CoW Protocol November 2023 Highlights
TL;DR
- During the month of November, CoW Protocol handled a total volume of $1.49B, and generated a surplus of $11.2M
- In terms of Governance, CoW DAO executed CIP-33 and received two important CIP drafts in regards to charging protocol fees and changing the method in which the protocol collects fees
- In exciting news, CoW Protocol launched a new class of orders called “Programmatic Orders,” launched a configurable CoW Swap widget, took over Istanbul during Devconnect, and participated in several Twitter spaces and podcasts
Protocol Stats
This month, CoW Protocol settled a total of $1.49B.
The top 3 batches worth highlighting are the following:
- Batch with the highest % of CoW trades (Transaction details). The total batch volume was $747,799.76 , and it was created by two traders who were perfectly CoWed for 98% ($734,793.86) of their volume. One trader was buying tBTC for $371,378.52, and the other trader was selling tBTC for $384,428 via a partially fillable limit order.
- Batch containing the highest volume (Transaction details): The total batch volume was $8,813,659 and it was created by a single trader who was swapping $8.8M of USDT for $8.7M of USDC.
- Batch with the highest amount of surplus (Transaction details): The total batch volume was $133,898 and it was created by a single trader who was swapping RLB for USDC. This trader achieved the largest surplus for the month of November by getting 99.33% surplus, which at the time of trade was roughly $133,002 USDC, proving once again that solvers are here to improve your trades, not to attack them.
During the month of November, the top 10 traders traded a total of $56M.
In the table below you can see the total volume for this month’s biggest trades. The most active trader executed a whopping $27M in trades with CoW Protocol this month.
Solvers
In November, solvers generated a total of $11.2M in surplus, which is money in the pockets of traders.
Below you can find a breakdown of how each solver performed in November.
Governance
It has been a steady month in terms of governance! The CoW cannot be stopped 💪
Executed Proposals
This month the DAO executed one important proposals:
Draft Proposals
This month, there was 2 new proposals asking 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
- Launched a new class of orders with the release of the Programmatic Order Framework
- Launched a CoW Swap widget to make it easier for projects to integrate with CoW Protocol and enjoy its benefits
- Proposed to CoW DAO an entirely new fee collecting method aimed to reduce the selling pressure of $COW tokens by solvers.
- Took over Istanbul with our packed participation across different events during the Devconnect week. Here are all the available talks: → Arbitrageurs’ profits, LVR, and sandwich attacks: batch trading as an AMM design response
- Intent.wtf → Talk → Advancing Beyond Swap Intents | Panel → The Role of Intent-Driven Transactions in DeFi’s Evolution
- Good intentions → Talk → CoW Swap more than swap intents | Panel → Intents and MEV Panel
- Decentralized Scaling summit → Talk → The rise of smart orders | Panel → How do we balance privacy and surveillance?
- MEV & Intents Day → Talk → The rise of smart orders | Panel → Intents
- Sponsored the ETH Global Hackthon Istanbul where we had a great list of submissions for our bounties
- Appeared on the Bell Curve Podcast to do a breakdown of Frequent Batch Auctions, covering why they are superior to other auction types when it comes to DEX trading
- Mastercow launched his own treasure hunt to make developers race for a treasure and understand the inner workings of the new Programmatic Order Framework
- Brave wallet improved the signing modal for CoWSwap trades to make it easier for their users to understand what the intent they were signing was
- Wrote an article about the DAO tooling product “Milkman” explaining what it is, and how it works to your DAO’s benefit
- Joined a Twitter space organized by Taiko debating if “intents exists outside of Twitter”
- Got featured by Chainpatrol.io on “Case studies in web3 brand protection”
- Covered CoW Swap in Spanish extensively at the DeFi Lab podcast
- Wrapped up the MEV series articles with our latest article explaining what backrunning is
- Posted a draft on the CoW DAO forum listing the reasons on why adding a protocol fee for CoW Protocol is beneficial to the ecosystem and how CoW DAO should approach it
- CoW Swap got integrated into Caddi Finnance
- Jumped on a twitter spaces with Diego Defi to explain to our Hispanic community what CoW Swap is (Alta falopa ;) )
Product Updates
Backend
The backend team has been working hard to improve the product infrastructure. In November, we:
- Worked on several Driver Colocation tests in prod for the new solver set up
- Fixed error parsing score_cap CLI argument (caused slightly suboptimal score bidding)
- Optimised driver pipeline (solve → encode → verify / simulate)
- Worked on several performance optimization fixes for fetching liquidity for quoting
- Worked on the liveness/readiness probe for the driver to improve rollover when deploying to the cluster
- Migrated shadow competition to colocated setup (helps debug performance issues)
- Worked on several performance improvements for the Enso simulator used in the solver submission checks
Frontend
The frontend team has been pushing hard for several improvements in the UI front, as well as the overall UI infrastructure. In November, we:
- Worked on the landing page for the CoW Swap widget, as well as on the configurator website
- Widget codebase has been reiterated a few times
- Improved the performance of loading balances on the CoW Swap UI
- Improved the robustness of the WatchTower for TWAP orders
- Worked on expanding the WatchTower capabilities to allow the indexing of all new programmatic order types by implementing an allow/deny list
- Added widget theming 🌈 to allow teams to configure it to their branding
Open Job Positions
The CoW Protocol team is currently not hiring
