CoW Protocol April 2023 Highlights

TL;DR

• For the month of April, CoW Protocol handled a volume of $982M, with a total of $5.9M in generated surplus**.**
• In exciting news, CoW Protocol launched MEV Blocker and partially fillable limit orders, celebrated its 2nd anniversary, and more 🙂

Protocol Stats

Over month, CoW Protocol settled a total of $982M

This month, the top 3 batches to highlight are the following:

• Batch with the highest % of CoW trades (Transaction details): The Batch Total volume was $16,771.65, and it was created by three traders, in which two were perfectly CoWed for 100% of their volume. One trader was buying 4 ETH for 10B PEPE, the other trader was selling 4 ETH for 10B PEPE, while the non cow trader was selling 0.2 ETH for 699M PEPE.

• Batch with the highest volume in it (Transaction details): The Batch Total volume was $21,948,438.66M and it was created by a single trader who swapped WETH-stETH

• Batch with the highest amount of surplus (Transaction details): The Batch Total volume was $6M and it was created by two traders who were both swapping WETH to USDT. Together, the two traders achieved the largest surplus for the month of April, by getting $124,288.12 (1.72% surplus) extra.

During the month of April, the top 10 traders traded a total of $171M

In the table below you can see the # of trades that CoW Swap traders have executed as well as the total volume for all trades. Our most active trader made a whopping 4,075 trades with CoW Protocol in April.

Solvers

In April, no new external solvers were added.

You can find all of the Solver Statistics in the following table. Looking at this table, we can see that on average, for the month of April solvers were able to generate a total of $5.9M — which means money in the pockets of traders. The highest surplus generated by a solver was $1.89M, generated by the barter solver.

Governance

It has been a quiet month in terms of governance! The CoW was just chilling.

Executed Proposals

This month, no proposals were executed.

Technical Discussions

As an “agora” for technical topics on batch auctions or CoW Protocol related topics, very interesting posts have surfaced in the forum during the month of April.

1. Report on the first two weeks of CIP-20

Make sure to read them and leave comments, as your feedback is much appreciated and will help move forward these important topics. If you are interested in submitting a proposal to the CoW DAO, make sure to follow the following template.

CoWmunity News

• Launched a new token for all the CoW lovers, welcome to the new USDC (Unified Simple Dairy Coin)

• CoW Protocol was highlighted in the latest Consensys Mesh report

• Launched MEV Blocker alongside GnosisDAO and Agnostic Relayer. Covered in The Block, The Defiant, Coindesk, Cointelegraph, News coincu, Binance, BeInCrypto, Cryptonews, Coinmarketcal, Blockchain news, Coinpage, MSN

• Launched partially fillable limit orders

• Coordinated the launch of the Zeromev API funded by the CoW Grants Program with the aim of helping users better understand how much they have lost to MEV when not trading on CoW Swap

• Re-launched the weekly Solver rewards analysis

• CoW Swap made several UI improvements: get notified about your order surplus, connect directly with more wallets: @ledger, @KeystoneWallet, @TrustWallet, cancel multiple limit orders at once, and cancel orders on-chain

• Added support for Ambire wallet

• Started performing TWAP UI research

• Celebrated CoW Swap’s 2 year anniversary

Product Updates

Backend

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

• Released support for partially fillable limit orders
• Worked on the CoW cluster migration
• Made progress on resolving the remaining issues with partially fillable limit orders
• Worked on improvements for the Solver reward script
• Created different alerts for transfers from the settlement contract; goal is to detect which approval led to the transfer
• Evaluated NPM contracts repo for Ethers.js v6
• Drafted a PR for CIP-20 for driver co-location
• Planned Q2 features
• Fixed issues related to the handling of 0x API rate limiting

Frontend

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

• Released 🚀 MEV Blocker & a few small reiterations (Connect! ⛓️)
• Released the official new version of SDK v2.0 📦
• Released a new trick in the UI: search of tokens outside of our own lists 🕵️Uniswap tokens will be used as an external source 🦄
• Released an improvement suggested by vitalik.eth (yes, the one! 🐐) about swap recipients
• Released Limit Order reiteration 📈
• Released CoW Swap 1.33: 🎉 which introduced partially fillable limit orders to CoW Swap
• Released CoW Swap 1.34: 🎉 which provides support for several new wallets: Ledger, Keystone, Trust, as well as a new design for the connect modal (smaller icons to accommodate the new wallets). The update also enabled hard cancellations (on-chain rather than off-chain) and multiple order cancellations (one signature), as well as a new feature that shows any order surplus in a notification.
• Formed a roadmap for Q2
• Added FAQ for new features (hard cancellation, multiple cancellations)
• Released a CowSwap birthday theme

Open Job Positions

CoW Protocol team is currently NOT looking to hire :(

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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