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Nexus Mutual Trade Breakdown

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On July 21st, 2023, After a successful governance vote from Nexus Mutual, CoW Swap processed a large trade for the insurance protocol using the exchange’s signature intent-based trading design and MEV protection.

Trade Details

Nexus Mutual swapped 14,390 ETH from its capital pool for an equivalent amount in rETH. They did so in two separate orders, the first order swapped 250 ETH for 231.8 rETH and the second order swapped 14,140 ETH for 13,117.148 rETH.

The overall order stats:

  • USD value of the trade: $27.3 million
  • Minimum asset amount: 13,362 rETH
  • Maximum asset amount: 13,400 rETH
  • Amount the DAO received: 13,409.04 rETH

Why CoW Swap?

CoW Swap’s solver competition ensured that Nexus Mutual received the best possible execution price, even after announcing the trade details publicly in a governance proposal ahead of time.

CoW Swap provided several benefits for this trade:

  1. Protection from attack vectors caused by the delayed execution
  2. A limit order that guarantees some minimum amount for the assets
  3. Minting rETH through CoW Swap directly, instead of swapping for the liquidity on the market

For this swap, Nexus Mutual chose the Chainlink oracle as their price checker, guaranteeing that they would receive no less than the minimum specified in the governance proposal.

CoW Swap: The leader in DAO trading

The largest DAO trades take place on CoW Swap, and the exchange is single-handedly responsible for more than 30% of all DAO trades. Check out CoW Swap for DAOs to learn why DAOs such as Aave, ENS, and more trust CoW Swap with their large trades.

If you’re a DAO looking to make a large trade on CoW Swap, get in touch with us on Twitter or through our Discord. You can check out CoW Swap for yourself here.

About CoW DAO

CoW DAO is an open organization of developers, traders, market makers and many more community members aligned with its vision. CoW DAO is focused on fair and decentralized trading systems — in particular, building, maintaining and advancing the CoW Protocol. CoW Protocol technology powers a network of traders and solvers, enabling trustless and efficient peer-to-peer trading. Leveraging batch auctions as a key concept uniquely positions CoW Protocol as native trading infrastructure for discrete-time settlement layers like Ethereum and enables fair and accessible trading to its users.

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