepts of the protocol, kicking off with “Coincidence of Wants”
- The CoW team was featured on two podcasts: wen building by Antalpha labs and Steady Lads podcast by Jess Eckel
- Did you know that your lending protocol can perform MEV-protected liquidations via CoW Protocol?
- One of the solvers participating in the CoW Protocol competition performed a study showing how Coincidence of Wants could potentially save Ethereum traders nearly $1.5M a day
- The team published the following articles to the blog:
– Understanding MEV Protection
– Understanding Batch Auctions
– EIP-1271 Explained
Product Updates
Backend
The backend team has been working hard to improve the product infrastructure. In January, we:
- Completed the Sepolia testnet deployment for all backend services
- Finished protocol fee implementation for limit orders
- Worked on getting all the backend docs over the finish line
- Investigated several issues related to the Composable CoW WatchTower
- Worked on several preparations allowing external contributions to contribute to Github issues
- Testing efforts for first phase of protocol fee initiative
- Fixed several PRs for the rollout of verified quotes
- Worked on indexing simplifications which should allow us to report order fees right after trades
- Prepared a new interface for the Quasilabs solver
Frontend
The frontend team has been pushing hard for several improvements in the UI front, as well as the overall UI infrastructure. In January, we:
- Removed the Christmas theme
- Improved the new learn.cow.fi website by polishing the interface (changed colors, logo, etc.) and adding a control to connect a wallet
- Worked on a redesign for the confirmation screen to make displaying fee values more clear
- Worked on several CoW Swap fixes including:
- Removing time limits (deadlines) for TWAP orders, adding an option to set max deadline for limit order (6 months), showing price impact warning for Safe App when bundling, and relying on safeInfo and iframe detection to identify Safe wallets
- Completed the Sepolia testnet deployment for all frontend services
- Worked on several explorer improvement such as reduced page size (optimized images), cleaned up the codebase and migrated to monorepo
- Released improvement for the widget with the possibility to add custom token lists
