CoW Protocol July 2023 Highlights

TL;DR

• During the month of July, CoW Protocol handled a total volume of $865M, and generated a surplus of $4.8M
• In exciting news, CoW Protocol launched CoW Hooks, completed a big overhaul of surplus notifications, processed a $27.3 million swap for Nexus Mutual, and much more

Protocol Stats

This month, CoW Protocol settled a total of $865M.

This month, the top 3 batches worth highlighting are the following:

• Batch with the highest % of CoW trades (Transaction details). The total batch volume was $514,649.23, and it was created by two traders who were CoWed for 10% ($49,916) of the batch volume. One trader was selling GHO with USDC, and the other trader was selling USDC with GHO.

• Batch containing the highest volume (Transaction details): The total batch volume was $26,737,269.23 and it was created by a single trader who was swapping ETH to rETH.

• Batch with the highest amount of surplus (Transaction details): The total batch volume was 2,300 ETH and it was created by a single trader who was swapping ETH to stETH. This trader achieved the largest surplus for the month of July by getting 46 stETH extra, which at the time of trade was roughly $87,139.36K (2.04% surplus).

During the month of July, the top 10 traders traded a total of $27M.

In the table below you can see the trade volume that CoW Swap traders have executed as well as the total volume for all trades. Our most active trader executed a whopping $7.5M in trades with CoW Protocol this month.

Solvers

In July, solvers generated a total of $4.8M, which is money in the pockets of traders.

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

Governance

It has been a quiet month in terms of executed proposals, the CoWs were relaxing!

Draft Proposals

This month, there were two new proposals asking for feedback before moving into the next phase, final CIPs, in their current form:

• Adjust Solver Rewards to Allow for a Higher Cap
• CIP-28: Should CoW DAO send its profits to the CoW Treasury Core unit to generate extra revenues?

Technical Discussions

As an “agora” for technical topics on batch auctions or CoW Protocol-related topics, the forum surfaced some very interesting posts:

1. Merge Settlement Contract and Uni v4
2. Automated Treasury Management Methodology
3. Fast Liquidity in CoW

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 CoW Hooks, allowing users to execute multiple DeFi actions like swapping, bridging, staking, depositing, borrowing, & more through a single intent
• Released a CoW Swap widget that allows any dApp to inject the CoW Swap UI directly into their website
• Upgraded surplus notifications on the swap page to show users how much surplus they have received after every trade, as well as their overall surplus through the wallet overview page
• Nexus Mutual used CoW Swap to diversify $27.3 million into Rocket Pool ETH
• Aave DAO swapped aBAL & aWETH into an 80/20 Balancer pool in a trade worth close to $2 million
• Andre Canidio from the the CoW Research Team published a paper exploring a novel method for making batch AMMs more efficient
• The CoW Swap team headed to Paris to take on ETH CC where CoW Swap hosted an MEV day and participated in a “Desiging a DEX” panel
• MEV Blocker surpassed 4 million transactions, protecting over $11 billion of trading volume
• A grant proposal for “Improvement and Enhancement of the CoW Swap Explorer” was approved through Snapshot
• A grant application for v2 of the Milkman contract was posted to the forum
• Published several articles on our blog: CoW Hooks: You are in control, Announcing CoW Swap Surplus Notifications and What is Frontrunning?

Product Updates

Backend

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

• Deployed arak to start indexing liquidity-related events
• Identified and proposed fixes for CIP-20 support in co-located driver
• Recorded order events into a database for accurate measurements for our SLAs
• Stored solver addresses with the winning quotes for CIP-27
• Ran more price estimators
• Made minor driver bug fixes and consistency changes

Frontend

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

• Deployed a hotfix with WalletConnect v2 support
• Worked on displaying all parts and filled % for the TWAP UI
• Added default UTMs for links (to credit volume to people that found CoW Swap using cow.fi)
• Made bug fixes and put final touches on TWAP
• Made AppData changes to the frontend stack (app-data, SDK, Explorer, CoW Swap)
• Implemented a Google analytics update for the Grants website

Open Job Positions

The CoW Protocol team is currently looking to hire:

Engineering

Backend Engineer with RustRemote or Lisbon

For more information on our latest job openings, visit: https://cow.fi/careers

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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