Crypto Basics

News

Governance

Guides

Product Info


## TL;DR

-   During the month of  **May**, CoW Protocol handled a total volume of  **$2.4B**  and generated a surplus of  **$16.5M**
-   In exciting news, the CoW Swap widget got integrated by Safe {Wallet], MEV Scanner was launched, and CoW DAO Revenue & CoW AMM Performance dashboards went live
-   In terms of Governance, CoW DAO executed CIPS 43 & 44

## Protocol Stats

This month, CoW Protocol settled a total of  **$2.4B.**

![1-may-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_may_2024_highlights_a5aa5bc848.webp)

The top batches worth highlighting are the following:

-   **Batch with the highest % of CoW trades**  **(**[**Transaction details**](https://explorer.cow.fi/tx/0x80335524b00f7fb0ca810781b8097acd9f3a26c160a3829e6d2fbe49caa08fc0?tab=orders)**)**. The total batch volume was  **$2,165,670**, and it was created by two traders who were perfectly CoWed for  **90% ($1.9M)**  of their volume. One trader was buying  **WETH-WFTM**, and the other trader was selling  **WETH-WFTM**.

![2-may-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_may_2024_highlights_3a87975f5a.webp)

-   **Batch containing the highest volume**  **(**[**Transaction details**](https://explorer.cow.fi/tx/0x93f390d0a9ba487cadca006270ec5b092df9a1104438fdb7f630a0cbf64271c8?tab=orders&vis=transfers)**)**: The total batch volume was  **$15,968,035.14** and it was created by three traders who were swapping  **DAI** to **USDC, ETH** to **BTRFLY,** and **WETH** to **TOKE**.

![3-may-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/3_may_2024_highlights_c5df911595.webp)

-   **Batch with the highest amount of surplus**  **(**[**Transaction details**](https://explorer.cow.fi/tx/0xc8c849f6e8f1638b366782946b2004b6c2225f74fe9821004e9107d7b3788531?tab=orders)**)**: The total batch volume was  **$8,534,108.21** and it was created by a single trader who was swapping  **ETH to**  **USDC**. This trader achieved the largest surplus for the month of May by getting  **$173,922.78 USDC**  extra, which was roughly 2**%**  surplus.

![4-may-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/4_may_2024_highlights_152ab79f09.webp)

During the month of  **April**, the top 10 traders traded a total of  **$22M.**

![5-may-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/5_may_2024_highlights_8e3c3abf09.webp)

In the table below you can see the total volume for this month’s biggest trades. The most active trader executed a whopping  **$5.6M**  in trades with CoW Protocol this month.

![6-may-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/6_may_2024_highlights_c078f604e4.webp)

## Solvers

In  **May**, solvers generated a total of $16M in surplus, which is money in the pockets of traders.

![7-may-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/7_may_2024_highlights_c0bac7f1ea.webp)

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

![8-may-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/8_may_2024_highlights_5277340481.webp)

## Governance

It has been a hectic month in terms of governance! The CoW cannot be stopped 💪

![9-may-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/9_may_2024_highlights_25544c8f9c.webp)

## Executed Proposals

The DAO executed three important proposals this month:

-   [CIP-43: Operational CoW DAO Safe Renewal](https://snapshot.org/#/cow.eth/proposal/0xcf0cea1d434e3036d07cb61d3d155b2bd45af0d83d280897eb11ce69f5e1f34b)
-   [CIP-44: Reduced bonding requirements](https://snapshot.org/#/cow.eth/proposal/0x1b6f1171633ec3d20c4370db37074aa1bd830486d4d0d6c26165915cc42d9412)

## Draft Proposals

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

-   [CIP-Draft: Balancer and CoW jointly creating CoWAMM pools](https://forum.cow.fi/t/cip-draft-balancer-and-cow-jointly-creating-cowamm-pools/2429)

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](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   [Safe{Wallet} launched Native Swaps powered by CoW Swap widget](https://x.com/CoWSwap/status/1790352311124213912)
-   In collaboration with CoW Grants,  [MEV Scanner was launched](https://x.com/CoWSwap/status/1796184453007458496)  — a new tool to find how much MEV various wallets have suffered. Available on X, Discord, and Telegram!
-   Released the new  [CoW DAO Revenue Dashboard](https://x.com/CoWSwap/status/1792657133861056513)  so that anyone can check in real time how much money CoW DAO is making.
-   [Published a CoW AMM digest](https://forum.cow.fi/t/4-months-of-cow-amm-what-we-have-learned-and-the-next-steps/2432)  explaining all things happening around CoW AMM for the 4 months that it has been live
-   [Released a CoW AMM Dune Dashboard](https://x.com/CoWSwap/status/1788616025635967222)  that includes stats like aggregate pool APYs and CoW AMM performance compared to a reference pool.
-   [CoW AMM got extensively covered on the latest Blockworks Research deep dive on LVR.](https://x.com/blockworksres/status/1791184122951704758)
-   Hear our  [story how we got started in crypto](https://x.com/CoWSwap/status/1791891046668136919)
-   Had our say in the DOJ episode with our  [“MEV is theft” tweet](https://x.com/CoWSwap/status/1790889428887470243)
-   [FairyCoW Swap launched](https://x.com/CoWSwap/status/1787514538692096264)  its programmable encryption on top of CoW Protocol orders
-   Published an example of what  [optimal settlements in DeFi look like](https://x.com/CoWSwap/status/1787893735453564992)
-   Participated in  [FuruRadio Episode 8](https://x.com/furucombo/status/1790773019872465355)  twitter spaces cover all things Solver related
-   Published several blog articles:  [How to Avoid MEV Bots](https://blog.cow.fi/how-to-avoid-mev-bots-38c63584921e),  [What is a Smart Contract?](https://blog.cow.fi/what-is-a-smart-contract-13a7f33ed7c7), and  [What is Slippage in Crypto?](https://blog.cow.fi/what-is-slippage-in-crypto-59937f801663)

## Product Updates

**Backend**

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

-   Allowed solvers to simulate orders without needing to hit another backend endpoint
-   Worked on solver competition by verifying solver quotes
-   Worked on collocated driver solver quoting
-   Worked on backend refactoring to enable running a circuit breaker in the autopilot (a requirement for actual colocation where solvers run their own drivers)
-   Merged CoW AMM fixes, unblocking further progress on the CoW AMM feature
-   Worked on Arbitrum deployment, including various fixes, gas price estimator, and a core component that subscribes to new blocks from the blockchain
-   Made further progress on full colocation, creating an execution plan and starting implementation
-   The backend team attended DappCon

**Frontend**

The frontend team has been working hard on improvements in the UI front, as well as the overall UI infrastructure. In  **May**, we:

-   Fixed automatic IPFS publishing with a new ENS deployment (good for the decentralization of CoW Swap and the protocol): [https://cowswap.eth.limo](https://cowswap.eth.limo/)
-   The frontend team had a retreat in Turkey, where they worked on several new and upcoming features
-   Launched CoW Swap and the CoW Explorer on Arbitrum
-   Launched EIP 6963 (injected wallets), reducing the number of default wallets and finally supporting Rabby and all wallets that support the standard
-   Worked on several features that will soon be revealed

## Open Job Positions

### Marketing

[Content Marketing Manager Remote or Lisbon](https://boards.eu.greenhouse.io/cowswap/jobs/4343031101)

### Other

[Name Your Role Remote — Lisbon](https://boards.eu.greenhouse.io/cowswap/jobs/4341959101)

large_cow-dao-may-2024-highglights-cover-photo.webp

medium_cow-dao-may-2024-highglights-cover-photo.webp

small_cow-dao-may-2024-highglights-cover-photo.webp

thumbnail_cow-dao-may-2024-highglights-cover-photo.webp

cow-dao-may-2024-highglights-cover-photo.webp

Welcome back to another CoW Update, where we break down the most notable developments of the last few weeks at CoW DAO.


CoW DAO May 2024 Highlights

George Hristov

## TL;DR

-   During the month of  **April**, CoW Protocol handled a total volume of  **$2.38B**  and generated a surplus of  **$16.6M**
-   In exciting news, CoW DAO began a  [token buyback program](https://twitter.com/CoWSwap/status/1785339850394304608), MEV Blocker  [started collecting revenue](https://x.com/CoWSwap/status/1778084900610228559), and CoW Swap ran an “[I’m feeling lucky”](https://x.com/CoWSwap/status/1774725067567681674)  campaign for April Fool’s day
-   In terms of Governance, CoW DAO executed  [CIP-40: MEV Blocker Fees](https://snapshot.org/#/cow.eth/proposal/0x67aaf4f3e14f833ea496a5cf29d3c58cd12e36a72b7f36c60393083b87422070),  [CIP-41: Claim and Delegate CoW DAO’s SHU Token Allocation](https://snapshot.org/#/cow.eth/proposal/0x86686d2546586696370f87313cf1dff4705e9d7edeee03e560a84470eaa3f57e), and  [CIP-42: Enhancing Treasury Asset Usage](https://snapshot.org/#/cow.eth/proposal/0xb6edd841020478bf3c10b51a897c4bde511f11ddf53bf6352edc0fe2b949518a)

## Protocol Stats

This month, CoW Protocol settled a total of  **$2.38B.**

![1-cow-dao-april-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_cow_dao_april_2024_highlights_36cbd49453.webp)

The top 3 batches worth highlighting are the following:

-   **Batch with the highest % of CoW trades (**[**Transaction details**](https://explorer.cow.fi/tx/0xf191aa1a7280c1c5ea51c91f11d3b1d3456c57ec37712923b6d030453571b09c?tab=orders)**):**  The total batch volume was  **$2.26M**, and it was created by two traders who were CoWed for  **$2,000,000, (88.5%)**  of the total volume. One trader was buying USDC, the other was selling USDC.

![2-cow-dao-april-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_cow_dao_april_2024_highlights_cdd6a84049.webp)

-   **Batch containing the highest volume (**[**Transaction details**](https://explorer.cow.fi/tx/0xe71b7b029dd274087ef0148d9af8203b62cd0368fb42b6231c4db5dfb985d240?tab=orders&vis=transfers)**):**  The total batch volume was  **$15,474,023** and it was created by two traders — one swapping  **USDT for USDC**  and one swapping  **ETH for FRAX**.

![3-cow-dao-april-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/3_cow_dao_april_2024_highlights_fa24438f19.webp)

-   **Batch with the highest amount of surplus (**[**Transaction details**](https://explorer.cow.fi/tx/0xfc720a40a9cf1366b7a00c6a4f0f72a64316e07143ba523e672b12ca4b2244f6?tab=orders)**):**  The total batch volume was  **1,000 ETH**, and it was created by a trader swapping ETH for WBTC. They received  **1.05 WBTC (2.09%)**  as surplus.

![4-cow-dao-april-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/4_cow_dao_april_2024_highlights_97d7d45c4c.webp)

During the month of  **April**, the top 10 traders traded a total of  **$40,343,807.**

![5-cow-dao-april-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/5_cow_dao_april_2024_highlights_861a8be332.webp)

In the table below you can see the total volume for this month’s biggest trades. The most active trader executed a whopping  **$14,687,148**  in trades with CoW Protocol this month.

![6-cow-dao-april-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/6_cow_dao_april_2024_highlights_0947456c82.webp)

## Solvers

In  **April**, solvers generated a total of  **$16M**  in surplus, which is money in the pockets of traders.

![7-cow-dao-april-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/7_cow_dao_april_2024_highlights_e3f24ac5b9.webp)

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

![8-cow-dao-april-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/8_cow_dao_april_2024_highlights_0b729fd1b0.webp)

## Governance

It was an active month in terms of governance! The CoWs cannot be stopped 💪

![9-cow-dao-april-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/9_cow_dao_april_2024_highlights_ccaeab6849.webp)

### Executed Proposals

The DAO  **executed three important proposals**  this month:

-   [CIP-40: MEV Blocker Fees](https://snapshot.org/#/cow.eth/proposal/0x67aaf4f3e14f833ea496a5cf29d3c58cd12e36a72b7f36c60393083b87422070)
-   [CIP-41: Claim and Delegate CoW DAO’s SHU Token Allocation](https://snapshot.org/#/cow.eth/proposal/0x86686d2546586696370f87313cf1dff4705e9d7edeee03e560a84470eaa3f57e)
-   [CIP-42: Enhancing Treasury Asset Usage](https://snapshot.org/#/cow.eth/proposal/0xb6edd841020478bf3c10b51a897c4bde511f11ddf53bf6352edc0fe2b949518a)

### Draft Proposals

There were no new draft proposals this month.

## CoWmunity News

-   With CIP-40 passing, MEV Blocker  [began earning revenue from builders](https://x.com/CoWSwap/status/1778084900610228559)
-   CoW DAO began converting all collected protocol fees from ETH to COW, effectively creating a  [buyback program for the COW token](https://twitter.com/CoWSwap/status/1785339850394304608)
-   MEV Blocker  [received an Etherscan integration](https://x.com/CoWSwap/status/1785007216485130550)  that allows users to view pending transactions submitted through the private RPC
-   CoW Swap  [supported Safe’s token launch](https://x.com/CoWSwap/status/1782433684219638205)  by offering pre-launch limit orders
-   CoW Swap welcomed April with a  [one-day-only “I’m Feeling Lucky” swap feature](https://x.com/CoWSwap/status/1774725067567681674)
-   Enabled limit orders for  [amounts larger than the current token balance a user has in their wallet](https://x.com/CoWSwap/status/1777504272487223712)
-   The Den multisig project  [integrated the CoW Swap widget](https://x.com/CoWSwap/status/1782412887778333001)  for easy swaps
-   The CoW Swap team traveled to Token 2049 to represent the project

## Product Updates

### Backend

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

-   Finalized the partner fee implementation
-   Cleaned up rank-by-surplus and fee features
-   Worked on exempting CoW AMM orders from protocol fees
-   Tested support for 0x liquidity
-   Worked on colocating Gnosis solvers as quoters
-   Implemented performance improvements to make the system more stable with colocated price estimator

### Frontend

The frontend team has been working hard on improvements in the UI front, as well as the overall UI infrastructure. In  **April**, we:

-   Improved responsiveness on the CoW Swap widget
-   Launched support for creating limit orders beyond the current wallet balance as well
-   Launched the partner fee for the CoW Swap widget
-   Supported a number of integrations including Nanse, Den, Shapeshift, Memeswap, and more
-   Iterated on proposals for adding cross-chain swaps to CoW Swap
-   Worked on migrating CoW Swap blog content to an internal CMS

## Open Job Positions

### Engineering

[Support Engineer with Python](https://boards.eu.greenhouse.io/cowswap/jobs/4332254101)

large_cow-dao-april-2024-highlights-cover-photo.webp

medium_cow-dao-april-2024-highlights-cover-photo.webp

small_cow-dao-april-2024-highlights-cover-photo.webp

thumbnail_cow-dao-april-2024-highlights-cover-photo.webp

cow-dao-april-2024-highlights-cover-photo.webp

Welcome back to CoW DAO highlights, where we break down the most notable developments of the last few weeks at CoW DAO.


CoW DAO April 2024 Highlights


## TL;DR

-   During the month of  **March**, CoW Protocol handled a record-breaking total volume of  **$3.42B**  and generated a surplus of  **$23.4M**
-   In exciting news, CoW Protocol saw its  [largest month ever in terms of trading volume](https://dune.com/queries/2508216/4127586), the CoW team touched grass with an off-site retreat in Portugal, and a protocol fee report  [showed 130 ETH generated with no impact on user retention](https://twitter.com/CoWSwap/status/1773163707331461620?s=20)
-   In terms of Governance, CoW DAO executed  [CIP 39](https://snapshot.org/#/cow.eth/proposal/0xd4b23381a63b19d971e625e1fcef6ffa26d6d685df8b28ca590c251506669a53)  and received several important proposals regarding  [MEV Blocker fees](https://forum.cow.fi/t/cip-40-mev-blocker-fees/2366),  [CoW DAO’s SHU token allocation](https://forum.cow.fi/t/cip-41-claim-and-delegate-cow-daos-shu-token-allocation/2360), and  [strategies for enhancing treasury asset usage](https://forum.cow.fi/t/cip-42-enhancing-treasury-asset-usage/2361)

## Protocol Stats

This month, CoW Protocol settled a total of  **$3.42B.**

![1-cow-dao-march-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_cow_dao_march_2024_highlights_2ba332d346.webp)

The top 3 batches worth highlighting are the following:

**1. Batch with the highest % of CoW trades (**[**Transaction details**](https://explorer.cow.fi/tx/0x613e4155d95f1f9ca7e15a210e54a6b446c5f69ae2638da572289cddc099e4aa?tab=orders&vis=transfers)**):**  The total batch volume was  **$89,900**, and it was created by two traders who were CoWed for  **$85,813, (95.5%)**  of the total batch volume. One trader was buying USDC, the other was selling USDC, and the CoW was facilitated through a common hop in WETH.

![2-cow-dao-march-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_cow_dao_march_2024_highlights_1e110aa48d.webp)

**2. Batch containing the highest volume (**[**Transaction details**](https://explorer.cow.fi/tx/0xe2f795665577f65b4985b6003761ab8e6364222cbec122388b7ee467644dd712?tab=orders)**):**  The total batch volume was  **$20,193,757** and it was created by a single trader swapping  **ETH for USDC**.

![3-cow-dao-march-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/3_cow_dao_march_2024_highlights_5e00b79ce8.webp)

**3. Batch with the highest amount of surplus (**[**Transaction details**](https://explorer.cow.fi/tx/0xe2f795665577f65b4985b6003761ab8e6364222cbec122388b7ee467644dd712?tab=orders)**):**  The batch with the highest surplus was the same as the batch with the highest volume, for a total volume of  **$20,193,757** and a surplus of  **325,762 USDC (1.58%).**

![4-cow-dao-march-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/4_cow_dao_march_2024_highlights_adfaa341fe.webp)

During the month of  **March**, the top 10 traders traded a total of  **$44,898,507.**

![5-cow-dao-march-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/5_cow_dao_march_2024_highlights_468f2d3834.webp)

In the table below you can see the total volume for this month’s biggest trades. The most active trader executed a whopping  **$19,601,868**  in trades with CoW Protocol this month.

![6-cow-dao-march-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/6_cow_dao_march_2024_highlights_3095ac6111.webp)

## Solvers

In  **March**, solvers generated a total of  **$23M**  in surplus, which is money in the pockets of traders.

![7-cow-dao-march-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/7_cow_dao_march_2024_highlights_e1caf63a45.webp)

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

![8-cow-dao-march-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/8_cow_dao_march_2024_highlights_2c3cb003af.webp)

## Governance

It was an active month in terms of governance! The CoWs cannot be stopped 💪

![9-cow-dao-march-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/9_cow_dao_march_2024_highlights_d5eee98f7e.webp)

## Executed Proposals

The DAO  **executed one important proposal**  this month:

-   [CIP-39: Continued funding for development services — Service Agreement №3](https://snapshot.org/#/cow.eth/proposal/0xd4b23381a63b19d971e625e1fcef6ffa26d6d685df8b28ca590c251506669a53)

## Draft Proposals

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

-   [CIP-40: MEV Blocker fees](https://forum.cow.fi/t/cip-40-mev-blocker-fees/2366)
-   [CIP-41: Claim and Delegate CoW DAO’s SHU Token Allocation](https://forum.cow.fi/t/cip-41-claim-and-delegate-cow-daos-shu-token-allocation/2360)
-   [CIP-42: Enhancing Treasury Asset Usage](https://forum.cow.fi/t/cip-42-enhancing-treasury-asset-usage/2361)

Make sure to read the proposals 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](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   In March, CoW Protocol had its  [largest month ever](https://dune.com/queries/2508216/4127586), with a trading volume of over  **$3.4 billion**. The CoW is quickly becoming a bull 😈

![10-cow-dao-march-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/10_cow_dao_march_2024_highlights_ae68c0eeda.webp)

-   The CoW team came together in Portgual for a yearly off-site that included a hackathon, presentations, and valuable in-person quality time
-   After taking the DeFi world by storm in February, CoW AMM  [received a Safe App announced by none other than Steve Ballmer](https://x.com/CoWSwap/status/1767587714826956807)  in a new video
-   A  [first report](https://twitter.com/CoWSwap/status/1773163707331461620?s=20)  of the newly-enabled out-of-market limit orders has identified they’ve generated 130 ETH for the protocol with no negative impact on user retention
-   The marketing team featured a new  [Widget](https://x.com/CoWSwap/status/1770489389900292344?s=20)  campaign, added new terms to the  [CoW glossary](https://x.com/CoWSwap/status/1765396565504717225?s=20), and posted a  [transaction highlight featuring surplus-capturing limit orders](https://twitter.com/CoWSwap/status/1773759519522533509?s=20)
-   CoW Protocol  [joined in the call to unblock crypto](https://x.com/CoWSwap/status/1765756459755634824)  together with some of the biggest names in DeFi
-   Anna from the CoW team was featured on the  [Deus Ex DAO](https://x.com/CoWSwap/status/1764621816633385090?s=20)  podcast
-   The blog received an update with a new article: “[MEV Bots: Switch From Searcher to Solver](/learn/mev-bots-switch-from-searcher-to-solver)”

## Product Updates

**Backend**

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

-   Replaced orders with custom appdata
-   Transitioned solvers to a new API
-   Made steady progress on protocol and partner fees
-   Rolled out verified quotes on staging

**Frontend**

The frontend team has been working hard on improvements in the UI front, as well as the overall UI infrastructure. In  **March**, we:

-   Released CowSwap 1.62.0 which includes a partner fee option for the Cow Swap Widget, a “recreate limit order” option which allows users to duplicate their limit orders in a couple of clicks, and a redesign of the fee display
-   Prepared the CoW Swap “I’m Feeling Lucky” feature as an April Fool’s joke
-   Worked on a feature that allows placing limit orders for amounts beyond what a user currently has in their wallet

## Open Job Positions

### Engineering

[DevOps Engineer](https://boards.eu.greenhouse.io/cowswap/jobs/4311312101)

large_cow-dao-march-2024-highglights-cover-photo.webp

medium_cow-dao-march-2024-highglights-cover-photo.webp

small_cow-dao-march-2024-highglights-cover-photo.webp

thumbnail_cow-dao-march-2024-highglights-cover-photo.webp

cow-dao-march-2024-highglights-cover-photo.webp

Welcome back to another CoW Update, where we break down the most notable developments of the last few weeks at CoW Protocol.


CoW DAO March 2024 Highlights


## TL;DR

-   During the month of  **February**, CoW Protocol handled a total volume of  **$1.8B**  and generated a surplus of  **$15.1M**.
-   In terms of Governance, CoW DAO executed CIP-36,37 & 38.
-   In exciting news, CoW Protocol launched the 1st MEV capturing AMM (CoW AMM), got COW token listed in tokenunlocks, and started playing around voiceover videos!

## Protocol Stats

This month, CoW Protocol settled a total of  **$1.80B.**

![1-february-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_february_2024_highlights_8bc23c3684.webp)

The top 3 batches worth highlighting are the following:

-   **Batch with the highest % of CoW trades (**[**Transaction details**](https://explorer.cow.fi/tx/0x070c090c7fd7e371c170f2e381cdbd4f4ab81553a9d74469aa32a5e89b5748d1?tab=orders)**):**  The total batch volume was  **$1,502,953.2**, and it was created by three traders. Two of these traders were CoWed for  **$374,483.44, (99%)**  of the total batch volume. One trader was buying  **$374K of LINK**  and the other trader was selling  **$374M of LINK**  (Getting settled via partial fills from their total of  **$1.1M LINK**  sell order)**.**

![2-february-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_february_2024_highlights_124f5c0396.webp)

-   **Batch containing the highest volume (**[**Transaction details**](https://explorer.cow.fi/tx/0xa50f8b71fff77e767e333401e5caca468860b21ea9d2e15e81e9d52fe41cee7b?tab=orders&vis=transfers)**):**  The total batch volume was  **$11,038,754.45** and it was created by a trader who was swapping  **ETH**  to  **stETH**.

![3-february-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/3_february_2024_highlights_99850e7562.webp)

-   **Batch with the highest amount of surplus (**[**Transaction details**](https://explorer.cow.fi/tx/0x40850075f7c6fda7c27abe24f8f49e0b52ff5222fe3c737da4457ab768f2b522?tab=orders)**):**  The total batch volume was  **$567,243.73** and it was created by a single trader who was swapping  **ETH**  **to**  **USDT**. This trader achieved the largest surplus for the month of  **February** by getting  **283,933.46 USDT**  extra, which at the time of trade was roughly **50.05% surplus**.

![4-february-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/4_february_2024_highlights_6cadcb51cc.webp)

During the month of  **February**, the top 10 traders traded a total of  **$21.8M.**

![5-february-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/5_february_2024_highlights_da09bce9a4.webp)

In the table below you can see the total volume for this month’s biggest trades. The most active trader executed a whopping  **$6.4M**  in trades with CoW Protocol this month.

![6-february-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/6_february_2024_highlights_06a8c9ba99.webp)

## Solvers

In  **February**, solvers generated a total of  **$15.17M**  in surplus, which is money in the pockets of traders.

![7-february-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/7_february_2024_highlights_f5eb61a440.webp)

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

![8-february-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/8_february_2024_highlights_2144302bca.webp)

## 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:

-   [CIP-36: Adjusting and renewing the solver rewards budget](https://snapshot.org/#/cow.eth/proposal/0x4e58f9c1208121c0e06282b5541b458bc8c8b76090263e25448848f3194df986)
-   [CIP-37: Increasing liquidity for the COW token via Programmatic Order Framework and FM-AMM](https://snapshot.org/#/cow.eth/proposal/0xbe6a5e04cc284cc88adb0cee505b7bf090e5aabf4e21b2d2168b29cb03d90404)
-   [CIP-38: Solver Computed Fees & Rank by Surplus](https://snapshot.org/#/cow.eth/proposal/0xfb81daea9be89f4f1c251d53fd9d1481129b97c6f38caaddc42af7f3ce5a52ec)

## Draft Proposals

This month,  **there were no new proposals.**

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](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   Launched  [CoW AMM](https://x.com/CoWSwap/status/1757783798601986400?s=20), the first live AMM which solves LVR. The new AMM aimed at protecting liquidity providers from the dangers of MEV got quite coverage in the media and across various influencers:  [The block](https://www.theblock.co/post/277425/cow-dao-amm-exchange-mev?utm_source=twitter&utm_medium=social), [DL news](https://www.dlnews.com/articles/defi/new-cow-swap-amm-will-stop-mev-bots-and-save-users-millions/?utm_source=twitter&utm_medium=organic_social&utm_campaign=), [Blockworks](https://blockworks.co/news/cow-dao-mev-capturing-amm), [Binance](https://www.binance.com/en/feed/post/2024-02-14-cow-dao-launches-mev-capturing-automated-market-maker-to-address-lvr-problem-4118740461410), [Delphi Digital](https://members.delphidigital.io/feed/cow-swap-releases-lvr-aware-amm), [CoinMarketCap](https://coinmarketcap.com/community/articles/65cd7aa4639eda40936e4b80/), [EthDailly](https://ethdaily.io/cow-protocol-mev-capturing-amm/), [CoinLive](https://www.coinlive.com/news-flash/442186), [Cryptonews](https://cryptonews.net/news/other/28559567/), [CryptoEconomy](https://crypto-economy.com/cow-dao-launches-automated-market-maker-to-fight-arbitrage-bots/), [OutlierVentures](https://x.com/OVioHQ/status/1758534586881942002?s=20),  [CryptoCondom](https://x.com/crypto_condom/status/1757785824484102356?s=20), [Martin K](https://x.com/koeppelmann/status/1757794954586329217?s=20), [Shoal Research](https://x.com/pt1mfv_/status/1757963151222440096?s=20), [0xKermo](https://x.com/0xKermo/status/1758892911796658541?s=20), [0xSalazar](https://x.com/0xSalazar/status/1759333374865682742?s=20), [PaulIronFinance](https://x.com/paul_ironforce/status/1757784723370160393?s=20)
-   [Revamped the UI](https://x.com/CoWSwap/status/1762153353956766022?s=20)  to make it easier for users to understand what they are trading and the amounts they are expected to receive
-   Hosted a  [twitter space to explain all things CoW AMM](https://x.com/CoWSwap/status/1761035749636362532?s=20)  and the inner workings of how it actually solves LVR.
-   To boost CoW AMM outreach, marketing prepared a pair of meme videos to get everyone’s attention around the first MEV capturing AMM.  [Jamie Dimon](https://x.com/CoWSwap/status/1760740193773212031?s=20) &  [Wolf of Wall street](https://x.com/CoWSwap/status/1763232025081753674?s=20)
-   [COW token got listed on tokenunlocks](https://x.com/CoWSwap/status/1762522857697911089?s=20)  and now all the information regarding the COW tokenomics can be easily found there.
-   [COW Tokens can now be leveraged to borrow DAI thanks to Ajnas permissionless pools](https://x.com/CoWSwap/status/1759132605335601201?s=20)
-   Said goodbye to our longtime  [Goerli Network friend](https://x.com/CoWSwap/status/1753099953403310084?s=20)  which was replaced by the new Sepolia Testnet
-   Prepared a new  [monthly stats summary for MEV Blocker](https://x.com/CoWSwap/status/1754539321359806696?s=20)  stats throughout the month
-   [MasterCoW´s treasure hunt](https://x.com/CoWSwap/status/1754877940175688106?s=20)  came to an end as someone was able to decipher all the clues and claim the prize
-   Felix went on  [Leviathian News](https://x.com/CoWSwap/status/1755158002720444619?s=20)  to cover all things CoW Swap
-   Started gathering UX research and feedback on how can CoW Swap Limit orders improve ([Poll 1](https://x.com/CoWSwap/status/1755565833739292693?s=20),  [Poll 2](https://x.com/CoWSwap/status/1759989378066038957?s=20),  [Poll 3](https://x.com/CoWSwap/status/1762619014369407131?s=20))
-   Worked on multiple blogspost aimed at improving CoW Swap´s SEO results:  [January 2024 Monthly highlights](https://x.com/CoWSwap/status/1756486330627084549?s=20),  [What does an MEV Blocker do?](https://x.com/CoWSwap/status/1756828056134754522?s=20),  [CoW DAO launches 1st MEV Capturing AMM](https://blog.cow.fi/cow-dao-launches-the-first-mev-capturing-amm-bc7199e217a3),  [What is LVR?](https://x.com/CoWSwap/status/1761070004844511477?s=20)
-   Anna & Andrea jumped on  [Strange water podcast to discuss](https://x.com/CoWSwap/status/1759899359095709866?s=20)  how a fair competition of solvers fixes DeFI.

## Product Updates

**Backend**

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

-   Simplified transaction submission logic for solvers
-   Implemented several changes in the backend to make it compatible with CoWAMM
-   Looked into providing more attractive quotes by allowing internalization of trades to Solvers
-   Developed a new automated spam protection system for the backend
-   Removed goerli infra
-   Worked on adapting all backend solver logic to rank by surplus instead of score
-   Moved the entire node infra to Reth.

**Frontend**

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

-   Deprecated Goerli from the front end
-   Revamped the entire UI with a new modal: Display confirmation information while signing to be able to compare values in the app and in the wallet, Custom recipient displaying unification, “Order submitted” popup styles fixes, “Order confirmed” screen styles fixes
-   Shipped the new CoW AMM landing page
-   Worked on several fixes such as handling errors, Sepolia crash, Twap order cancelation issue, Issue with localstorage growing too much
-   Made several improvements to the Widget
-   Events from widget to integrator (order submitted, order filled, etc.)
-   Sounds and images customization
-   Hide connect/account button in the header
-   Option to disable “Connect wallet” button
-   Improve wallet provider integration between app and integrator

## Open Job Positions

There are currently no open positions.

Convinced you can contribute to Cow Protocol?  [Get in touch](https://discord.com/invite/cowprotocol)

large_cow-protocol-february-2024-highlights-cover-photo.webp

medium_cow-protocol-february-2024-highlights-cover-photo.webp

small_cow-protocol-february-2024-highlights-cover-photo.webp

thumbnail_cow-protocol-february-2024-highlights-cover-photo.webp

cow-protocol-february-2024-highlights-cover-photo.webp

CoW Protocol February 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](https://snapshot.org/#/cow.eth/proposal/0xe358941aa3f3aeaf94d40e6904c9bb530c98f88e363c2f309d9898b0ffb16c1f)  and  [35](https://snapshot.org/#/cow.eth/proposal/0x1ce26799df80625cb8de5e985920b5f50e890290da03776bdd934e8bd03d9014)  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](https://x.com/CoWSwap/status/1749858622027301159?s=20), published a  [2023 year in review](https://x.com/CoWSwap/status/1745859971617882529?s=20), and released a brand new  [set of docs](https://x.com/CoWSwap/status/1746916877677596936?s=20)

## Protocol Stats

This month, CoW Protocol settled a total of  **$1.92B.**

![1-january-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_january_2024_highlights_a7ae839d24.webp)

The top batches worth highlighting are the following:

**Batch with the highest % of CoW trades (**[**Transaction details**](https://explorer.cow.fi/tx/0x72eb3893cbb060ac052b851a013a5b41838f868207ffdc9cb879af0a53e4a28b?tab=graph)**):**  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.**

![2-january-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_january_2024_highlights_175d395b5e.webp)

**Batch containing the highest volume (**[**Transaction details**](https://explorer.cow.fi/tx/0xb5f4ca700520d35f8384adcfd895afa33b42d0676d5d210160c4855ebbbb5f7e?tab=orders&vis=transfers)**):**  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**.

![3-january-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/3_january_2024_highlights_da4efaf710.webp)

**Batch with the highest amount of surplus (**[**Transaction details**](https://explorer.cow.fi/tx/0xf77330676a021051edec058ba6ee36d199182aea5510f40d26309d00351e524d/?tab=graph&vis=transfers)**):**  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)**.

![4-january-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/4_january_2024_highlights_e2c454bff4.webp)

During the month of  **January**, the top 10 traders traded a total of  **$197M.**

![5-january-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/5_january_2024_highlights_ddd8c83163.webp)

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.

![6-january-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/6_january_2024_highlights_5ed4c8dd69.webp)

## Solvers

In  **January**, solvers generated a total of  **$16M**  in surplus, which is money in the pockets of traders.

![7-january-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/7_january_2024_highlights_e6d6600d39.webp)

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

![8-january-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/8_january_2024_highlights_29f171bf7e.webp)

## Governance

It was a hectic month in terms of governance! The CoWs cannot be stopped 💪

![9-january-2024-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/9_january_2024_highlights_0859dafbe7.webp)

## Executed Proposals

The DAO  **executed two important proposals**  this month:

-   [CIP-34: Testing Fee Models for CoW Protocol](https://snapshot.org/#/cow.eth/proposal/0xe358941aa3f3aeaf94d40e6904c9bb530c98f88e363c2f309d9898b0ffb16c1f)
-   [CIP-35: Renewing the CoW Grants Program](https://snapshot.org/#/cow.eth/proposal/0x1ce26799df80625cb8de5e985920b5f50e890290da03776bdd934e8bd03d9014)

## 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:

-   [CIP draft: Increasing liquidity for COW token via a programmatic order and an FM-AMM](https://forum.cow.fi/t/cip-draft-increasing-liquidity-for-cow-token-via-a-programmatic-order-and-an-fm-amm/2203)

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](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   [Per CIP-34, CoW Protocol is now charging fees on out-of-market limit orders](https://x.com/CoWSwap/status/1749858622027301159?s=20)
-   CoW DAO had a phenomenal 2023. To commemorate it, the team published a  [product recap](https://x.com/CoWSwap/status/1745859971617882529?s=20)  as well as a  [data review](https://x.com/CoWSwap/status/1750199071535718557?s=20)  of all of the year’s important milestones
-   The CoW Protocol documentation received a  [much-welcome facelift](https://x.com/CoWSwap/status/1746916877677596936?s=20)  including a new website ([learn.cow.fi](https://learn.cow.fi/)) that helps anyone play around with CoW Protocol
-   The CoW Swap widget launched [color customization](https://x.com/CoWSwap/status/1742947998894792816?s=20)
-   [Teased the potential launch of CoW AMM](https://x.com/CoWSwap/status/1745500079677694377?s=20), 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](https://x.com/CoWSwap/status/1752370895350538336?s=20)
-   Launched a campaign to help CoW Swap users understand key concepts of the protocol, kicking off with “[Coincidence of Wants](https://x.com/CoWSwap/status/1752686684406436204?s=20)”
-   The CoW team was featured on two podcasts:  [wen building by Antalpha labs](https://x.com/Antalpha_Labs/status/1742159634386071774?s=20)  and  [Steady Lads podcast by Jess Eckel](https://x.com/Jesseeckel/status/1748343775892504816?s=20)
-   Did you know that  [your lending protocol can perform MEV-protected liquidations via CoW Protocol](https://x.com/CoWSwap/status/1742053152978038957?s=20)?
-   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](https://x.com/CoWSwap/status/1750578345878639090?s=20)
-   The team published the following articles to the blog:  
    –  [Understanding MEV Protection](/learn/understanding-mev-protection)  
    –  [Understanding Batch Auctions](/learn/understanding-batch-auctions)  
    –  [EIP-1271 Explained](/learn/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](https://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

## Open Job Positions

## Engineering

[Backend Engineer with Rust](https://boards.eu.greenhouse.io/cowswap/jobs/4272022101)

large_cow-protocol-january-2024-highlights-cover-photo.webp

medium_cow-protocol-january-2024-highlights-cover-photo.webp

small_cow-protocol-january-2024-highlights-cover-photo.webp

thumbnail_cow-protocol-january-2024-highlights-cover-photo.webp

cow-protocol-january-2024-highlights-cover-photo.webp

CoW Protocol January 2024 Highlights

As we bid farewell to another eventful year, we’re taking some time to reflect on CoW DAO’s milestones in 2023.

CoW DAO develops two main products:

-   **CoW Protocol & the CoW Swap Interface**: A decentralized exchange providing users with the best prices and cutting-edge MEV protection for swaps
-   **MEV Blocker**: An RPC endpoint designed to protect user transactions from suffering MEV attacks. MEV Blocker leverages an order flow auction among searchers and builders to offer users a rebate (backrun) for their trades

2023 has been marked by a number of noteworthy developments that have expanded protocol functionality, enhanced the user experience, and solidified CoW DAO’s position at the forefront of DeFi.

## CoW Protocol 2023 Product Launches

### Milkman — February

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Timing trades has been a challenge for DAOs, but that&#39;s all changing thanks to Milkman. 🥛😎<br><br>Instead of a fixed trade amount, Milkman lets you use a price checker (i.e. <a href="https://twitter.com/chainlink?ref_src=twsrc%5Etfw">@chainlink</a>) to ensure a fair market price at execution, even far into the future!<a href="https://t.co/xH7fyqka0J">https://t.co/xH7fyqka0J</a> 👉</p>&mdash; CoW DAO | MEV Blocker &amp; CoW Swap (@CoWSwap) <a href="https://twitter.com/CoWSwap/status/1727326002202935304?ref_src=twsrc%5Etfw">November 22, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The challenging task of timing trades for DAOs has finally found its solution in Milkman. Developed through the  [CoW Grants Program](https://grants.cow.fi/)  in collaboration with  [Yearn.fi](https://yearn.fi/), Milkman enables smart contracts to specify an on-chain data source, like an oracle, as a reference for the otherwise static “min_out” function. This is a game-changer for deferred trade execution, as it gives DAOs a dynamic price backstop that guarantees up-to-date pricing despite governance-related delays.

Born of the spirit of collaboration, Milkman has already made its mark by facilitating large trades from major DAOs. In 2023,  [Aave used Milkman to swap $4 million directly into a Balancer LP](/learn/aave-trade-breakdown),  [Nexus Mutual used it to trade over 14.4K ETH for rETH](/learn/nexus-mutual-trade-breakdown), and  [ENS traded 10K ETH for USDC](/learn/ens-trade-breakdown). To date, Milkman has already handled over $20 million in trading volume!

Learn more about Milkman: “[What is Milkman? CoW Swap’s Solution for Delayed Execution Trading](/learn/what-is-milkman-cow-swaps-solution-for-delayed-execution-trading)”

### Partially Fillable Limit Orders — April

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Say hello to *partially fillable limit orders* from CoW Swap.<br><br>Now enabled by default, partial fills bring faster trade settlement to limit orders – even in moments of low liquidity. 🏃💨<br><br>Learn more here: <a href="https://t.co/lJ0b4qON9y">https://t.co/lJ0b4qON9y</a> <a href="https://t.co/iqxyI86l6Z">pic.twitter.com/iqxyI86l6Z</a></p>&mdash; CoW DAO | MEV Blocker &amp; CoW Swap (@CoWSwap) <a href="https://twitter.com/CoWSwap/status/1647962756400701443?ref_src=twsrc%5Etfw">April 17, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The introduction of partially fillable limit orders in April unlocked a faster limit order experience that also reduces price impact for large orders.

Unlike traditional “fill or kill” limit orders, partially fillable limit orders execute gradually as liquidity becomes available. For users, this means that their limit orders will complete earlier, as they can gather liquidity over time rather than having to wait for it to become available all at once.

What’s more, partially fillable limit orders are “surplus capturing,” meaning that users can receive surplus on top of their limit price. If the solvers execute a limit order for better than the limit price, the positive price difference (known as “surplus”) will be passed along to the user.

Learn more about Partially Fillable Limit Orders: “[CoW Swap Improves the Limit Order Experience with Partially Fillable Limit Orders](/learn/cow-swap-improves-the-limit-order-experience-with-partially-fillable-limit-orders)”

### CoW Hooks — July

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Today, CoW Swap is ushering in a new era in intents-based DeFi.<br><br>Introducing CoW Hooks!<br><br>With CoW Hooks you can take multiple DeFi actions: swapping, bridging, staking, depositing, borrowing, and more — &amp; group them all together into one single intent!<br><br>📖 <a href="https://t.co/RZxQQYue5k">https://t.co/RZxQQYue5k</a> <a href="https://t.co/CMNIUXFtGK">pic.twitter.com/CMNIUXFtGK</a></p>&mdash; CoW DAO | MEV Blocker &amp; CoW Swap (@CoWSwap) <a href="https://twitter.com/CoWSwap/status/1678766456719433729?ref_src=twsrc%5Etfw">July 11, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The launch of CoW Hooks transformed CoW Protocol from a swap-intent-matching engine into a generalized intent execution machine. Thanks to CoW Hooks, users can now specify pre and post-trade interactions for solvers to execute alongside their trades.

CoW Hooks interactions can be any DeFi actions: bridging, staking, depositing, or anything else a user would like to do before or after their trade. The best part? Solvers execute the entire sequence of pre and post interactions as a single transaction. True to the CoW Protocol model, users pay gas fees in their sell token, and they only pay if the transaction succeeds.

Learn more about CoW Hooks: “[CoW Hooks: You are in control!](/learn/cow-hooks-you-are-in-control)”

### TWAP (Time Weighted Average Price) Orders — August

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">🚨🚨<br><br>TWAP orders are now available on CoW Swap! (Call us CoW Twap!)<br><br>TWAP orders let users split their trades over time while benefiting from CoW’s signature MEV protection &amp; best prices.<br><br>Available for <a href="https://twitter.com/safe?ref_src=twsrc%5Etfw">@safe</a> wallets today.<br><br>Learn more: <a href="https://t.co/A4l5P7G696">https://t.co/A4l5P7G696</a> <a href="https://t.co/ssj2xtDr8Z">pic.twitter.com/ssj2xtDr8Z</a></p>&mdash; CoW DAO | MEV Blocker &amp; CoW Swap (@CoWSwap) <a href="https://twitter.com/CoWSwap/status/1692152855694803112?ref_src=twsrc%5Etfw">August 17, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

In August, CoW Protocol launched the first implementation of TWAP orders on a decentralized exchange to date. TWAP allows users to split large trades into smaller, discrete orders which execute over a specified time period. This lessens price impact, ensures entry at a “average” market price, and enhances MEV protection.

Learn more about TWAP orders: “[CoW Swap Launches TWAP Orders](/learn/cow-swap-launches-twap-orders)”

### Gasless Approvals — October

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Cows can sometimes get a bad rap for their gas emissions...<br><br>But CoW Swap is committed to reducing gas as much as possible.<br><br>That&#39;s why we&#39;re pleased to announce that gasless approvals are now live on <a href="https://twitter.com/CoWSwap?ref_src=twsrc%5Etfw">@CoWSwap</a>. <a href="https://t.co/NOQeeVtacr">pic.twitter.com/NOQeeVtacr</a></p>&mdash; CoW DAO | MEV Blocker &amp; CoW Swap (@CoWSwap) <a href="https://twitter.com/CoWSwap/status/1714633297408696409?ref_src=twsrc%5Etfw">October 18, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

CoW Swap has offered gasless swaps since the start, but in October we made the entire experience — approvals + swaps — entirely gasless for over 100 tokens. With gasless approvals, the intents that users sign to place an order now give solvers the permission to execute both the swap AND the approval transaction on behalf of the user.

Thanks to this, brand new wallets can use CoW Swap without holding any ETH, as all fees get deducted in the sell token.

Learn more about gasless approvals: “[Announcing Gasless Approvals on CoW Swap](/learn/announcing-gasless-approvals-on-cow-swap)”

### Programmatic Order Framework — November

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">CoW Swap is excited to announce the launch of an entirely new class of orders. We call them Programmatic Orders. ✨<br><br>Programmatic Orders execute automatically, in perpetuity, according to the conditional parameters you set.<br><br>Let&#39;s dive in. 🤿 <a href="https://t.co/sOXKCMsYLu">pic.twitter.com/sOXKCMsYLu</a></p>&mdash; CoW DAO | MEV Blocker &amp; CoW Swap (@CoWSwap) <a href="https://twitter.com/CoWSwap/status/1722735351972983030?ref_src=twsrc%5Etfw">November 9, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The Programmatic Order Framework pioneered a new era of “programmatic orders,” which are automated orders that execute based on on-chain conditions.

Programmatic orders are created with just one signature, and they execute when certain on-chain conditions (prices, volumes, balances, times, etc.) are met. These orders can stretch indefinitely into the future, automating everything from complex trading strategies to advanced order types, portfolio management, DAO operations, and more.

The Programmatic Order Framework itself is used to create programmatic orders by automating the boilerplate code necessary for order placement. This allows DeFi users to programmatically create any set of orders and automatically approve them for execution with just a single signature.

Learn more about the Programmatic Order Framework: “[Introducing the Programmatic Order Framework, from CoW Protocol](/learn/introducing-the-programmatic-order-framework-from-cow-protocol)”

### Widget — November

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Merhaba. Hello.<br><br>The CoW Swap widget is live. If you&#39;ve ever thought &quot;damn, I wish my users could do MEV-protected swaps/limits/TWAPs, capture surplus, and not spend gas on their trades&quot; this widget is for you.<br><br>Learn more at <a href="https://t.co/jHxQRC2ri9">https://t.co/jHxQRC2ri9</a> or reach out to chat live.<br><br>📣 <a href="https://t.co/wuhKJkJD9m">pic.twitter.com/wuhKJkJD9m</a></p>&mdash; CoW DAO | MEV Blocker &amp; CoW Swap (@CoWSwap) <a href="https://twitter.com/CoWSwap/status/1724037068610056354?ref_src=twsrc%5Etfw">November 13, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Launched with the goal of bringing the lush pastures to a wider audience, the widget embeds a CoW Swap trading module on any website or web3 dApp. Projects can now bring CoW Swap’s famous MEV protection and best prices to their users and even collect fees from swaps made through the widget.

Learn more about the widget  [on our website](https://cow.fi/widget).

## Improvements Throughout The Year

-   **Surplus Notifications →** Users now see exactly how much they received in surplus after every trade! Wallets connected to CoW Swap can also view their total historical surplus using the account tab 💸
-   **Fortune Cookies →**  Besides being the best place to trade, CoW Swap is also the most fun! This year, we added fortune cookies to the UI, welcoming you with a new message each day to inspire you along your trading journey 🥠
-   **Custom Recipient Addresses →**  It’s now possible to make a trade with funds from one wallet that sends proceeds to a different wallet. Save on gas fees and expedite your trades with custom recipient addresses 🔀
-   **Token Page Release →**  The  [token page](https://swap.cow.fi/#/account/tokens)  lists the tradeable tokens on CoW Swap. Users can use the page to sign the approval transactions necessary for trading new tokens in advance — useful if you’re trying to time the market ⏳
-   **The Limit Orders Stop Light →**  Limit orders received a useful UI upgrade that shows how close your orders are to completing. The limit order “stop light” lights up in different colors depending on how close the market price is to what it needs to be for your limit orders to execute 🚦
-   **A World of Notifications →**  Staying informed is key in the world of DeFi. To this end, CoW Swap enabled notifications through Discord, Telegram, and email to help users stay up to date with new announcements 🔔

## The CoW Protocol Revolution: A Year of Collaboration

The shipping hasn’t only been us, though. We’re proud to have encouraged innovation in DeFi even outside of the CoW DAO ecosystem. Below is a list of projects that are integrated with or built on top of CoW Protocol.

### 1. Dump Services

CoW DAO introduced  [dump.services](https://dump.services/), a dApp that allows users to swap (“dump”) multiple tokens from their wallet all at once by trading them for a single asset. This streamlines portfolio management, especially for small token balances.

### 2. CoW Swap Safe App Batch Transactions

The  [CoW Swap Safe App](https://app.safe.global/share/safe-app?appUrl=https%3A%2F%2Fswap.cow.fi&chain=eth)  introduced a game-changing feature — the ability to bundle multiple transactions into a single batch. Thanks to the Safe batching feature, users can merge approving, wrapping, and trading into a single, cost-effective transaction.

### 3. The Tally Recipe for CoW Swap

Tally, a prominent DAO tooling platform, launched  [a Recipe for CoW Swap](/learn/tally-recipe-for-cow-swaps). The Tally CoW Swap Recipe leverages Milkman to let DAOs attach a swap to a governance proposal, turning a multi-step process into only a few clicks.

### 4. Stackly DCA

[Stackly](https://stackly.eth.limo/)  is a new dApp that brings Dollar-Cost Averaging (DCA) swaps to DeFi users on Ethereum and Gnosis chain. Under the hood, Stackly leverages  [CoW Protocol ERC-1271 smart orders](/learn/tutorial-creating-smart-orders-with-cow-protocol)  for the trades.

### 5. Coinshift Apps

Treasury management platform  [Coinshift](https://coinshift.xyz/)  integrated CoW Swap as a part of its suite of apps, bringing the safety and reliability of CoW Swap to the DAOs using Coinshift for their treasury operations.

### 6. Stader Swap Feature

The liquid staking service  [Stader Labs](https://www.staderlabs.com/eth/)  added a “Swap” function powered by CoW Swap which directs users to trade tokens on CoW Swap dApp.

### 7. Lido Swap Feature

Staking service  [Lido](https://lido.fi/)  also added CoW Swap as one of their “withdrawal” options for users looking to convert stETH to ETH right on the platform.

## New Products: MEV Blocker

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">CoW Swap, in collaboration with <a href="https://twitter.com/beaverbuild?ref_src=twsrc%5Etfw">@beaverbuild</a> and Agnostic Relayer, is proud to announce MEV Blocker. <a href="https://t.co/WIhaaGtP0e">https://t.co/WIhaaGtP0e</a> ⛱️<br><br>MEV Blocker is a free RPC endpoint that *pays users* to protect themselves from MEV across a wide variety of use cases in DeFi, NFTs, and dApps. <a href="https://t.co/Fa6cRNjrxf">pic.twitter.com/Fa6cRNjrxf</a></p>&mdash; CoW DAO | MEV Blocker &amp; CoW Swap (@CoWSwap) <a href="https://twitter.com/CoWSwap/status/1643614395002499073?ref_src=twsrc%5Etfw">April 5, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

While the lush pastures of CoW DAO saw a lot of shipping in 2023, there was one flagship launch that stood above the rest:  [MEV Blocker](https://mevblocker.io/).

CoW DAO, in collaboration with  [Beaver Build](https://beaverbuild.org/)  and  [Agnostic Relay](https://agnostic-relay.net/), introduced MEV Blocker to protect Ethereum transactions from frontrunning and sandwich attacks. The free RPC endpoint routes transactions through a permissionless network of searchers who cannot frontrun or sandwich user transactions. Instead, searchers capture value through backrunning, sending 90% of all profits back to the users as rebates.

MEV Blocker addresses the multi-billion dollar MEV problem, enabling users to trade, buy NFTs, provide liquidity, and more without worrying about harmful price exploitation.

## Reflecting on our Udderly amazing Journey, and cheers to a CoW-tastic 2024!

2023 has been the most exciting year so far for CoW DAO. We’re already diving headfirst into 2024 with a renewed commitment to more products built for both novice and experienced users. Here’s to another thrilling year at the forefront of DeFi!

large_cow-dao-2023-year-in-review-cover-photo.webp

medium_cow-dao-2023-year-in-review-cover-photo.webp

small_cow-dao-2023-year-in-review-cover-photo.webp

thumbnail_cow-dao-2023-year-in-review-cover-photo.webp

cow-dao-2023-year-in-review-cover-photo.webp

365 Days of Udderly Fantastic CoWventures!


CoW DAO: 2023 in Review!

## TL;DR

-   During the month of  **December**, CoW Protocol handled a total volume of  **$1.73B**  and generated a surplus of  **$14.9M**
-   In exciting news, the  [Crypto.com wallet integrated MEV Blocker](https://x.com/CoWSwap/status/1732776869584396433?s=20), we teamed up with  [Chain Patrol for our Discord](https://x.com/CoWSwap/status/1740387210090987525?s=20), and we welcomed traders to CoW Swap with a special holiday “Moo-ho-ho” 🎅

## Protocol Stats

This month, CoW Protocol settled a total of  **$1.73B.**

![1-december-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_december_2023_highlights_08516ca0a3.webp)

The top 3 batches worth highlighting are the following:

-   **Batch with the highest % of CoW trades**  **(**[**Transaction details**](https://explorer.cow.fi/tx/0xc0fa0316df77f61da1976094d5cb117f76dc47b1d93b855bc404b231a7a448d0?tab=graph)**):**  The total batch volume was  **$4,924,638.28**, and it was created by two traders who were perfectly CoWed for  **$4,923,442.30 (99.8%)**  of the total batch volume. One trader was selling ~**59K of wNXM for WETH**, and the other trader was buying  **~50K of wNXM for WETH.**  Even more interesting, one of the orders was a partially fillable limit order which was filled 87% of the way by this CoW.

![2-december-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_december_2023_highlights_d74c092297.webp)

-   **Batch containing the highest volume**  **(**[**Transaction details**](https://explorer.cow.fi/tx/0x82851a56f09e1d10643d7ec5369f35cc9f50bc36a3a29e0a13ee5d781198ce09?tab=graph&vis=transfers)**)**: The total batch volume was  **$20,423,856.02** and it was created by three traders who were swapping the following tokens: ~**$9K of ETH to GEAR**, ~**$3K of USDC to BEND,**  and ~**$20.4M of USDC to DAI**.

![3-december-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/3_december_2023_highlights_7861b0ae2e.webp)

-   **Batch with the highest amount of surplus**  **(**[**Transaction details**](https://explorer.cow.fi/tx/0xd6013c8d24db365330e054fb665755d0c4d50f726b08a7afa34671678c13daf8?tab=graph)**)**: The total batch volume was  **$94,152.64** and it was created by two traders who were swapping ~**$4.7M**  of  **ETH**  **to**  **wstETH** and ~**$1K USDC** to **LIT**. The first trader achieved the largest surplus for the month of  **December**  by getting  **$94,152.64** back, which represented 2.04**%**  of their order size.

![4-december-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/4_december_2023_highlights_03cc8845fa.webp)

During the month of  **December**, the top 10 traders traded a total of  **$35M.**

![5-december-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/5_december_2023_highlights_87f4c2b0cb.webp)

In the table below you can see the total volume for this month’s biggest trades. The most active trader executed a whopping  **$10M**  in trades with CoW Protocol this month.

![6-december-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/6_december_2023_highlights_3c9dc56e0c.webp)

## Solvers

In  **December**, solvers generated a total of  **$14.9M** in surplus, which is money in the pockets of traders.

![7-december-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/7_december_2023_highlights_5b78c0a1b3.webp)

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

![8-december-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/8_december_2023_highlights_ce0ebfda05.webp)

## Governance

It was a relaxed month in terms of governance! The CoWs had time to play in the snow 💪

![9-december-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/9_december_2023_highlights_f723d72fd8.webp)

## Executed Proposals

The DAO did not execute any proposals.

## Draft Proposals

There were  **no new proposals**  this month, but two important proposals from last month are still looking for feedback before moving into the next phase, final CIPs, in their current form:

-   [CIP-Draft: Testing Fee Models for CoW Protocol](https://forum.cow.fi/t/cip-draft-testing-fee-models-for-cow-protocol/1984)
-   [CIP-Draft: Solver Computed Fees & Rank by Surplus](https://forum.cow.fi/t/cip-draft-solver-computed-fees-rank-by-surplus/2061)

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](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   Installed the new  [Chain Patrol Discord bot to make reporting scammers easier](https://twitter.com/CoWSwap/status/1740387210090987525?s=20)
-   Participated in the following podcasts and twitter spaces:  [Blockmates, “The Future of Decentralized Trading](https://twitter.com/CoWSwap/status/1738177889026101653?s=20),”  [Native, “The Future of DEX Spot Trading](https://twitter.com/CoWSwap/status/1737824044773151140?s=20)” and a  [Steak Capital DEX Panel](https://twitter.com/CoWSwap/status/1733124589364838586?s=20)
-   Got featured in a fantastic podcast  [covering intents](https://twitter.com/CoWSwap/status/1732089015199797307?s=20)
-   Wrote two recaps of CoW DAO member talks from Dappcon: “[MEV Transparency: Ensuring Fairness In DeFi Markets](https://twitter.com/CoWSwap/status/1736768910371016898?s=20)” and “[Navigating the Evolution of CoW Swap: From Market Orders to Programmatic Orders](https://twitter.com/CoWSwap/status/1740786005538746656?s=20)”
-   Gathered all the talks, panels, and discussions that CoW DAO members participated in during  [Devconnect IstanBULL!!](https://twitter.com/CoWSwap/status/1737130917272187119?s=20)
-   The lion from Crypto.com incorporated the best protection under the sun by  [integrating MEV Blocker natively into the Crypto.com DeFi wallet app](https://twitter.com/CoWSwap/status/1732776869584396433?s=20)
-   Reminder that in November, CoW Swap launched a Widget which also comes embedded with an  [enticing integration rewards program funded by CoW Grants DAO](https://twitter.com/CoWSwap/status/1731711217230565465?s=20)
-   [Did you know that 69% of all trades this year had a better execution price than originally quoted](https://twitter.com/CoWSwap/status/1734565064810889506?s=20)?
-   [CoW Swap gave a random CoW a new addiction :)](https://twitter.com/BixbiteOfficial/status/1737349265649758270?s=20)
-   Watched people YOLO their trades —  [this user traded with 50% slippage and got twice as much as they asked for](https://twitter.com/CoWSwap/status/1739277374565580822?s=20)!
-   Reminded people that the only venue where  [limit orders get price improvements is CoW Swap](https://twitter.com/CoWSwap/status/1740631237788868653?s=20)

## Product Updates

**Backend**

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

-   Fixed a memory leak that caused the colocated driver to be restarted very often
-   Fixed a bug that could cause incorrect internal buffer trading optimizations
-   Did lots of bug fixes and performance improvements + added metrics for colocation (inflight order filtering, track time to solve and other solver metrics, optimize fetching token metadata and debugging information)
-   Made progress towards deploying on Sepolia
-   Made improvements for faster settlement times
-   Worked on backend deployment for Sepolia testnet
-   Worked on backend documentation for the refreshed docs.cow.fi release

**Frontend**

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

-   Implemented theme colors for widget customizations
-   Polished and fixed items related to wallet balances and allowances
-   Released CoW Swap v1.51 (Token Lists: v2 of pre-calculated permit, permit improvements, improved loading of balances, and more)
-   Worked on frontend documentation for the refreshed docs.cow.fi release
-   Disabled Ledger Live in a hotfix due to their exploit
-   Worked on a variety of fixes including UI issues (Safe via WC, Ledger Live integration (now removed), classic ETH flow, fixes on TWAP orders not being shown (edge case), and fixes on buy orders
-   Deployed the Christmas theme 🎅 — Moo-ho-ho-ho!

## Open Job Positions

The CoW Protocol team is currently not hiring

large_october-highlights-cover-photo.webp

medium_october-highlights-cover-photo.webp

small_october-highlights-cover-photo.webp

thumbnail_october-highlights-cover-photo.webp

october-highlights-cover-photo.webp

CoW Protocol December 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.**

![1-November-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_November_2023_highlights_ff892a4ef9.webp)

The top 3 batches worth highlighting are the following:

-   **Batch with the highest % of CoW trades**  ([Transaction details](https://explorer.cow.fi/tx/0x3dea3947bfd480bdfed6251c4a31ff4d040c14cc430338afa110ba7885e3de17?tab=graph)**)**. 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**.

![2-November-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_November_2023_highlights_2d2caf95bb.webp)

-   **Batch containing the highest volume**  ([Transaction details](https://explorer.cow.fi/tx/0x0c41ee0a2d1c75034c9258579069dd2e8e7a2a5e59703865e2c0ac47343102c7?tab=graph&vis=transfers)**)**: 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**.

![3-November-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/3_November_2023_highlights_550a6dba21.webp)

-   **Batch with the highest amount of surplus**  ([Transaction details](https://explorer.cow.fi/tx/0xb9a63242596218936cb0cd83d2cc460bf7504c563d54a4c2b3e8674f38975d20/?tab=graph&vis=transfers)**)**: 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.

![4-November-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/4_November_2023_highlights_90bab101e1.webp)

During the month of  **November**, the top 10 traders traded a total of  **$56M.**

![5-November-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/5_November_2023_highlights_79e346c7a3.webp)

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.

![6-November-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/6_November_2023_highlights_de62650639.webp)

## Solvers

In  **November**, solvers generated a total of  **$11.2M**  in surplus, which is money in the pockets of traders.

![7-November-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/7_November_2023_highlights_09eda2bfdd.webp)

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

![8-November-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/8_November_2023_highlights_a807afb001.webp)

## 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:

-   [CIP-33: Should the CoW Treasury Core unit be added to the MEVBlocker Rebates Safe?](https://snapshot.org/#/cow.eth/proposal/0x999a4840ecb71e7edb4102caf19ea5f9ee7b237ece649a0d22eec74f7c1f1c16)

### Draft Proposals

This month, there was 2 new proposals asking for feedback before moving into the next phase, final CIPs, in their current form:

-   [CIP-Draft: Testing Fee Models for CoW Protocol](https://forum.cow.fi/t/cip-draft-testing-fee-models-for-cow-protocol/1984)
-   [CIP-Draft: Solver Computed Fees & Rank by Surplus](https://forum.cow.fi/t/cip-draft-solver-computed-fees-rank-by-surplus/2061)

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](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   [Launched a new class of orders with the release of the Programmatic Order Framework](https://x.com/CoWSwap/status/1722735351972983030?s=20)
-   [Launched a CoW Swap widget](https://x.com/CoWSwap/status/1724037068610056354?s=20)  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](https://x.com/CoWSwap/status/1729508014686601621?s=20)  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](https://x.com/CoWSwap/status/1722341346827202687?s=20). Here are all the available talks:
  → Arbitrageurs’ profits, LVR, and sandwich attacks: batch trading as an AMM design response
-   Intent.wtf →  [Talk](https://www.youtube.com/watch?v=-OXMPmpzFXU)  → Advancing Beyond Swap Intents |  [Panel](https://www.youtube.com/watch?v=1gxweVY9edU)  → The Role of Intent-Driven Transactions in DeFi’s Evolution
-   Good intentions →  [Talk](https://www.youtube.com/watch?v=CTwC204N-68)  → CoW Swap more than swap intents |  [Panel](https://www.youtube.com/watch?v=4n2ChWn1ksQ)  → Intents and MEV Panel
-   Decentralized Scaling summit →  [Talk](https://www.youtube.com/watch?v=evyjRRteZCg)  → The rise of smart orders |  [Panel](https://www.youtube.com/watch?v=v4Y-hf5BTWk)  → How do we balance privacy and surveillance?
-   MEV & Intents Day →  [Talk](https://www.youtube.com/watch?v=hoFVSFn181Y)  → The rise of smart orders |  [Panel](https://www.youtube.com/watch?v=xauLHm98zYc)  → Intents
-   [Sponsored the ETH Global Hackthon Istanbul where we had a great list of submissions for our bounties](https://x.com/CoWSwap/status/1726242733466280436?s=20)
-   Appeared on  [the Bell Curve Podcast to do a breakdown of Frequent Batch Auctions](https://x.com/thebellcurvepod/status/1725193559748272441?s=20), covering why they are superior to other auction types when it comes to DEX trading
-   [Mastercow launched his own treasure hunt](https://x.com/CoWSwap/status/1725579868581306859?s=20)  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](https://x.com/CoWSwap/status/1723027440472400107?s=20)  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](https://x.com/CoWSwap/status/1727326002202935304?s=20)” 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](https://x.com/CoWSwap/status/1729818776013840586?s=20)”
-   Got featured by Chainpatrol.io on  [“Case studies in web3 brand protection”](https://x.com/ChainPatrol/status/1720096549009838328?s=20)
-   Covered CoW Swap in  [Spanish extensively at the DeFi Lab podcast](https://x.com/DeFi_LaB/status/1720113820624974279?s=20)
-   Wrapped up the MEV series articles with our latest article explaining  [what backrunning is](https://x.com/CoWSwap/status/1720143397527368001?s=20)
-   Posted a draft on the  [CoW DAO forum listing the reasons on why adding a protocol fee for CoW Protocol](https://x.com/CoWSwap/status/1720513622474920157?s=20)  is beneficial to the ecosystem and how CoW DAO should approach it
-   CoW Swap got  [integrated into Caddi Finnance](https://x.com/CoWSwap/status/1721559378401034573?s=20)
-   Jumped on a twitter spaces with Diego Defi to explain to our  [Hispanic community what CoW Swap is](https://x.com/diego_defi/status/1721921766132478295?s=20)  (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

Welcome back to another CoW update, where we break down the most notable developments of the last few weeks at CoW Protocol.

CoW Protocol November 2023 Highlights

## TL;DR

-   During the month of October, CoW Protocol handled a total volume of  **$998M**, and generated a surplus of  **$6.3M**
-   In exciting news, CoW Protocol launched  [fully gasless transactions](https://twitter.com/CoWSwap/status/1714633297408696409?s=20),  [dressed up for Halloween](https://x.com/CoWSwap/status/1717873465028682130?s=20), got some  [love from Binance Research](https://x.com/CoWSwap/status/1714387540457947396?s=20), and much more

## Protocol Stats

This month, CoW Protocol settled a total of **$998M.**

![1-october-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_october_2023_highlights_132809a9ad.webp)

The top 3 batches worth highlighting are the following:

**Batch with the highest % of CoW trades**  [(Transaction details)](https://explorer.cow.fi/tx/0x924c98ee2a6da650ce0828a2bc722c35f6924e4b490c5ed41f4153f75d85f8aa?tab=orders): The total batch volume was  **$3,078,084.40,** and it was created by two traders who were perfectly CoWed for  **51% ($1,576,169.65)** of their volume. One trader was buying  **DAI for FRAX**, and the other trader was buying  **FRAX for DAI**.

![2-october-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_october_2023_highlights_d343c2eba3.webp)

**Batch containing the highest volume**  [(Transaction details)](https://explorer.cow.fi/tx/0x9b86f6189c18116fadccb4f262b6cd5bb41c77ab5a988663dc8424b6f89809b3?tab=orders&vis=transfers): The total batch volume was  **$9,150,950.72** and it was created by three traders who were swapping  **DAI**  to  **USDC, DAI** to **ETH, and ETH** to **JOE**.

![3-october-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/3_october_2023_highlights_a69b0be379.webp)

**Batch with the highest amount of surplus**  [(Transaction details)](https://explorer.cow.fi/tx/0x6413df8b8351d6177af1da8b0bc0440e01b7a5f160d3d3802c3f784636c7f165/?tab=orders&vis=transfers): The total batch volume was  **$9987,355** and it was created by a single trader who was swapping  **USDC**  **to ETH**. This trader achieved the largest surplus for the month of October by getting 62 ETH, which was roughly  **$100K (11% surplus),**  extra.

![4-october-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/4_october_2023_highlights_00ed78e3c6.webp)

During the month of  **October**, the top 10 traders traded a total of  **$71M.**

![5-october-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/5_october_2023_highlights_1b9fdad0ec.webp)

In the table below you can see the total volume for this month’s biggest trades. The most active trader executed a whopping  **$66M**  in trades with CoW Protocol this month.

![6-october-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/6_october_2023_highlights_81ec197430.webp)

## Solvers
In  **October**, solvers generated a total of  **$6.3M**  in surplus, which is money in the pockets of traders.

![7-october-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/7_october_2023_highlights_04c5a108b4.webp)

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

![8-october-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/8_october_2023_highlights_8a1bd1b03b.webp)

## Governance

It has been a hectic month in terms of governance. CoW DAO executed 3 proposals! After a relaxing month in September, the CoWs came back in force for October 💪.

![9-october-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/9_october_2023_highlights_c5eeb5d39e.webp)

### Executed Proposals

This month the DAO executed three important proposals:

-   [CIP-31: Change CoW DAO’s (cow.eth) Snapshot space settings](https://snapshot.org/#/cow.eth/proposal/0x6dd13bfc9eae35a5f597cea373f21947d4c701ba7ce065c66934c560847484cc)  (As well as  [CIP-31.2: Change CoW DAO’s (cow.eth) Snapshot space settings](https://snapshot.org/#/cow.eth/proposal/0xf6ff58bd97c8c591d0fd4db3a9082864b7fa85c45734234af49f61f7f770cfb8))
-   [CIP-32: MEV Blocker Funding](https://snapshot.org/#/cow.eth/proposal/0x18ed839f7e3f10615ca28fe05b164856ba4e9cfa5f7d7f7a5fcbc89523392560)
-   [CIP-33: Should the CoW Treasury Core unit be added to the MEVBlocker Rebates Safe?](https://snapshot.org/#/cow.eth/proposal/0x999a4840ecb71e7edb4102caf19ea5f9ee7b237ece649a0d22eec74f7c1f1c16)

### 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:

-   [CIP-Draft: Testing Fee Models for CoW Protocol](https://forum.cow.fi/t/cip-draft-testing-fee-models-for-cow-protocol/1984/1)

Make sure to read the CIP draft proposal and leave comments — your feedback is highly appreciated and helps move these important topics forward. If you are interested in submitting a proposal to the CoW DAO, make sure to use the following  [template](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   Announced  [gasless approvals](https://twitter.com/CoWSwap/status/1714633297408696409?s=20), reducing CoW gas emissions and enabling fully ETH-less trading for a wide range of tokens
-   For Halloween, the CoW Swap website got a  [spooky makeover](https://x.com/CoWSwap/status/1717873465028682130?s=20)  including a custom theme,  [Halloween-themed fortune cookies](https://x.com/CoWSwap/status/1718609373973324187?s=20), and a  [special Layer3 Quest](https://x.com/CoWSwap/status/1719021671372533793?s=20)
-   Stackly launched a  [DCA solution built on top of CoW Protocol](https://x.com/CoWSwap/status/1716533044117389624?s=20)  to Mainnet
-   CoW Swap received coverage in a Binance Research report on  [intents](https://x.com/CoWSwap/status/1714387540457947396?s=20)
-   The team hosted an Intent.wtf  [Twitter space](https://x.com/CoWSwap/status/1716762010442940724?s=20)  with Particle Network and the Enso solver
-   The team  [hosted a happy cow-hour](https://x.com/CoWSwap/status/1715321314594955532?s=20)  on Discord unveiling the new solver-driver architecture. As a special community treat, the team waived all CoW Swap fees for the duration of the hour
-   A grant proposal for the development of a Milkman Safe App  [passed in voting](https://snapshot.org/#/cowgrants.eth/proposal/0x37cb0d505bed0e78283b69779dc6e963382f3a0f050026c4e3ced565a48d3710)  on Snapshot
-   The CoW Protocol team published several articles to the blog:  [Announcing Gasless Approvals on CoW Swap](https://blog.cow.fi/announcing-gasless-approvals-on-cow-swap-0bb803d900c2),  [What is Backrunning? — MEV Attacks Explained](https://blog.cow.fi/what-is-backrunning-mev-attacks-explained-38692250690c), and  [Understanding Order Flow Auctions](https://blog.cow.fi/understanding-order-flow-auctions-5532d4ef2f40)

## Open Job Positions

The CoW Protocol team is currently not hiring

## 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.

🐦 [Twitter](https://twitter.com/CoWSwap)| 📒 [Documentation](https://docs.cow.fi/)| 💬  [Forum](https://forum.cow.fi/)  | 📊  [Analytics](https://dune.com/cowprotocol)  | 📸 [Snapshot](https://snapshot.org/#/cow.eth)



Welcome back to another monthly CoW update, where we break down the most notable developments of the last few weeks at CoW Protocol.


CoW Protocol October 2023 Highlights

## TL;DR

-   During the month of September, CoW Protocol handled a total volume of $**772M**, and generated a surplus of  **$4.8M**
-   In exciting news, CoW Protocol ran the  [TWAP-tember trading contest](https://x.com/CoWSwap/status/1697638081082556725?s=20), integrated oSnap for  [better decentralized governance](https://medium.com/@cow-protocol/cow-dao-integrates-osnap-for-decentralized-governance-42b8f6c42660), hosted a booth at  [DappCon](https://twitter.com/CoWSwap/status/1701193378208137377?s=20), and much more

## Protocol Stats

This month, CoW Protocol settled a total of **$772M.**

![1-september-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_september_2023_highlights_a3af17e6e8.webp)

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

-   **Batch with the highest % of CoW trades**  [(Transaction details)](https://explorer.cow.fi/tx/0x7e1ec020695aa5797d9372f0513970d369fbece8b4ec9b7fea21c06dc7ca8612?tab=orders). The total batch volume was  **$1,571,462.41**, and it was created by two traders who were perfectly CoWed for  **61% ($966,799.56)** of their volume. One trader was buying  **$cbETH**, and the other trader was selling  **WETH**.

![2-september-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_september_2023_highlights_9ae329c916.webp)

-   **Batch containing the highest volume**  [(Transaction details)](https://explorer.cow.fi/tx/0x4aef2109d2c99e6822bff66f3a508858cea5ab14bc932ce306f542aef6b95c63?tab=orders&vis=transfers): The total batch volume was  **$20,834,561.93** and it was created by a single trader who was swapping  **USDC**  to  **DAI**.

![3-september-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/3_september_2023_highlights_223272ee64.webp)

-   **Batch with the highest amount of surplus**  [(Transaction details)](https://explorer.cow.fi/tx/0x6ef290e2a8d35b7b050319ee182345b6933ed24de690d67ceb64bb2268c535ba?tab=orders): The total batch volume was  **$97,406.4226** and it was created by a single trader who was swapping  **BOND**  **to**  **DAI**. This trader achieved the largest surplus for the month of  **September**, by getting  **$76,201.52 (11% surplus)**  extra in DAI.

![4-september-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/4_september_2023_highlights_eb51f8d53a.webp)

During the month of  **September**, the top 10 traders traded a total of  **$80M.**

![5-september-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/5_september_2023_highlights_5b1431f313.webp)

In the table below you can see the total volume for this month’s biggest trades. Our most active trader executed a whopping  **$55M**  in trades with CoW Protocol this month.

![6-september-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/6_september_2023_highlights_82c11c4600.webp)

## Solvers

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

![7-september-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/7_september_2023_highlights_bee4ae7db8.webp)

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

![8-september-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/8_september_2023_highlights_3028469d9c.webp)

## Governance

It was a quiet month in terms of governance. The CoWs were just chilling.

![9-september-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/9_september_2023_highlights_8b9340ebd6.webp)

### 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:

-   [CIP-Draft: Change CoW DAO’s (cow.eth) Snapshot space settings](https://forum.cow.fi/t/cip-draft-change-cow-daos-cow-eth-snapshot-space-settings/1897/1)

### Technical Discussions

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

-   [Guidelines for solver-computed fees for long-standing limit orders as implied by past CIPs](https://forum.cow.fi/t/guidelines-for-solver-computed-fees-for-long-standing-limit-orders-as-implied-by-past-cips/1921/1)
-   [Implementing Liquidations using CoW Protocol](https://forum.cow.fi/t/implementing-liquidations-using-cow-protocol/1922/1)

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](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   September was  [TWAP-tember for the CoW Swap herd](https://x.com/CoWSwap/status/1697638081082556725?s=20)! The grand prize was free trading on CoW Swap for the entire month of October, and we’ve announced the winners  [here](https://x.com/CoWSwap/status/1709221631338725599?s=20)
-   CoW DAO integrated oSnap for more decentralized protocol governance. Read how oSnap directly executes Snapshot proposals on-chain  [here](https://medium.com/@cow-protocol/cow-dao-integrates-osnap-for-decentralized-governance-42b8f6c42660)
-   The CoW team traveled to Berlin to  [attend DappCon](https://twitter.com/CoWSwap/status/1701193378208137377?s=20)! The team hosted a booth and delivered talks on Composable CoW, MEV, and how to deploy a solver
-   Dune published a  [case study](https://dune.com/case-studies/cow-protocols-journey-into-automated-payments-and-understanding-user-behavior)  on how CoW Swap uses the analytics tool to monitor exchange volume and the DeFi ecosystem as a whole
-   Uniswap  [integrated MEV Blocker](https://x.com/CoWSwap/status/1705272393651061037?s=20)  into Uniswap Wallet
-   We hosted a Twitter space titled “[How to execute large treasury swaps via Coinshift’s native CoW Swap app](https://twitter.com/CoWSwap/status/1706702796345467316?s=20)”
-   The DODO research team  [published an article](https://x.com/CoWSwap/status/1707719113554997668?s=20)  on the benefits of CoW Swap compared to other DEX aggregators
-   The CoW team published several articles on our blog,  [CoW Protocol Glossary](https://medium.com/@cow-protocol/cow-protocol-glossary-ad7313a2c71),  [CoW DAO integrates oSnap for decentralized governance](https://blog.cow.fi/cow-dao-integrates-osnap-for-decentralized-governance-42b8f6c42660)  and  [Why TWAP?](https://blog.cow.fi/why-twap-25d9a0f690f4)

## Product Updates

**Backend**

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

-   Implemented a change so that external solvers now provide revert risk of their solutions instead of a complex composite score
-   Made price estimation logic more streamlined
-   Spent time deploying solver driver colocation on Gnosis chain staging
-   Added some open-source contributions to the Enso simulator for features we could use
-   Added support for score computation logic for the colocated driver

**Frontend**

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

-   Added a “new” badge for TWAP to the swap widget on our website
-   Added more unit tests for SDK
-   Set up CMS for cow.fi based on Strapi
-   Made significant UI progress on the CoW Swap widget
-   WatchTower: Arrived at zero errors, polished the indexers, fixed some errors, improved logs, handled race condition

## Open Job Positions

CoW Protocol team is currently looking to hire:

### Engineering

[Backend Engineer with Rust Remote or Lisbon](https://boards.eu.greenhouse.io/cowswap/jobs/4208538101)

### Operations

[Operations Manager Remote or Lisbon](https://boards.eu.greenhouse.io/cowswap/jobs/4219633101)

For more information on our latest job openings, visit:  [https://cow.fi/jobs](https://cow.fi/jobs)

## 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.

🐦 [Twitter](https://twitter.com/CoWSwap)| 📒 [Documentation](https://docs.cow.fi/)| 💬  [Forum](https://forum.cow.fi/)  | 📊  [Analytics](https://dune.com/cowprotocol)  | 📸 [Snapshot](https://snapshot.org/#/cow.eth)

small_Highlights-cover-photo.webp

thumbnail_Highlights-cover-photo.webp

Highlights-cover-photo.webp

Welcome back to another CoW Update, where we break down the most notable developments of the last few weeks at CoW Protocol.

CoW Protocol September 2023 Highlights

CoW DAO is an open organization of developers, traders, market makers, and various community members aligned with the vision of providing traders with the best prices and comprehensive MEV protection. CoW DAO is focused on building and maintaining CoW Protocol, a fair and decentralized trading system, and MEV Blocker, an RPC endpoint. CoW Protocol’s technology powers a network of traders and solvers, enabling trustless and efficient peer-to-peer trading through a unique “batch auction” system. This positions CoW Protocol as native trading infrastructure for discrete-time settlement layers like Ethereum. MEV Blocker is designed to protect transactions from MEV attacks such as front-running and sandwiching. In addition to protecting trades from harmful MEV, MEV Blocker leverages an Order Flow Auction between various searchers and builders to offer rebates to users for certain trades.

[oSnap](https://uma.xyz/osnap)  is a DAO governance tool built and secured by  [UMA](https://uma.xyz/). It allows communities to vote off-chain and automatically execute the successful proposals on-chain. oSnap automatically integrates with the DAO’s  [Snapshot](https://snapshot.org/#/)  space and the Safe wallet holding the DAO’s treasury funds. Transactions approved by the community are validated on-chain and executed without the need for centralized multisig approval.

CoW DAO is looking forward to integrating oSnap, as it will give the DAO several advantages including:

-   A decentralized process to execute successful proposals that no longer requires the involvement of multisig signers → Instead of having the multisig owners push successful proposals on-chain themselves, the oSnap bot will automatically execute them
-   Extra on-chain guarantees through a challenge period → Through oSnap, voters will be able to challenge proposals during a “challenge period” that takes place after the successful passing of a proposal
-   One step closer to a more decentralized and resilient CoW DAO → Integrating oSnap allows CoW DAO to run 100% through on-chain governance without relying on any off-chain infrastructure or trusted parties

## How it works

On a technical level, Snapshot allows users to integrate transaction data into their proposals using its transaction builder tool. Community members can include specific transactions in their proposals for the DAO to execute. Once a proposal is published, Snapshot uses the decentralized hosting service IPFS to store and share this transaction data, assigning it a unique identifier in the process.

Once a proposal is approved, the oSnap system takes charge of submitting the transaction data to UMA’s optimistic oracle. The oracle then verifies that the transaction matches the data stored at the IPFS identifier. If the oracle confirms the match, the transaction is executed using funds from the DAO Safe. However, in the event of an invalid or malicious transaction, the system automatically removes the data before it reaches the blockchain.

This integration is a step forward for CoW DAO’s decentralization. If you are interested in participating in the CoW DAO governance process, you have several options:

-   [Forum](https://forum.cow.fi/)  → CoW DAO’s forum is the main venue for governance-related discussion. Signing up for the forum allows community members to post and participate in discussions.
-   [Snapshot](https://snapshot.org/#/cow.eth)  → CoW DAO’s Snapshot space is a simple voting interface that allows users to vote on proposals. Votes on Snapshot are weighted by the number of vCOW+COW held or delegated to the address used to vote.
-   [Discord](https://discord.gg/cowprotocol)  → The CoW DAO Discord server is currently the main discussion hub for the CoW community and an informal place for governance discussions. The “governance-discussion” channel is where governance matters and proposals are discussed.

## Learn more

[CoW DAO](https://cow.fi/)  is a decentralized organization maintaining CoW Protocol and  [MEV Blocker](https://mevblocker.io/)  for the effective protection of Ethereum traders across DeFi. CoW Protocol leverages batch auctions to find the best prices for user trades, while MEV Blocker maintains a decentralized network of searchers & builders who protect users from MEV and provide them with rebates from profitable backrunning opportunities.

[oSnap](https://uma.xyz/osnap)  is a governance tool secured by UMA and audited by Open Zeppelin. It is free to use and can be integrated in less than 60 seconds.

[UMA](https://uma.xyz/)  is an optimistic oracle that can validate any independently verifiable data on the blockchain. UMA ensures protocol security by incentivizing validators to identify and delete false information passing through the oracle. Since launching in 2020, UMA has secured more than 10,000 critical data assertions. It has never been corrupted.

## 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.

🐦 [Twitter](https://twitter.com/CoWSwap)| 📒 [Documentation](https://docs.cow.fi/)| 💬  [Forum](https://forum.cow.fi/)  | 📊  [Analytics](https://dune.com/cowprotocol)  | 📸 [Snapshot](https://snapshot.org/#/cow.eth)

[](https://blog.cow.fi/?source=post_page-----42b8f6c42660--------------------------------)

large_cow-dao-integrates-osnap-for-decentralized-governance-cover-photo.webp

medium_cow-dao-integrates-osnap-for-decentralized-governance-cover-photo.webp

small_cow-dao-integrates-osnap-for-decentralized-governance-cover-photo.webp

thumbnail_cow-dao-integrates-osnap-for-decentralized-governance-cover-photo.webp

cow-dao-integrates-osnap-for-decentralized-governance-cover-photo.webp

CoW DAO has integrated oSnap as a means of directly executing the results of future Snapshot votes on-chain. This integration eliminates the need for multi-signature wallets, creating a more decentralized and efficient execution process.

CoW DAO integrates oSnap for decentralized governance

## TL;DR

-   During the month of  **August**, CoW Protocol handled a total volume of  **$1.05B**, and generated a surplus of  **$5.3M**
-   In exciting news, CoW Protocol  [launched TWAP orders](https://blog.cow.fi/cow-swap-launches-twap-orders-d5583135b472), added  [native support for Trezor wallets](https://twitter.com/CoWSwap/status/1696902398164316377?s=20), and was  [featured on the 0xResearch podcast](https://twitter.com/0xResearch/status/1695065029563838767?s=20)
-   In terms of Governance, CoW DAO executed CIPS  [28](https://snapshot.org/#/cow.eth/proposal/0x269163793f84ceded1b4c902ca1d368e49f4c5991cb4780493feca2a0b640f1b),  [29](https://snapshot.org/#/cow.eth/proposal/0x22fde20fee09167dbde2981a8e9b7552dcb67af887474b0005d15eedb2a8a6d9), and  [30](https://snapshot.org/#/cow.eth/proposal/0xbb52a603325a81e2f4e2cb0bb17d6626d8929737f2511d18e184cdeb94f7f3de)

## Protocol Stats

This month, CoW Protocol settled a total of  **$1.05B.**

![1-august-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_august_2023_highlights_164dca9836.webp)

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

-   **Batch with the highest % of CoW trades (**[**Transaction details**](https://explorer.cow.fi/tx/0x549099b6116bbe176ae524b33ac56c92b768b92ab76fd88de351c94d25870f64?tab=graph)**)**. The total batch volume was  **$41,401,** and it was created by two traders who were CoWed for  **40%**  **($16,401)**  of the batch volume. One trader was buying  **stETH**  with  **DAI**, and the other trader was selling  **DAI**  for  **stETH.**


![2-august-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_august_2023_highlights_f74091792f.webp)

-   **Batch containing the highest volume (**[**Transaction details**](https://explorer.cow.fi/tx/0x094f33db1244c18dd34a026e36bcf42653eaf51ce4731ea4b3cee663daa081dc?tab=graph&vis=transfers)**):**  The total batch volume was  **$9,988,935.71** and it was created by a single trader who was swapping  **USDT to**  **USDC**.


![3-august-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/3_august_2023_highlights_c84ee58c09.webp)

-   **Batch with the highest amount of surplus (**[**Transaction details**](https://explorer.cow.fi/tx/0x55c195cbc41c7547d7e30e02a89d626abeddcaa0d6e6d4e5f48934c5414e0da0?tab=orders&vis=transfers)**)**: The total batch volume was  **3,545.97 ETH** and it was created by two traders who were swapping  **ETH**  to  **stETH** and  **ETH**  to  **DAI**. Combined, these two traders achieved the largest surplus for the month of  **August**, by getting  **$127,719.33K**  (**2.01%**  surplus) extra.


![4-august-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/4_august_2023_highlights_b536caa80f.webp)

During the month of  **August**, the top 10 traders traded a total of  **$109M.**


![5-august-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/5_august_2023_highlights_08c9d1d339.webp)

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  **$100M** in trades with CoW Protocol this month.


![6-august-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/6_august_2023_highlights_46765e7ebb.webp)

## Solvers

In  **August**, solvers generated a total of  **$5.2M**, which is money in the pockets of traders.


![7-august-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/7_august_2023_highlights_7de2003217.webp)

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


![8-august-2023-highlights.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/8_august_2023_highlights_62263bcf59.webp)

## Governance

It has been a hectic month in terms of governance; CoW DAO has executed 3 proposals! After a relaxing month of July, the CoWs came back in force for August 💪.

### Executed Proposals

This month we executed three important proposals:

-   [CIP 28 — Should CoW DAO send its profits to the CoW Treasury Core unit to generate extra revenues?](https://snapshot.org/#/cow.eth/proposal/0x269163793f84ceded1b4c902ca1d368e49f4c5991cb4780493feca2a0b640f1b)
-   [CIP-29: Renewal of the solver rewards program](https://snapshot.org/#/cow.eth/proposal/0x22fde20fee09167dbde2981a8e9b7552dcb67af887474b0005d15eedb2a8a6d9)
-   [CIP-30: Implementing oSnap for Optimistic Governance in CoW DAO](https://snapshot.org/#/cow.eth/proposal/0xbb52a603325a81e2f4e2cb0bb17d6626d8929737f2511d18e184cdeb94f7f3de)

### Draft Proposals

There has been a new proposal asking for feedback before moving into the next phase, a final CIP, in its current form:

-   [Fees and CoW bonding for MEVBlocker](https://forum.cow.fi/t/fees-and-cow-bonding-for-mevblocker/1876)

### Technical Discussions

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

1.  [Measuring and banning overbidding](https://forum.cow.fi/t/measuring-and-banning-overbidding/1874)

Make sure to read through it and leave comments — your feedback is highly appreciated and will help move important topics forward. If you are interested in submitting a proposal to the CoW DAO, make sure to use the following  [template](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   In August we  [launched the much anticipated TWAP (Time-Weighted Average Price) special order type](https://blog.cow.fi/cow-swap-launches-twap-orders-d5583135b472)  on Ethereum Mainnet and Gnosis Chain
-   Added  [native support for Trezor](https://twitter.com/CoWSwap/status/1696902398164316377?s=20)  — Trezor users can now interact with CoW Swap natively without having to connect via a third party wallet
-   CoW Swap’s co-founder and CTO, Felix, was a guest on the  [0xResearch podcast](https://twitter.com/0xResearch/status/1695065029563838767?s=20)  where he discussed strategies for eliminating MEV
-   Participated in a  [Twitter space on “Intent-ifying the future”](https://twitter.com/CoWSwap/status/1689268085574758400?s=20)  with Across Protocol
-   MEV Blocker was featured in the  [Our Network newsletter](https://ournetwork.substack.com/p/ournetwork-issue-178)  as a solution to the problem of MEV
-   CoW DAO’s treasury manager, Karpatkey, built out a  [slick dashboard](https://twitter.com/CoWSwap/status/1689649381925163008?s=20)  showcasing the treasury operations of CoW DAO
-   Keystone wallet partnered with CoW Swap to give customers  [15% off its new CoW-branded Keystone 3 Pro](https://twitter.com/CoWSwap/status/1691554495296160073?s=20)
-   [Coinshift integrated CoW Swap](https://twitter.com/0xCoinshift/status/1694029063042871365?s=20)  to bring CoW’s multi-sig swap functionality to Coinshift apps
-   A grant proposal for a Software Engineer Core Contributor was  [posted to the forum](https://forum.cow.fi/t/core-contributor-software-engineer-aug-2023-jan-2024-inclusive/1870)  and  [passed in voting on Snapshot](https://snapshot.org/#/cowgrants.eth/proposal/0x0202a88c6792d1bd1e534cf1da94769130f495e72247e666b4afff8b22da9db0)
-   A grant proposal for a Copywriter Core Contributor was  [posted to the forum](https://forum.cow.fi/t/core-contributor-copywriter-september-2023-february-2024/1873/2)  and  [passed in voting on Snapshot](https://snapshot.org/#/cowgrants.eth/proposal/0xd1efd4784310bbbdb8ea1d566202d11e8dda26eb73711307076433a25a475f97)
-   Published several articles on our blog:  [What is price improvement and why is it unique to CoW Swap?](https://blog.cow.fi/what-is-price-improvement-and-why-is-it-unique-to-cow-swap-e21d86e756be),  [Aave Trade Breakdown](https://blog.cow.fi/aave-trade-breakdown-e17a7563d7ba),  [ENS Trade Breakdown](https://blog.cow.fi/ens-trade-breakdown-a8eb00ddd8c0),  [Nexus Mutual Trade Breakdown](https://blog.cow.fi/nexus-mutual-trade-breakdown-4aacc6a94be8),  [CoW Swap Launches TWAP Orders](https://blog.cow.fi/cow-swap-launches-twap-orders-d5583135b472),  [How to use CoW Swap’s TWAP orders via Safe Wallet](https://blog.cow.fi/how-to-use-cow-swaps-twap-orders-via-safe-wallet-1a0854484dfb), and  [All you need to know about CoW Swap’s new Safe fallback handler](https://blog.cow.fi/all-you-need-to-know-about-cow-swaps-new-safe-fallback-handler-8ef0439925d1)

## Product Updates

**Backend**

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

-   Worked on storing more required data in colocated mode
-   Implemented a new strategy for fetching the current block to reduce system lag by 1 block
-   Made a strong push towards verified quotes and CIP-27
-   Implemented a change so that solvers are no longer allowed to give strange values from the score (specifically overbidding), the driver will now always calculate the score
-   Improved driver colocation by deploying Goerli as expected and refactoring how we setup legacy estimators in the infrastructure
-   Launched TWAP
-   Implemented a metrics fix for determining which solver provides the “winning” quote
-   Removed a bunch of code related to surplus fee computation

**Frontend**

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

-   Released CowSwap 1.44.0
-   Worked on integration of hardware wallets (Trezor, Ledger)
-   Added support for permitable tokens (EIP-2612)
-   Made lots of progress on TWAP and released the feature
-   Added support for WalletConnect v2
-   Did lots of work on the WatchTower — an important piece of infrastructure for TWAP and Composable orders
-   Exposed the interface to composable orders via cow-sdk

## Open Job Positions

The CoW Protocol team is currently looking to hire:

### Engineering

[Backend Engineer with RustRemote or Lisbon](https://boards.eu.greenhouse.io/cowswap/jobs/4208538101)

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

🐦 [Twitter](https://twitter.com/CoWSwap)| 📒 [Documentation](https://docs.cow.fi/)| 💬  [Forum](https://forum.cow.fi/)  | 📊  [Analytics](https://dune.com/cowprotocol)  | 📸 [Snapshot](https://snapshot.org/#/cow.eth)


CoW Protocol August 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](https://thedefiant.io/cowswap-enables-complex-swaps-with-hooks), completed a big  [overhaul of surplus notifications](https://blog.cow.fi/announcing-cow-swap-surplus-notifications-f679c77702ea), processed a  [$27.3 million swap for Nexus Mutual](https://www.theblock.co/post/240750/nexus-mutual-diversifies-27-3-million-into-rocket-eth-using-cow-swap?utm_source=twitter&utm_medium=social), and much more

## Protocol Stats

This month, CoW Protocol settled a total of  **$865M.**
![1-july-2023-highlight.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_july_2023_highlight_47dd26561a.webp)

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

-   **Batch with the highest % of CoW trades (**[**Transaction details**](https://explorer.cow.fi/tx/0xf5fcc8147ebc22122407d514770e2473c2536ff5768780e560076cfe8b020feb?tab=orders&vis=trades)**).** 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**.
![2-july-2023-highlight.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_july_2023_highlight_11e4b6d7ec.webp)

-   **Batch containing the highest volume (**[**Transaction details**](https://explorer.cow.fi/tx/0x1371ea08e02d465f3225a98f6c73b90473b49493adb6791e5443112173adc974?tab=graph)**)**: The total batch volume was  **$26,737,269.23** and it was created by a single trader who was swapping  **ETH**  **to**  **rETH**.
![3-july-2023-highlight.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/3_july_2023_highlight_51e10b7ef8.webp)

-   **Batch with the highest amount of surplus (**[**Transaction details**](https://explorer.cow.fi/tx/0xc54930ec6a9b45490e069bbf1a6159f056ea35b64f0c8fbfa4766ef869f5cf37?tab=graph)**):**  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).
![4-july-2023-highlight.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/4_july_2023_highlight_7887ec7eb7.webp)

During the month of  **July**, the top 10 traders traded a total of  **$27M.**
![5-july-2023-highlight.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/5_july_2023_highlight_40c0cc45e5.webp)

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.
![6-july-2023-highlight.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/6_july_2023_highlight_d1c9054351.webp)

## Solvers

In  **July**, solvers generated a total of  **$4.8M**, which is money in the pockets of traders.
![7-july-2023-highlight.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/7_july_2023_highlight_5efbb058a2.webp)

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

![8-july-2023-highlight.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/8_july_2023_highlight_544663fea9.webp)

## Governance

It has been a quiet month in terms of executed proposals, the CoWs were relaxing!
![9-july-2023-highlight.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/9_july_2023_highlight_a85b28a529.webp)

### 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](https://forum.cow.fi/t/adjust-solver-rewards-to-allow-for-higher-cap/1842/1)
-   [CIP-28: Should CoW DAO send its profits to the CoW Treasury Core unit to generate extra revenues?](https://forum.cow.fi/t/cip-28-should-cow-dao-send-its-profits-to-the-cow-treasury-core-unit-to-generate-extra-revenues/1805)

### 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](https://forum.cow.fi/t/merge-settlement-contract-and-uni-v4/1769)
2.  [Automated Treasury Management Methodology](https://forum.cow.fi/t/automated-treasury-management-methodology/1799)
3.  [Fast Liquidity in CoW](https://forum.cow.fi/t/fast-liquidity-in-cow/1841)

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](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   Launched  [CoW Hooks](https://thedefiant.io/cowswap-enables-complex-swaps-with-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](https://swap.cow.fi/)  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](https://www.theblock.co/post/240750/nexus-mutual-diversifies-27-3-million-into-rocket-eth-using-cow-swap?utm_source=twitter&utm_medium=social)
-   Aave DAO swapped aBAL & aWETH into an 80/20 Balancer pool  [in a trade worth close to $2 million](https://twitter.com/CoWSwap/status/1678498134195044361?s=20)
-   Andre Canidio from the the CoW Research Team  [published a paper](https://twitter.com/CoWSwap/status/1679883540740325376?s=20)  exploring a novel method for making batch AMMs more efficient
-   The CoW Swap team  [headed to Paris](https://twitter.com/CoWSwap/status/1680848132173713408?s=20)  to take on ETH CC where CoW Swap  [hosted an MEV day](https://twitter.com/CoWSwap/status/1671216421660147712?s=20)  and  [participated in a “Desiging a DEX” panel](https://www.youtube.com/watch?v=6K-QX6HtoiM)
-   MEV Blocker  [surpassed 4 million transactions](https://twitter.com/CoWSwap/status/1684602457056563200?s=20), protecting over $11 billion of trading volume
-   A grant proposal for “Improvement and Enhancement of the CoW Swap Explorer” was  [approved through Snapshot](https://snapshot.org/#/cowgrants.eth/proposal/0xa9bedf14d3b6fc01c5944390c9ef2a153e0cecc56f4354e198a2ba873900fb18)
-   A grant application for v2 of the Milkman contract  [was posted to the forum](https://forum.cow.fi/t/grant-application-milkman-2-0/1840?u=middleway.eth)
-   Published several articles on our blog:  [CoW Hooks: You are in control](https://blog.cow.fi/cow-hooks-you-are-in-control-480ccb40044a),  [Announcing CoW Swap Surplus Notifications](https://blog.cow.fi/announcing-cow-swap-surplus-notifications-f679c77702ea)  and  [What is Frontrunning?](https://blog.cow.fi/what-is-frontrunning-b2641ad7af21)

## 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](https://boards.eu.greenhouse.io/cowswap/jobs/4208538101)

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

🐦 [Twitter](https://twitter.com/CoWSwap)| 📒 [Documentation](https://docs.cow.fi/)| 💬  [Forum](https://forum.cow.fi/)  | 📊  [Analytics](https://dune.com/cowprotocol)  | 📸 [Snapshot](https://snapshot.org/#/cow.eth)

CoW Protocol July 2023 Highlights

## TL;DR

-   During the month of  **June**, CoW Protocol handled a total volume of  **$1.05 billion**, and generated a surplus of  **$5.8 million**
-   In exciting news, CoW Protocol launched the  [Tally Recipe for CoW Swap](https://twitter.com/CoWSwap/status/1671935101255688192), improved  [transaction bundling on Safes](https://twitter.com/CoWSwap/status/1666445091399933953?s=20), launched a  [brand new token page](https://cow.fi/tokens), and much more
-   In terms of Governance, CoW DAO executed CIPS 25, 26, and 27

## Protocol Stats

This month, CoW Protocol settled a total of  **$1.05B.**

![1-june-2023.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_june_2023_498a813c10.webp)

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

-   **Batch with the highest % of CoW trades (**[**Transaction details**](https://explorer.cow.fi/tx/0x531af4533af13645bb4fb54a6d4d4af75821257d6def1a0712482546f55909a9?tab=graph&vis=transfers)**)**. The total batch volume was  **$76K**, and it was created by three traders who were perfectly CoWed for  **91.8%**  of their volume. One trader was buying  **USDC-USDT,**  another trader was buying  **USDT-USDC**, and the last trader was selling  **USDC-USDT**.

![2-june-2023.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_june_2023_adad65cb9c.webp)

-   **Batch containing the highest volume (**[**Transaction details**](https://explorer.cow.fi/tx/0x4469a8843ecdee0805daada813573576c2d5b31f9aedcf651d3569fb6307d4e0?tab=graph&vis=transfers)**):**  The total batch volume was  **$8.8M** and it was created by a single trader who was swapping  **USDT**  **to**  **USDC**.


![3-june-2023.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/3_june_2023_e17114917d.webp)

-   **Batch with the highest amount of surplus (**[**Transaction details**](https://explorer.cow.fi/tx/0xe99ff4114f37ce9cb6af40636084c125b11ab4a98f1fdab5c7c353350e7a5c25/?tab=graph&vis=transfers)**):**  The total batch volume was  **$800K** and it was created by a single trader who was swapping  **USDC**  **to**  **DAI**. This trader achieved the largest surplus for the month of  **June**, by getting  **80K DAI**  extra (**11%**  surplus).


![4-june-2023.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/4_june_2023_9c8fb4e4c8.webp)

During the month of  **June**, the top 10 traders traded a total of **$77M**.

![5-june-2023.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/5_june_2023_d2b3f40d9b.webp)

## Solvers

![6-june-2023.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/6_june_2023_afc3f98e04.webp)

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  **June,**  solvers generated a total of  **$5.8M**, which is money in the pockets of traders. The highest generated surplus by a single solver was $**1.8M**.

![7-june-2023.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/7_june_2023_59f0fabb7a.webp)

## Governance

It has been a hectic month in terms of governance! The CoW cannot be stopped 💪

### Executed Proposals

This month we executed three important proposals

-   [CIP-25: Operational CoW DAO Safe](https://snapshot.org/#/cow.eth/proposal/0x79fdcc006030d50ab0ffe0ffd7c474a409eb70448d1c8eba58919af7559a876e)
-   [CIP-26: Solver bond funds switch](https://snapshot.org/#/cow.eth/proposal/0x1dd77a563722ac783c42276cee76754bf3e78a8895bf9dae7ac6fe5da61634f7)
-   [CIP-27: Incentives Mechanism for the Price Estimation Competition](https://snapshot.org/#/cow.eth/proposal/0x64e061568e86e8d2eec344d4a892e4126172b992cabe59a0b24c51c4c7e6cc33)

### 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.

-   [CIP-Draft: Incentives mechanism for the Price Estimation Competition](https://forum.cow.fi/t/cip-draft-incentives-mechanism-for-the-price-estimation-competition/1718/1)

### Technical Discussions

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

1.  [Path to L2 Deployments](https://forum.cow.fi/t/path-to-l2-deployments/1774/1)

Make sure to read them and leave comments — your feedback is highly appreciated and will help move forward these important topics. If you are interested in submitting a proposal to the CoW DAO, make sure to use the following  [template](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   Launched the  [Tally Recipe for CoW Swap](https://twitter.com/CoWSwap/status/1671935101255688192)  which allows your DAO to embed a swap action in your governance proposal
-   Took  [transaction bundling on Safes](https://twitter.com/CoWSwap/status/1666445091399933953?s=20)  a step further, enabling wrap, approve, and swap in a single click
-   Revamped the  [CoW Grants Program website](https://cow-dao-grants.super.site/)  — take a look
-   Saw early results of the Balancer discount for CoW Swap solvers with  [massive savings on a trade](https://twitter.com/CoWSwap/status/1668973199340748800)
-   Shipped a  [token page](https://cow.fi/tokens)  that helps traders find out about each token CoW Swap supports
-   Published an article on  [Effective Treasury Management for DAOs](https://blog.cow.fi/effective-treasury-management-for-daos-84bf17b8d834)  alongside CoW DAO’streasury manager,  [Karpatkey](https://www.karpatkey.com/)
-   Integrated  [Sismo badges](https://twitter.com/CoWSwap/status/1669721583873822720?s=20)  that you can use to claim swag at ETH CC
-   Alex Vinyas  [gave a talk on Order Flow Auctions in the MEV Supply chain](https://twitter.com/CoWSwap/status/1667048909498359808) at Prague DeFi Summit
-   Integrated  [Trust Wallet with CoW Swap](https://twitter.com/CoWSwap/status/1673314050380529666)
-   Participated in an  [MEV Protection Twitter Space](https://twitter.com/blocknative/status/1673420044615946241?s=20)  hosted by Blocknative
-   Received a  [Grants proposal](https://forum.cow.fi/t/grant-application-composablecow-sdk-docs/1698)  for a new “Smart Order” framework called Composable CoW
-   Receive  [another Grants proposal](https://forum.cow.fi/t/grant-application-for-audit-of-composablecow-smart-contracts/1743)  for a second audit for Composable CoW and Extensible fallback handler smart contracts
-   Published several articles:  [What are CoWs on CoW Swap?](https://twitter.com/CoWSwap/status/1674087831696994305?s=20),  [What is a sandwich attack and how can you protect yourself?](https://twitter.com/CoWSwap/status/1669344064213491716?s=20),  [Grants Wave 2 Recap](https://twitter.com/CoWSwap/status/1664633266878414850?s=20)

## Product Updates

**Backend**

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

-   Made progress on a new app data format
-   Brought the following internal hackathon projects to production: Surplus modal, and Arak (smart contract event indexer)

**Frontend**

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

-   Launched a new version of the  [CoW Explorer](https://explorer.cow.fi/)  that shows a new node (Buffers)
-   Released the bundling ETH Flow
-   Made progress on the TWAP interface including cancelations, incorporating orders table, and decoding pending safe transactions
-   Worked on internal hackathon projects including a surplus modal, widget improvements, a “Have I been MEV’d” page, and a trade graph
-   Worked on trying to implement Wallet Connect V2, but due to the lack of wallet support this has been put on hold.

## Open Job Positions

The CoW Protocol team is currently not hiring.

## 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.

🐦 [Twitter](https://twitter.com/CoWSwap)| 📒 [Documentation](https://docs.cow.fi/)| 💬  [Forum](https://forum.cow.fi/)  | 📊  [Analytics](https://dune.com/cowprotocol)  | 📸 [Snapshot](https://snapshot.org/#/cow.eth)

CoW Protocol June 2023 Highlights

## TL;DR

-   For the month of  **May**, CoW Protocol handled a volume of $770M, generating a total surplus of $**5M**
-   In exciting news, CoW Protocol launched dump.services and Safe bundling of transactions, improved the metamask approval process, and more
-   WE ARE HIRING! Find our latest job openings for engineering and businesss here:  [https://cow.fi/jobs](https://cow.fi/jobs)

## Protocol Stats

This month, CoW Protocol settled a total of $770M.

![1-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_protocol_stats_94885cd3ee.webp)

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

-   Batch with the highest % of CoW trades ([Transaction details](https://explorer.cow.fi/tx/0x695b908715e6e11c30478bb3853a2ffbc29ecec4513ecfea78619c5f4079bf49?tab=graph)): The total batch volume was $104K, and it was created by two traders who were perfectly CoWed for  **94**% of their volume. One trader was buying $**53K** of **USDC**, while the other trader was selling $**48K** of  **USDC**.

![1-1-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_1_protocol_stats_d49f5ce6b7.webp)

-   Batch with the highest volume ([Transaction details](https://explorer.cow.fi/tx/0xcb0c9611522985fc293f7223fc3eafc43868fc69aca931e46d0b710b5dcca82b?tab=graph)**)**: The total batch volume was $**7.6M** and it was created by a single trader who was swapping $**7.5M** of **USDT**  for $**7.6M** of **USDC**.

![1-2-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_2_protocol_stats_4df89e1dff.webp)

-   Batch with the highest amount of surplus (Transaction details**)**: The total batch volume was $**1.4M** and it was created by a single trader who was swapping  **ETH**  for  **USDT**. This trader generated the most surplus volume in a trade for the month of  **May**, by getting $**28.5K USDT** extra (**2**% surplus).

![1-3-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_3_protocol_stats_4d2f0931df.webp)

During the month of  **May**, the top 10 traders traded a total of $128M.

![1-4-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_4_protocol_stats_c2f2104fe7.webp)

In the table below you can see the number of trades that CoW Swap traders executed, as well as their total volume. Our most active trader made a whopping 235 trades with CoW Protocol in  **May** (PS: The top trader is not counted since it’s the CoW Swap ETH Flow Contract).

![1-5-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_5_protocol_stats_d318ecaf07.webp)

## Solvers

In  **May**, we had one external team add a new solver to our production environment. This solver is named Propeller Heads and the CoW Protocol team is looking forward to seeing how it performs in the competition.

![2-solvers.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_solvers_a7642b2d51.webp)

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  **May,**  solvers generated a total of $**5M** in surplus, which is money in the pockets of traders. The highest generated surplus by a single solver was $**1.2M**.

## Governance

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

### Executed Proposals

No proposals were executed this month.

### Draft Proposals

There were  **2**  new proposals asking for feedback before moving into the next phase, a final CIP, in their current form.

-   [CIP-25: Operational CoW DAO Safe](https://forum.cow.fi/t/cip-25-operational-cow-dao-safe/1708)
-   [CIP-26: Solver bond funds switch](https://forum.cow.fi/t/cip-26-solver-bond-funds-switch/1709)

### Technical Discussions

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

1.  [Towards a stronger price estimation competition](https://forum.cow.fi/t/towards-a-stronger-price-estimation-competition/1699)

Make sure to read them and leave comments — your feedback is highly appreciated and will help move forward these important topics. If you are interested in submitting a proposal to the CoW DAO, make sure to use the following  [template](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   Integrated  [Keystone wallet](https://twitter.com/CoWSwap/status/1653399147997962241?s=20)  in our wallet modal
-   CoW Grants Program funded the creation of  [DUMP.SERVICES](https://twitter.com/CoWSwap/status/1653761691442872330?s=20), a project developed by the Yearn Finance team that allows anyone to sell all their tokens in their wallet directly to a single asset
-   Improved the  [Metamask approvals](https://twitter.com/CoWSwap/status/1654125911246245890?s=20)  experience in light of their recent changes in the approval modal. With this new change, users can again easily approve tokens like before
-   Exactly 1 month ago, CoW Protocol, in collaboration with a number of partners, launched  [MEVBlocker](https://twitter.com/koeppelmann/status/1654498401206120449?s=20). It has since protected 231,361 tx from frontrunning
-   CoW Protocol and CoW Swap were covered by the  [Blockworks research team](https://twitter.com/blockworksres/status/1654509591374462978?s=20)!
-   [Stablecoin yield backed by tokenized exposure to US Treasuries](https://twitter.com/CoWSwap/status/1655593638158647297?s=20)  just got even more accessible! CoW Swap users can now efficiently zap to and from fTokens, made possible by the powerful combination of CoW Swap and the Seasolver by [@yearnfi](https://twitter.com/yearnfi)
-   [MEV Blocker protected ~5% of all transactions on Ethereum](https://twitter.com/CoWSwap/status/1656092763119837186?s=20). This is *without* any major wallet integrations
-   Organized a Twitter space alongside Bloxroute, Paraswap, Castle, and VirtueSwap titled: [To MEV or not To MEV](https://twitter.com/CoWSwap/status/1656252809476734976?s=20)! Find the recording  [here](https://twitter.com/CoWSwap/status/1656683332090966016?s=20)
-   [Eigenphi released a report analyzing the impact of MEV in CoW Protocol](https://twitter.com/CoWSwap/status/1656326439216488449?s=20)  and found that MEV is one magnitude lower in CoW Protocol than in any other trading venue
-   [DRPC integrated MEV Blocker](https://twitter.com/drpcorg/status/1656604561132470272?s=20)
-   CoW Swap  [launched Fortune Cookies](https://twitter.com/CoWSwap/status/1657016809491693570?s=20)  to cheer up your day :)
-   A great article was posted on  [Hackernoon](https://twitter.com/CoWSwap/status/1658529055883288578?s=20)  on why CoW Swap is a superior method of trading in L1s
-   CoW Grants Program funded a study on  [surplus-capturing AMMs](https://twitter.com/CoWSwap/status/1658863473261187072?s=20)
-   CoW Swap team published an article titled “[How CoW Swap solves MEV](https://twitter.com/CoWSwap/status/1659559640194240513?s=20)”
-   Partnered with a great set of teams to include  [Degenscore](https://twitter.com/DegenScore/status/1661043341750943753?s=20)  as a criteria for hiring new team members
-   [Safe Bundling](https://twitter.com/CoWSwap/status/1661371643371962369?s=20)  of transactions was released
-   The CoW Swap team published an article: “[CoW Swap for DAOs](https://twitter.com/CoWSwap/status/1661800441099829248?s=20)”
-   The CoW Swap team published an article: “[CoW Grants Program Wave 1](https://twitter.com/CoWSwap/status/1662458640975151104?s=20)”
-   The CoW Swap team published an article: “[How CoW Swap solves MEV](https://twitter.com/CoWSwap/status/1659559640194240513?s=20)”
-   Major development from  [BalancerDAO, as it passed a proposal to offer LP fee Discounts for CoW Protocol solvers in return for forwarding their non toxic flow volume](https://twitter.com/CoWSwap/status/1663181883931230208?s=20).

## Product Updates

**Backend**

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

-   Started working on custom pre and post interactions for the Composable CoW Framework
-   Kicked off a grant for implementing automatic indexing of smart contract orders
-   Implemented a change to allow external solvers to return multiple solutions and have the driver pick the best valid one once the driver is maintained by solvers
-   Worked on the custom order interaction progress
-   Supported several teams during the EthLisbon Hackathon
-   Worked on the autopilot side of things for CIP-20
-   Reviewed brahma integration
-   Made progress on “verified quotes”, which are quotes (price estimates) verified by a simulation

**Frontend**

The frontend team published several improvements to the UI, as well as the overall UI infrastructure. In  **May**, we:

-   Improved the approval context in CoW Swap after a new Metamask release broke our flow of gas-less transactions
-   Improved confirmations for Safe users and mobile wallets that were experiencing issues with blocked confirmations. A nicer UX now prevents these issues
-   Launched the 🥠 Fortune Cookie
-   Worked on the TWAP Order Implementation, specifying architecture design for trade interfaces (Swap, limit orders, advanced orders)
-   Launched the first feature of bundling transactions for Safe users
-   Started specification New API for “Backend for frontend”
-   Fixed USDT token approval (it required an initial transaction with an amount of 0; now it’s back to normal)

## Open Job Positions

The CoW Protocol team is currently hiring for:

### Business Development

[Business Development Team Lead Remote or Lisbon](https://boards.eu.greenhouse.io/cowswap/jobs/4159675101)

### Engineering

[Software Engineering Team Lead Remote or Lisbon](https://boards.eu.greenhouse.io/cowswap/jobs/4167869101)

For more information on our latest job openings, visit:  [https://cow.fi/jobs](https://cow.fi/jobs)

## 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.

🐦 [Twitter](https://twitter.com/CoWSwap)| 📒 [Documentation](https://docs.cow.fi/)| 💬  [Forum](https://forum.cow.fi/)  | 📊  [Analytics](https://dune.com/cowprotocol)  | 📸 [Snapshot](https://snapshot.org/#/cow.eth)

CoW Protocol May 2023 Highlights

**TL;DR**

-   The GrantsDAO has significantly impacted the growth of the CoW Swap community by funding several import
-   CoW Protocol’s GrantsDAO played a key role in funding community driven projects and growing the reach of the protocol with technical improvements as well as marketing initiatives
-   The “CoW Swap Golang SDK/Client and TWAP/DCA CLI Bot/App” project, funded by GrantsDAO, created a ready-to-use client for integrating CoW Protocol into Go applications.
-   The project “dump.services” aimed to enhance the utility of CoW Protocol by allowing users to efficiently sell multiple tokens for another token.
-   The “Rotki’s CoW Swap Trading History Support” project integrated CoW Protocol’s trading history into the Rotki platform, enhancing transparency and the user experience.

In the rapidly evolving world of DeFi, CoW Protocol and its community have made notable strides, driven by the force of the GrantsDAO. This article provides a comprehensive overview of some of the most significant projects that the GrantsDAO ([reelected in January 2023](https://www.google.com/url?q=https%3A%2F%2Fforum.cow.fi%2Ft%2Fcip-8-cowdao-grants-program-cgp%2F314%2F41&sa=D&ust=1685373873240912&usg=AOvVaw3YU8HiWgFjmooQH7nONcXk)) has successfully funded and completed.

These initiatives, ranging from feasibility studies to protocol enhancements, demonstrate the commitment of CoW Protocol’s community to fostering innovation, enhancing transparency, and driving efficient value distribution within the DeFi space.

Let’s take a detailed look at the grants we funded in the second half of the period. The first half is covered in part 1.

## Surplus-capturing AMMs — a feasibility study

Andrew, Evan, and Mohammed proposed the grant “[Surplus-capturing AMMs — a feasibility study](https://www.google.com/url?q=https%3A%2F%2Fforum.cow.fi%2Ft%2Fgrant-proposal-surplus-capturing-amm-study%2F1357%2F4&sa=D&ust=1685373873242282&usg=AOvVaw02ECqTV8cG_5js3WjhZA2P)” which successfully addressed a prevailing issue in the constant function market maker (CFMM) model. The issue revolved around surplus value captured by arbitrageurs and Maximal Extractable Value (MEV) searchers, often disadvantaging users and liquidity providers (LPs).

The team proposed a distinctive automated market maker (AMM) design that would custody its own liquidity while using pricing discovered by CoW Protocol’s solvers. This AMM aimed to provide improved pricing for CoW users and yield for LPs from passive liquidity provision without the usual exposure to adverse selection.

The project, which ran over a 6–8 weeks timeline, was fully funded by the GrantsDAO, and the team successfully completed their research. They developed a high-level candidate architecture for the “surplus-capturing” AMM and a quantitative model of the additional value that could be delivered to LPs and users.

The final deliverable was a comprehensive technical report and a GitHub repository containing the code used for the studies. The completion of this grant marked a significant step forward in refining the dynamics of AMM designs and highlighted ways AMMs can be improved.

## CoW Protocol Golang SDK/Client and TWAP/DCA CLI Bot/App

In a successful initiative by @itsahedge, the GrantsDAO funded the creation of a CoW Protocol Golang SDK/client and a  [CoW Protocol TWAP/DCA CLI bot/app](https://www.google.com/url?q=https%3A%2F%2Fforum.cow.fi%2Ft%2Fgrant-proposal-cow-swap-golang-client-dca-twap-order-system-w-interface%2F1192%2F12&sa=D&ust=1685373873243901&usg=AOvVaw2SApQfovX-xAzNJWywYOBq). This project aimed to simplify the integration of CoW Protocol into Go applications, providing developers with a ready-to-use client and eliminating the need to create their own API.

The grant was structured in multiple milestones, with the first, the CoW Protocol Golang SDK/client (funded at $10k) delivered in two installments. Upon completion, the grantee delivered a comprehensive Golang SDK with documentation and example implementation code. This  [completed project](https://www.google.com/url?q=https%3A%2F%2Fgithub.com%2Fitsahedge%2Fgo-cowswap&sa=D&ust=1685373873244577&usg=AOvVaw3eTS1oBgIeNxi0xljHcZzU)  now paves the way for future applications and tools within the CoW Protocol ecosystem, fostering its continued growth.

## Time-Weighted Average Price (TWAP) Orders

Undertaken by mfw78, this grant implemented advanced TWAP order types for CoW Protocol via EIP-1271 smart contract orders. This unique feature in the DeFi market enhances CoW Protocol’s utility and increases order concentration.

The grant was structured with key milestones, including the implementation of a user-upgradeable proxy contract with TWAP logic, a factory contract for users to deploy from, a comprehensive test suite for contracts, an example script for submitting TWAP orders off-chain to CoW Protocol, and relevant documentation for integrators/developers.

CoW DAO funded this project with $10,000 distributed in two installments and oversaw its completion in January 2023. This initiative has successfully enhanced the CoW Protocol with advanced order types, contributing to its ongoing growth and utility of CoW Protoocol.

## dump.services

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">Anon, dumping tokens has never been this easy. 😘<br><br>Thanks to <a href="https://t.co/RVNxwDT9CI">https://t.co/RVNxwDT9CI</a>, a project developed by <a href="https://twitter.com/yearnfi?ref_src=twsrc%5Etfw">@yearnfi</a> &amp; funded by the CoW Grants Program, token dumping has evolved into fine art. 🐮 🖼️ 🐰 <a href="https://t.co/PYMoZiOYxB">pic.twitter.com/PYMoZiOYxB</a></p>&mdash; CoW DAO | CoW Swap &amp; MEV Blocker (@CoWSwap) <a href="https://twitter.com/CoWSwap/status/1653761691442872330?ref_src=twsrc%5Etfw">May 3, 2023</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Completed by the team of Majorfi, Saltyfacu, and Poolpitako, who are experienced developers with various successful deployments such as ape.tax, bowswap.finance, smold.app, and rarityextended.com. This project aimed to enhance CoW Protocol’s utility by launching  [dump.services](https://www.google.com/url?q=https%3A%2F%2Fdump.services%2F&sa=D&ust=1685373873246168&usg=AOvVaw0cazLatfoiivCc78KWpfH7), a platform that enables users to efficiently sell multiple tokens in a single transaction.

![1-dump.services.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_dump_services_f08a9ef3d5.webp)

The main feature of dump.services is allowing users to consolidate their wallet contents into a single token. dump.services does this by listing the user’s tokens, showing balances and approval states, and enabling them to select which tokens they want to sell. The orders are then sent to the CoW Protocol API simultaneously.

The team also added functionality for SAFE users including token approval batching and pre-signed batches. This feature has helped increase the number of CoWs in the system, thus reducing costs and increasing surplus.

The project was completed within a month,  [following which the CoW Grant Committee](https://www.google.com/url?q=https%3A%2F%2Fforum.cow.fi%2Ft%2Fgrant-application-dump-services%2F1462%2F7&sa=D&ust=1685373873247545&usg=AOvVaw1dInXdCDfva8jOm1syj6ML)  reviewed it. CoW DAO funded the project with 40k xDAI: half paid upfront and the remainder upon the website’s production readiness. The funding covered domain and server costs, with the majority allocated for front-end development, design, and marketing salaries. This successful integration of dump.services has contributed to the growth and functionality of the CoW Protocol.

## Cowbot Twitter Bot

Developed by @YellowCurtain3, an experienced developer involved in various CoW Swap-related projects, including CoW Feeder and  [CoW Bot](https://www.google.com/url?q=https%3A%2F%2Ftwitter.com%2FMooingCowbot&sa=D&ust=1685373873248837&usg=AOvVaw0FdeGALAa3rxNKggz6UoLh). This project’s objective was to enhance CoW Protocol’s reach and engagement via a Twitter bot.

The key feature of this project was to develop a script capable of identifying COW transactions and building a Twitter bot to communicate this information. This tool adds significant value to the community by providing real-time updates on COW transactions. The project further contributes to the CoWmunity growth initiative by fostering engagement and keeping the community informed about the latest transactions.

![2-cowbot.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_cowbot_f7636df763.webp)

## Enhancing Transparency with Rotki’s CoW Swap Trading History Support

[The CoW Grants committee has successfully backed](https://www.google.com/url?q=https%3A%2F%2Fforum.cow.fi%2Ft%2Fgrant-application-integration-cow-swap-trading-history-into-rotki%2F1433%2F4&sa=D&ust=1685373873250804&usg=AOvVaw2JG2ckb3ROkgs74NF1jLRO)  a pioneering project led by @celkacelka, the founder of Rotki.  [Rotki](https://www.google.com/url?q=https%3A%2F%2Frotki.com%2F&sa=D&ust=1685373873251380&usg=AOvVaw3SLE_wdlXhgic-QEApZFc1), known for its open-source portfolio tracking, analytics, and tax reporting capabilities, has always placed user privacy above all else. The primary objective of this grant-backed project was to  [incorporate CoW Swap’s trading history](https://www.google.com/url?q=https%3A%2F%2Fgithub.com%2Frotki%2Frotki%2Fissues%2F5639&sa=D&ust=1685373873251904&usg=AOvVaw2DVmV6WYnQSogO29PG6TSQ) into the Rotki platform, enhancing the usability of the platform while promoting user experience.

This integration, made possible through the grant, offers users an easy way to view and manage their CoW Swap transactions directly within Rotki. A standout feature of this addition is the precise decoding of transactions, which offers an added layer of transparency. When users initiate a Profit and Loss (PnL) report, the report includes CoW Swap decoded trades, thereby comprehensively evaluating their on-chain activity.

![3-rotki.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/3_rotki_9ef83a1468.webp)

As part of the broader CoWmunity growth initiative, this grant-funded project emphasizes the importance of a trustworthy, auditable, and privacy-focused platform for CoW Swap traders to track their trade history. This increases CoW Protocol’s overall transparency and enables CoW Swap users to see their transactions within the Rotki app.

This grant-funded integration was strategically split into two key milestones. The initial stage involved implementing and testing transaction decoders for CoW Swap transactions on Ethereum mainnet. Following this, the second stage focused on the development of the user interface for the CoW Swap decoders within Rotki, culminating in their deployment in a Rotki production release. This project was made possible through a grant totalling $9k xDAI, with the CoW Swap Integration Grant contributing $6k and Rotki providing the remaining $3k.

## Promoting Transparency with ZeroMEV Data API

Led by Pmcgoohan of  [zeromev.org](https://www.google.com/url?q=https%3A%2F%2Fzeromev.org%2F&sa=D&ust=1685373873254411&usg=AOvVaw3Gvh1mOqCy2GOkFPcmgkaZ), an established developer with two decades of experience in automated trading systems, a significant project has been accomplished under the CoW Protocol’s Grant committee. The ZeroMEV Data API project emphasizes accessibility and transparency of Maximal Extractable Value (MEV) data on Ethereum, which was previously limited.

With the ZeroMEV Data API project, transaction granularity MEV summary data sourced from zeromev.org is now published via a public API. This data access is unrestricted for CoW Protocol, Zeromev, and their partners, with a minimum provisioning and maintenance period of 12 months.

![4-zeromev.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/4_zeromev_486a49a9e4.webp)

[The project’s main goal](https://www.google.com/url?q=https%3A%2F%2Finfo.zeromev.org%2Fapi.html&sa=D&ust=1685373873255887&usg=AOvVaw0SZjIFpfPGS_zqBXDT7puH) was to increase transparency and awareness around MEV’s problematic nature, and in doing so, promote sustainable solutions. Some potential use cases built on top of the proposed API include comparing value extracted from users by the DEX protocol, comparing the amount of MEV incidents for every MEV type split by DEX protocol, and providing educational snippets on CoW Swap to inform about MEV incidents when interacting with various DeFi protocols.

The project was funded with 30k xDAI, half paid upfront and the remaining upon completion. This funding ensured the successful development and maintenance of the integration, leading to a significant increase in the transparency and awareness of MEV issues in the CoW Protocol community.

## Advancing DeFi with Safe Composable Conditional Orders

Drawing upon his extensive experience with smart contract development, mfw78 has successfully led the development and implementation of the  [‘Safe Composable Conditional Orders](https://www.google.com/url?q=https%3A%2F%2Fforum.cow.fi%2Ft%2Fgrant-application-composable-conditional-orders%2F1451&sa=D&ust=1685373873257136&usg=AOvVaw12aMrNAdcZPSd_6P1I8es_)’ project, an initiative supported by the GrantsDAO.

The Safe Composable Conditional Orders project was built to address the challenge of creating a standard for the limitless options of EIP-1271 orders. This standard aims to reduce the number of contract deployments required, increase gas efficiency, and enhance the user experience. The solution mfw78 proposed was a “Conditional Order Router” Fallback handler, with Conditional Orders summarized in a merkle tree. The root of this tree is signed by the Safe to confirm its accuracy, enabling limitless simultaneous conditional orders to accommodate countless use cases.

The impact of this project is substantial. It not only enhances the utility of CoW Protocol through composable DeFi-market unique order types but also mitigates user experience friction for multiple conditional order types.

The project was completed in one phase over four weeks, with a budget of $10,000. The CoW DAO disbursed half of the payment upfront, and the remaining will be sent upon the satisfactory completion of the code, as determined by the CoW team.

## GrantsDAO’s Impact: Driving DeFi Forward with CoW Protocol

The GrantsDAO has proven to be a significant contributor to the CoW Swap community. Through its consistent funding and support of important projects, the GrantsDAO has played a crucial role in CoW Swap’s development, fostering a DeFi environment that’s more transparent, user-friendly, and equitable. By facilitating numerous innovative grants, the GrantsDAO has successfully expanded the functionality and reach of CoW Protocol. As we look to the future, the projects completed under the GrantsDAO highlight the ongoing growth and untapped potential of the DeFi sector.

## 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.

🐦 [Twitter](https://twitter.com/CoWSwap)| 📒 [Documentation](https://docs.cow.fi/)| 💬  [Forum](https://forum.cow.fi/)  | 📊  [Analytics](https://dune.com/cowprotocol)  | 📸 [Snapshot](https://snapshot.org/#/cow.eth)

large_cow-protocol-grantsdao-cover-photo.webp

medium_cow-protocol-grantsdao-cover-photo.webp

small_cow-protocol-grantsdao-cover-photo.webp

thumbnail_cow-protocol-grantsdao-cover-photo.webp

cow-protocol-grantsdao-cover-photo.webp

This is part 2 of a 2-part series measuring the progress of the CoW Grants Program from June 2022 to January 2023


CoW Protocol GrantsDAO: Grant Wave 2

**TL;DR**

-   CoW DAO introduced its grants DAO in June 2022 to propel the growth of the CoW Protocol ecosystem
-   The CoW Grants Council, consisting of team and community members, reviews grant proposals that align with the ecosystem’s needs
-   CoW DAO’s grants committee has approved various technical grants, including Milkman, a sophisticated but easy-to-use method for routing trades through CoW Protocol for Multi-Sig users
-   Grants Committee has approved Willy Ogorzaly’s proposed grant: integrating CoW Swap into ShapeShift DAO’s in order to enhance liquidity, provide MEV protection, and improve trade execution
-   The Grants Committee has enabled core contributors to work with the protocol, with two core contributors joining on a full-time basis

The CoW DAO introduced its grants DAO in June 2022 as a strategic effort aimed at enhancing operations within the DAO framework. The primary objective of this initiative is to harness and deploy crucial resources to propel the growth trajectory of the CoW Protocol ecosystem.

The grants DAO is comprised of both team and community members and undertakes the task of reviewing grant proposals. These proposals, open for discussion in a dedicated  [forum](https://www.google.com/url?q=https%3A%2F%2Fforum.cow.fi%2Fc%2Fcow-grants-program%2F10&sa=D&ust=1685118553682749&usg=AOvVaw0uKeTAtk3PIM81D313G8Er), are carefully scrutinized by the council to ensure that potential grants align with the ecosystem’s needs and objectives.

The grants initiative is not just about facilitating growth; it also focuses on creating public goods and developing products specifically for the DAO. Doing so broadens the reach and impact of CoW Protocol. Through public discourse and applications, the community can identify and respond to the ecosystem’s most pressing needs, and support innovative projects that further expand CoW Swap’s capabilities.

Let’s take a detailed look at the grants we funded in the first half of the period. The second half is covered in part 2.

## Milkman: Streamlining Smart Contract Routing

![1-milkman.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_milkman_772feceb4a.webp)

Charles N. Dalton, a contributor to Yearn Finance,  [proposed](https://www.google.com/url?q=https%3A%2F%2Fforum.cow.fi%2Ft%2Fgrant-proposal-milkman%2F1129%2F39&sa=D&ust=1685118553683691&usg=AOvVaw0FGWk4uvPEjbtFqIWkKRBX)  an innovative solution for improving the routing of smart contracts through CoW Protocol. The proposal revolved around ‘Milkman’, a smart contract system uniquely devised to optimize this process. The goal was to alleviate the inefficiencies encountered when swapping tokens via Gnosis Safe.

Milkman was conceived as a trustless, user-friendly layer within CoW Protocol, with its primary function being to simplify the routing of order flows for DAOs. Dalton requested a grant of $45,000 to fund the development of Milkman.

After approval of the proposal and allocating the necessary funds,  [Milkman](https://www.google.com/url?q=https%3A%2F%2Fetherscan.io%2Faddress%2F0x11C76AD590ABDFFCD980afEC9ad951B160F02797&sa=D&ust=1685118553684262&usg=AOvVaw2BbKLuG8RcQUbtTKzQXGb_)  underwent a successful audit. Subsequently, the ‘price checkers’ and testing suite were developed and integrated. Since the launch, the Milkman bot has proven stable and operational in production, handling swaps without issues. The Python SDK was successfully deployed to PyPi under the name ‘milkman_py 0.1.1’.

These accomplishments led to the  [full payout](https://www.google.com/url?q=https%3A%2F%2Fgnosisscan.io%2Ftx%2F0x9cc8529842f0f102ff3e011f35264aaaed78ee261140b0cff5d07a62e7ebf66a&sa=D&ust=1685118553684732&usg=AOvVaw38UKXHmPVjYVNAGAL475QC)  of the grant, marking the successful execution of this pioneering initiative within CoW Protocol.

## Privacy-Preserving CoW Swap Trader Leaderboard

Software developer alon.cow  [proposed](https://www.google.com/url?q=https%3A%2F%2Fforum.cow.fi%2Ft%2Fprivacy-preserving-cow-swap-trader-leaderboard-based-on-sismo-badges%2F1258&sa=D&ust=1685118553685311&usg=AOvVaw2Wk2SuFeAYX2EL1H1lb-UL)  the creation of a Privacy-Preserving CoW Swap Trader Leaderboard, an initiative based on Sismo Badges. Recognizing the significant privacy concerns of CoW Protocol’s traders, this proposal aimed to facilitate the generation of a Zero-Knowledge (ZK) cryptographic “Proof of Volume”. This solution allowed traders to  [mint a badge](https://www.google.com/url?q=https%3A%2F%2Fopensea.io%2Fassets%2Fmatic%2F0x71a7089c56dff528f330bc0116c0917cd05b51fc%2F10001239&sa=D&ust=1685118553685578&usg=AOvVaw1nsG6SuJQNxnjRHM-P2zEO)  to an unassociated account, thereby demonstrating their aggregate trading activity without disclosing the details of their actual wallets. In addition to its primary function, the badge is designed to feature in a “CoW Trader Leaderboard” and a dedicated snapshot space is known as the “CoW Trader Union”.

Following this proposal, the grants committee and the broader community conducted testing of the initiative. It proved its value and efficacy, and the grant was  [fully funded](https://www.google.com/url?q=https%3A%2F%2Fgnosisscan.io%2Ftx%2F0xe656d0e3559af163aff80316a4a623c74568da5775ee019c4398c43f81696b90&sa=D&ust=1685118553686033&usg=AOvVaw0u8zmo-C-yVYs0S_IXRwtj). This initiative now stands as a valuable asset to the community, providing a unique solution while encouraging active trading within the CoW Protocol ecosystem.

![2-privacy-preserving-cow-swap.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_privacy_preserving_cow_swap_654318d646.webp)

## ShapeShift DAO’s Integration with CowSwap

Willy Ogorzaly, a member of the ShapeShift DAO community, initiated a  [grant proposal](https://www.google.com/url?q=https%3A%2F%2Fforum.cow.fi%2Ft%2Fgrant-proposal-cowswap-shapeshift-integration%2F1201&sa=D&ust=1685118553686731&usg=AOvVaw2R99rtmLJUesohrvv6bYH6)  focusing on the integration of CoW Swap into ShapeShift’s operations. This strategic move was aligned with ShapeShift’s aim of becoming a leading interface within the decentralized finance ecosystem, offering users unparalleled liquidity, protection from MEV, and efficient trade execution.

The integration proceeded in several stages and successfully achieve the first volume bounty. This stage included the integration of CoW Swap as the default DEX protocol for Ethereum mainnet trades and the modification of the user interface to accommodate the differences between CoW Swap and 0x’s user experience. Moreover, ShapeShift’s Swapper library added CoW Protocol, thus broadening its roster of supported DEX protocols and aggregators.

The next stage, currently ongoing, is committed to refining the CoW Protocol integration, resolving issues identified by the CoW Protocol team, and extending the functionality offered by the protocol. This includes adding custom recipient addresses and promoting the CoW Protocol integration.

Future stages envision further developments, such as routing trades from unwrapped ETH to CoW Protocol, making CoW Protocol the default DEX protocol for Gnosis Chain, and compensating users who generate COW tokens for the DAO’s Treasury with FOX Tokens.

The grant proposal called for a two-step funding arrangement. The DAO paid out the first bounty of 5k xDAI and 50k COW. The same amount is slated for disbursement upon completion of the second bounty. Moreover, the DAO established volume-based bounties, offering rewards from 50k to 200k COW for achieving specific trade volumes by December 31, 2023.

![3-shapeshift-dao-integration.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/3_shapeshift_dao_integration_c8396d2684.webp)

The community accepted the grant proposal, and the DAO distributed the funds as planned. The integration of CoW Swap into ShapeShift’s operations should significantly boost the volume of trades routed through CoW Swap, further bolstering the growth and prominence of CoW Protocol.

![3-1-shapeshift-dao-integration.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/3_1_shapeshift_dao_integration_526df55c98.webp)

## UI/UX Designer Core Contributor Grant Proposal

Fairlighteth, an experienced UI/UX designer and front-end developer, previously  [submitted](https://www.google.com/url?q=https%3A%2F%2Fforum.cow.fi%2Ft%2Fgrant-aplication-core-contributor-ux-ui-designer%2F1223&sa=D&ust=1685118553690445&usg=AOvVaw05SuqaBctv1wETH3URFydo)  a grant proposal to continue his integral role as a core contributor for CoW Protocol. Since the project’s inception, Fairlighteth has played a significant role in its development, being responsible for the creation of the entire CoW Swap and CoW Protocol branding. His work also involved contributing to the design and front-end development of various CoW pages. To support his ongoing contributions for the period of May to October 2022, Fairlighteth requested a grant of 42,499.96 EURO, denominated in wXDAI token. The payment structure was divided into an initial upfront payment where the Grants DAO has paid out on a monthly basis.

Following approval, the DAO funded the grant, enabling Fairlighteth to continue providing high-quality graphic design services to the DAO. His subsequent contributions include significant additions such as a completely revamped grant website and the introduction of new features to the CoW Swap page.

![4-ui:ux-designer-core-contributor.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/4_ui_ux_designer_core_contributor_3b8cba9853.webp)

## Core Contributor — Business Development Grant Proposal

Max (zEniTH), who has over three years of experience in Business Development & Sales and an 18-month tenure in the web3 space, previously applied for a  [grant](https://www.google.com/url?q=https%3A%2F%2Fforum.cow.fi%2Ft%2Fcore-contributor-business-development%2F1116&sa=D&ust=1685118553692347&usg=AOvVaw1wR1ZnQ5HlqaPd-Hzisvks)  to enhance the business development and user base growth of CoW Protocol. His proposed role involved establishing foundational frameworks for DAO collaboration, coordinating with potential prospects, and handling inbound inquiries.

A grant split between 1000 xDAI and 6700 COW was awarded to facilitate this three-month trial grant. The program’s success was measured based on the degree of successful integration, as evidenced by an increase in volume and community growth. The GrantDAO committee has approved the grant, enabling Max to contribute to CoW Protocol through his BD work.

Max has impressively surpassed many significant benchmarks during his tenure. He has been instrumental in broadening the influence of CoW Protocol and fostering strategic collaborations with other protocols and teams, most notably with Cryptotesters, where he remains an active participant. His contributions extend beyond just business development; he is a reliable resource for the community, addressing various queries related to CoW Protocol. Moreover, Max played a pivotal role in the recent launch of the MEV Blocker, demonstrating his commitment to the continuous growth of the CoW Protocol ecosystem.

## The Accomplishments of CoW DAO’s First Grant Cycle

The first wave of the CoW DAO’s Grant Initiative has been a resounding success. Each project, from the innovative Milkman system to the integration with ShapeShift DAO has contributed to the growth of Cow Protocol. The diverse range of funded proposals illustrates the community’s ability to identify and respond to the ecosystem’s needs, thus enhancing CoW Swap’s capabilities and user experience.

The contributions of individuals like Fairlighteth in UI/UX design and Max (zEniTH) in business development have been particularly notable, demonstrating the value of the grants program in attracting and nurturing talent.

Overall, the success of this initial wave underscores the potential of CoW DAO’s grant initiative, setting a strong foundation for future innovation and growth within the CoW Protocol ecosystem.

## 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.

🐦 [Twitter](https://twitter.com/CoWSwap)| 📒 [Documentation](https://docs.cow.fi/)| 💬  [Forum](https://forum.cow.fi/)  | 📊  [Analytics](https://dune.com/cowprotocol)  | 📸 [Snapshot](https://snapshot.org/#/cow.eth)

This is part 1 of a 2-part series measuring the progress of the CoW Grants Program from June 2022 to January 2023


CoW Protocol GrantsDAO: Grants Wave 1

## 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**

![1-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_protocol_stats_64433ed928.webp)

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

-   **Batch with the highest % of CoW trades (**[**Transaction details**](https://explorer.cow.fi/tx/0x8477144e2384367e21c2553e7df392caa736cee652d54f245f96472b6a5c0bce?tab=graph)**):**  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.**

![1-1-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_1_protocol_stats_f3fdfa181c.webp)

-   **Batch with the highest volume in it** [**(Transaction details)**](https://explorer.cow.fi/tx/0x19ad3f4535beb8a045411ea5cdd9bf5cb16482b2cc7b6c688d2864ec4dbf6816?tab=orders)**:**  The Batch Total volume was  **$21,948,438.66M** and it was created by a single trader who swapped  **WETH-stETH**

![1-2-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_2_protocol_stats_55cb058471.webp)

-   **Batch with the highest amount of surplus (**[**Transaction details**](https://explorer.cow.fi/tx/0xe9728134f50424b69042b61ac04bc86417be87e4499dc3e383a47aad0855952e?tab=graph)**)**: 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.

![1-3-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_3_protocol_stats_39cc8bcd9c.webp)

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

![1-4-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_4_protocol_stats_a2d30ec441.webp)

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**.

![1-5-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_5_protocol_stats_9875e06ced.webp)

## Solvers

In  **April**, no new external solvers were added.

![2-solvers.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_solvers_d221b280d6.webp)

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.

![2-1-solvers.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_1_solvers_ec8a9f8c08.webp)

## 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](https://forum.cow.fi/t/report-on-the-first-two-weeks-of-cip-20/1630)

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](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   Launched a new token for all the CoW lovers, welcome to the new  [USDC (Unified Simple Dairy Coin)](https://twitter.com/CoWSwap/status/1642183629286637570?s=20)
-   CoW Protocol was highlighted in the latest Consensys Mesh  [report](https://twitter.com/CoWSwap/status/1643250373421932544?s=20)
-   Launched  [MEV Blocker](https://twitter.com/CoWSwap/status/1643614395002499073?s=20)  alongside GnosisDAO and Agnostic Relayer. Covered in [The Block](https://www.theblock.co/post/225023/ethereum-projects-come-together-on-mev-blocker-rpc-launch-to-share-profits-with-users),  [The Defiant](https://thedefiant.io/mev-blocker-rpc-lets-users-profit-mev),  [Coindesk](https://www.coindesk.com/tech/2023/04/05/mev-blocker-wants-to-help-you-outrun-the-frontrunners/),  [Cointelegraph](https://cointelegraph.com/news/ethereum-projects-unite-to-protect-users-from-mev-induced-high-prices),  [News coincu,](https://news.coincu.com/178822-mev-blocker-rpc-launched/) [Binance,](https://www.binance.com/en/feed/post/386631) [BeInCrypto](https://beincrypto.com/cow-swap-balancer-1inch-and-other-ethereum-projects-unite-to-shield-network-from-mev/),  [Cryptonews](https://cryptonews.net/news/blokcheyn/20768281/),  [Coinmarketcal](https://coinmarketcal.com/en/news/ethereum-projects-come-together-on-mev-blocker-rpc-launch-to-share-profits-with-users),  [Blockchain news](https://blockchain.news/news/ethereum-projects-launch-mev-blocker-to-minimize-invisible-tax),  [Coinpage](https://coingape.com/30-ethereum-apps-united-to-launch-defi-solution/),  [MSN](https://www.msn.com/en-us/money/other/mev-blocker-wants-to-help-you-outrun-the-frontrunners/ar-AA19vDRa)
-   Launched  [partially fillable limit orders](https://twitter.com/CoWSwap/status/1647962760070803457?s=20)

-   Coordinated the launch of the  [Zeromev API](https://twitter.com/CoWSwap/status/1648688114733568001?s=20)  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](https://twitter.com/CoWSwap/status/1649090216815382529?s=20)
-   CoW Swap made several  [UI improvements](https://twitter.com/CoWSwap/status/1650583685304025089?s=20): get notified about your order surplus, connect directly with more wallets: [@ledger](https://twitter.com/Ledger), [@KeystoneWallet](https://twitter.com/KeystoneWallet), [@TrustWallet](https://twitter.com/TrustWallet), cancel multiple limit orders at once, and cancel orders on-chain
-   Added support for  [Ambire wallet](https://twitter.com/CoWSwap/status/1651210318880833536?s=20)
-   Started performing  [TWAP UI research](https://twitter.com/CoWSwap/status/1651232221825490951?s=20)
-   Celebrated CoW Swap’s  [2 year anniversary](https://twitter.com/CoWSwap/status/1651889055683211264?s=20)

## 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.

🐦 [Twitter](https://twitter.com/CoWSwap)| 📒 [Documentation](https://docs.cow.fi/)| 💬  [Forum](https://forum.cow.fi/)  | 📊  [Analytics](https://dune.com/cowprotocol)  | 📸 [Snapshot](https://snapshot.org/#/cow.eth)

CoW Protocol April 2023 Highlights

## TL;DR

-   For the month of March, CoW Protocol has handled a volume of **$1.9B**, with the total amount of surplus generated for that month was  **$9.26M**.
-   In terms of Governance, CowDAO executed 1 CIP about the continued funding to No MEV labs for development services.
-   In regards to exciting news, CoW Protocol participated in the Safe Account Abstraction hackathon, gave an outstanding talk for DAOs in EthDenver, tested the first implementation of TWAP (time weighted average orders), gave a facelift to the limit orders UI and more :)

## Protocol Stats

Over this month, CoW Protocol has settled a total of  **$1.9B**

![1-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_protocol_stats_9a0524efdf.webp)

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

-   **Batch with the highest % of CoW trades (**[**Transaction details**](https://explorer.cow.fi/tx/0xe072122299a23d64b8159c70579387a67cb0cb6cc68a4567cdb2338730606541?tab=graph)**):**  The Batch Total volume was  **$2,030,226.68,**  and it was created by four traders who were perfectly CoWed for  **100**% of their volume. One trader was swapping $**950K of USDC-USDT**, another trader was swapping  **$1M USDT- USDC**, another trader was swapping  **$12K USDC-USDT**, while the other trader was swapping  **$40K USDC-USDT**

![1-1-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_1_protocol_stats_f53691106f.webp)

-   **Batch with the highest volume in it (**[**Transaction details**](https://explorer.cow.fi/tx/0x325986462ce556186fbe9b6693d6ed7fd0ce2067d79bf557b168ec55740ad532?tab=graph)**):**  The Batch Total volume was  **$18,566,138.66** and it was created by two traders who were swapping  **USDC**  to  **DAI** and **USDC** to **DAI**.

![1-2-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_2_protocol_stats_66ab2d7583.webp)

-   **Batch with the highest amount of surplus (**[**Transaction details**](https://explorer.cow.fi/tx/0x4b4bd531476cb3fd6925e3f4ed22c1c5a4632029dde8aa589ccfa6635808945a?tab=graph)**):**  The Batch Total volume was  **$3,130,248.85** and it was created by a single trader who was swapping  **ETH**  to  **USDT**. This trader achieved the largest surplus for the month of  **$82,092.58**, by getting  **$81.6K**  extra, which at the time of trade was roughly **2.61% surplus**.

![1-3-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_3_protocol_stats_f91fe1fa71.webp)

During the month of March, the top 10 traders traded a total of  **$166M**

![1-4-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_4_protocol_stats_ce0d8b2f06.webp)

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 3410 trades with CoW Protocol in March.

![1-5-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_5_protocol_stats_57bb98d011.webp)

## Solvers

![2-solvers.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_solvers_16db7bceb0.webp)

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 March Solvers were able to generate a total of  **$9.26M**, which was money in the pockets of traders. The highest generated surplus by a solver was  **$1.8M**.

![2-1-solvers.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_1_solvers_fa3ac6510c.webp)

## Governance

It has been a hectic month in terms of governance! The CoW cannot be stopped by a bear at all 💪.

### Executed Proposals

This month we have had one important and impactful proposal executed:

-   ✅  [CIP-24 — Continued funding for development services — Service Agreement No 2](https://snapshot.org/#/cow.eth/proposal/0xfdbb09f2c4147be81e0873bc10644435dffae9e2ae3da41a70eaa810b46ee5a0)

### Draft Proposals

This month, there have been  **one**  new proposal asking for feedback before moving into the next phase, a final CIP, in their current form.

-   [CIP-24 — Continued funding for development services — Service Agreement No 2](https://forum.cow.fi/t/cip-24-continued-funding-for-development-services-service-agreement-no-2/1531)

### Technical Discussions

As an “agora” for technical topics on batch auctions or CoW Protocol related topics, very interesting posts surface throughout the month.

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](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   CoW Swap joined the safe team thematic month about  [account abstraction](https://twitter.com/safe/status/1630947082982027264?s=20), with the intention of having hackers build tools to abstract DAOs from the hassle of trading today.
-   The CoW team took over  [ETH Denver](https://twitter.com/CoWSwap/status/1631320669475725313?s=20)  with an amazing booth and the best swag in the conference.
-   Not only did the CoW Team take over Denver, but also  [Anna George](https://twitter.com/EthereumDenver/status/1632170012227117056?s=20), had a great  [talk about DeFi Experience for DAOs today](https://www.youtube.com/watch?v=kkVxMd03XEg&t=29s)
-   Worth highlighting that this month we had the attention of the one and only Vitalik not only by  [using CoW Swap](https://twitter.com/CoWSwap/status/1633072069972836354?s=20)  as his trading venue but also  [submitting PRs for UI improvements](https://twitter.com/CoWSwap/status/1641834935588737026?s=20).
-   While in Denver, CoW Grants Program continued to deliver! A new ERC1271 Smart contract order type just arrived,  [TWAP (Time Weighted Average Price) orders](https://twitter.com/CoWSwap/status/1633489764274806784?s=20)  are now possible through CoW Swap.
-   The most [beautiful CoW since launch](https://twitter.com/koeppelmann/status/1634675936082776069?s=20)  — 6 different traders selling and buying USDT — USDT, perfectly matched.
-   [Great example](https://twitter.com/CoWSwap/status/1637457413367382018?s=20)  of why limit orders from CoW Swap are structurally better for traders than limit orders from other DEXs — because they are surplus-capturing!
-   [Nexus mutual partnered with CoW Protocol](https://twitter.com/CoWSwap/status/1638530976857899009?s=20)  to have their insurance pools trade directly with CoW!
-   [CoW Swap limit orders just got a facelift!](https://twitter.com/CoWSwap/status/1641489384896704526?s=20)  You can now see a new traffic light system in your open orders panel, which shows how close your order is to executing.

## Product Updates

**Backend**

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

-   Worked on CIP-20 auction based solver rewards
-   Implemented colocation environment for Staging in Goerli Network
-   Fixed several issues related to solver and driver collocation
-   Created new testing harness for making writing E2E tests simpler
-   Added support for Balancer V2 in Gnosis Chain
-   Fixed small bug in mock HTTP server implementations to improve solvers
-   Fixed settlement merging bug for EthFlow orders

**Frontend**

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

-   First round of improvements for Token lists automation  finished. Anyone should be capable of add/remove/update tokens and images to CoW Swap’s default token list
-   Added **s**everal more wallets that are coming to the UI
-   Worked on Limit orders re-iteration to show Est. Execution Price → when will my order be executed
-   Focused on the new RPC (mevblocker.io) endpoint landing page
-   Continued with the new wallets integration and refactoring of wallets code
-   Continued with the prices on limit-orders re-iteration
-   Started working on Partials Execution:  Limit Orders will become partially fillable (swaps will be Fill-Or-Kill → AON — All Or None)

## 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.

🐦 [Twitter](https://twitter.com/CoWSwap)| 📒 [Documentation](https://docs.cow.fi/)| 💬  [Forum](https://forum.cow.fi/)  | 📊  [Analytics](https://dune.com/cowprotocol)  | 📸 [Snapshot](https://snapshot.org/#/cow.eth)

CoW Protocol March 2023 Highlights

## TL;DR

-   During the month of February, CoW Protocol handled a volume of **$1.01B**, with a total of  **$6M**  in generated surplus.
-   In terms of Governance, CowDAO executed 4 CIPS, new Solver rewards, Token Discounts renewals, barter Solver slashing due to exploit, and Solver rewards budget renewal.
-   In exciting news, had the biggest trade made by a DAO ever, with ENS trading  **$16M**  worth of ETH, also CoW DAO turned 1 year old, CoW Protocol had two open calls for feedback, and CoW Swap users can now enable wallet to wallet notifications to stay on top of all CoW-related news, and more :)

## Protocol Stats

Over the course of the month, CoW Protocol settled a total of $  **1.01 billion**

![1-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_protocol_stats_2a148b2f33.webp)

This month, the 3 highlight batches are the following:

-   Batch with the highest % of CoW trades ([Transaction details](https://explorer.cow.fi/tx/0xde39a060fea94e02b3ac89ee312e6f6491f1e75c12be90aa38e9f743dff0752c?tab=graph)**)**. The Batch Total volume was **$202,310.39**, and it was created by two traders who were perfectly CoWed for  **97.4%**  of their volume. One trader was buying $**94.5K USDC**, while the other trader was selling $**100K USDC** .

![1-1-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_1_protocol_stats_ead906e8c6.webp)

-   Batch with the highest volume ([Transaction details](https://explorer.cow.fi/tx/0xa2ba7939818d920aef9d1b2e1222d4df962ac30610367c0ec67c3a0fb3c5dbbc?tab=graph)**)**: The Batch Total volume was  **$16,336,549.02**  and it was created by two traders who were swapping  **DAI-ETH**  and  **WETH-USDC**.

![1-2-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_2_protocol_stats_52596c39fc.webp)

-   Batch with the highest amount of surplus ([Transaction details](https://explorer.cow.fi/tx/0xa2ba7939818d920aef9d1b2e1222d4df962ac30610367c0ec67c3a0fb3c5dbbc?tab=graph)**)**: The Batch Total volume was  **$16,336,549.02** and it was created by two traders who were swapping  **DAI-ETH**  and  **WETH-USDC**. One trader achieved the largest surplus for the month of $81,542.01, by getting $81K USDC extra, which at the time of trade was roughly  **0.5%**  surplus.

![1-3-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_3_protocol_stats_3509451367.webp)

During the month of February, the top 10 traders traded a total of  **$129M**

![1-4-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_4_protocol_stats_8877bc94be.webp)

In the table below you can see the number of trades that CoW Swap traders have executed, as well as the total volume for all trades. Our most active trader made a whopping 2889 trades with CoW Protocol in February.

![1-5-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_5_protocol_stats_c1d553b894.webp)

## Solvers

![2-solvers.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_solvers_1dc459e5a3.webp)

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 February, Solvers were able to generate a total of  **$6M**, which was money in the pockets of traders. The highest generated surplus by a Solver was  **$1.5M**.

![2-1-solvers.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_1_solvers_f408b09871.webp)

## Governance

It has been a hectic month in terms of governance! The CoW cannot be stopped by any bears 💪

### Executed Proposals

This month there were  **4**  proposals executed:

-   ✅  [CIP-20: Auction model for Solver rewards](https://snapshot.org/#/cow.eth/proposal/0x2d3f9bd1ea72dca84b03e97dda3efc1f4a42a772c54bd2037e8b62e7d09a491f)
-   ❌  [CIP-21: Renewing budget for COW token holders trading fee discount](https://snapshot.org/#/cow.eth/proposal/0xcb454f83ca52f00f4803216f8bf717281de3ade44496c8542708a93a5d8133e8)
-   ✅  [CIP-22: Slashing of the Barter Solver (responsible for a hack causing CoW DAO a loss of 1 week fee accrual)](https://snapshot.org/#/cow.eth/proposal/0x55f13a2bd5387e3df8d35444a377d72ac659d2000f7a7c8b662dc4fa93a54c75)
-   ✅  [CIP-23: Renewing the Solver reward budget](https://snapshot.org/#/cow.eth/proposal/0x864685d094312bc51eeb01af69e83dc7c496108cca54a15b491d79e9ce389889)

### Draft Proposals

This month, there have been  **4** new proposals asking for feedback before moving into the next phase, a final CIP, in their current form:

-   [CIP-20: Auction model for Solver rewards](https://forum.cow.fi/t/cip-20-auction-model-for-solver-rewards/1405)
-   [CIP-21: Renewing budget for COW token holders trading fee discount](https://forum.cow.fi/t/cip-21-renewing-budget-for-cow-token-holders-trading-fee-discount/1445)
-   [CIP-22: Slashing of the Barter Solver (responsible for a hack causing CoW DAO a loss of 1 week fee accrual)](https://forum.cow.fi/t/cip-22-slashing-of-the-barter-solver-responsible-for-a-hack-causing-cow-dao-a-loss-of-1-week-fee-accrual/1440)
-   [CIP-23: Renewing the Solver reward budget](https://forum.cow.fi/t/cip-23-renewing-the-solver-reward-budget/1444)

### Technical Discussions

Our forum serves as an “agora” for technical topics on batch auctions or CoW Protocol related topics, so check out some of the interesting posts that surfaced throughout the month.

Make sure to read them and leave comments as your feedback is very valuable 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](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   February was the month for feedback. CoW Swap had a call for  [DAO research](https://twitter.com/CoWSwap/status/1620800961513144321?s=20)  and  [Limit Orders](https://twitter.com/CoWSwap/status/1627670468923629568?s=20). Feedback is taken quite seriously at CoW Swap.
-   Unlike some other DEXes, CoW Swap provides only true volume.  [CoW Swap volume is 100% legit](https://twitter.com/CoWSwap/status/1621184351189835777?s=20)  and contains 0% volume coming from arbitrageurs.
-   CoW Swap took part in the  [Monday campaign](https://twitter.com/CoWSwap/status/1621584310188007424?s=20), alongside many other DeFi projects to voice our support for the DeFi values of the industry.
-   On February 7th 2023, CoW Swap’s settlement contract  [suffered a drain](https://twitter.com/CoWSwap/status/1622885833782054913?s=20)  whereby a hacker exploited an external Solver and used it to drain the settlement contract, which held 7 days worth of protocol fees.  [Here](https://twitter.com/CoWSwap/status/1623001754731180033?s=20)  you can read more about the full post mortem of the situation, and  [here](https://twitter.com/CoWSwap/status/1623061491283816448?s=20)  you can check the return of the stolen funds.
-   An  [@ensdomains](https://twitter.com/ensdomains)  [vote](https://twitter.com/CoWSwap/status/1623269956442898434?s=20)  to sell 10K worth of ETH through CoW Swap passed, and the  [$16M trade was executed](https://twitter.com/CoWSwap/status/1623680760522612738?s=20)  later that week with a total of $80K in surplus. In case you missed it,  [here is the twitter spaces](https://twitter.com/ENS_DAO/status/1625826547432148994?s=20)  held by CoW Swap and ENS recapping this exciting event.
-   February 11th was a day of celebration for us as  [CoW DAO Turned 1 year old](https://twitter.com/CoWSwap/status/1624381484995059712?s=20).
-   Celebrated  [CoW Valentines](https://twitter.com/CoWSwap/status/1625480198912196609?s=20)  day with our p2p lovers
-   February was also a month full of important governance decisions with  [four CIPs being voted](https://twitter.com/CoWSwap/status/1626570153138716673?s=20)  on.
-   You’ll now be able to receive  [CoW Swap notifications directly to your wallet](https://twitter.com/CoWSwap/status/1629121068777590785?s=20). CoW Swap has partnered with [@wherever_im](https://twitter.com/wherever_im)  & [@pushprotocol](https://twitter.com/pushprotocol)  to give you access to on-chain communications! You decide what notifications you receive.
-   The end of February marked the beginning of ETH Denver.  [CoW Swap prepared bounties for the hackathon](https://twitter.com/CoWSwap/status/1630617623145902080?s=20).

## Product Updates

**Backend**

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

-   Improved the speed for quoting limit orders
-   Improved market order matching
-   Executed several internal changes for colocation with specific e2e tests
-   Ported Solvers to the colocation model
-   Improved the overall e2e testing infrastructure
-   Worked on CIP-20 auction based Solver rewards
-   Improved some bad token error messages to make it easier for people to debug their errors

**Frontend**

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

-   Worked on several design updates for Limit Orders
-   Developed a new Token list and process for adding new external tokens [link](https://www.notion.so/FE-Improve-Token-Lists-88cca26bf32f477eb79eaec34a201d87)
-   Worked on several wallet integrations for allowing users to connect multiple wallets to CoW Swap natively
-   Worked on the Cow SDK refactoring. Created the SDK for order book API with code generated from Swagger
-   Worked on Bundling of Multiple Transactions, we started a prototype, a flow chart, and the documentation / specs

## 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.

Check out our website  [https://cow.fi/](https://cow.fi/)

🐦 [Twitter](https://twitter.com/CoWSwap)| 📒 [Documentation](https://docs.cow.fi/)| 💬 [Discord](https://discord.gg/cowprotocol)  | 📊 [Analytics](https://dune.xyz/gnosis.protocol/CowSwap)  | 📸 [Snapshot](https://snapshot.org/#/cow.eth)

CoW Protocol February 2023 Highlights

## TL;DR

-   For the month of January, CoW Protocol handled a volume of  **$889M,** with the total amount of surplus generated for that month was  **$4.4M**
-   In regard to exciting news, CoW Protocol had a hectic month! We released a tutorial for Smart Orders, participated in Token Terminals podcast and worked along the SAFE team on the take back ownership campaign!
-   We made key hires across biz dev, engineering, and ops — and we’re  **_still_**  hiring even more core team members! Find our latest job openings at  [https://cow.fi/jobs](https://cow.fi/jobs)

## Protocol Stats

In January, CoW Protocol settled a total of **$889M**

![1-Protocol-Stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_Protocol_Stats_4e92a991a0.webp)

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

-   **Batch with the highest % of CoW trades (**[**Transaction details**](https://explorer.cow.fi/tx/0x462d8b407d69c1c41556356bc72af6e7e74621c4c3a958d9108674483e9ce43c?tab=graph)**)**: The Batch Total volume was $183,410.91, and it was created by five traders who were perfectly CoWed for 98.5% of their volume ($180,704.76). First trader was selling  **DAI**  for  **OHM,** the second trader was selling  **DAI**  for  **OHM**, the third trader was selling  **OHM**  for  **DAI**, the fourth trader was selling  **DAI**  for  **OHM**  and the fifth trader was selling  **DAI**  for  **OHM**.

![1-1-Protocol-Stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_1_Protocol_Stats_f4ac7a548a.webp)

-   **Batch with the highest Volume in it (**[**Transaction details**](https://explorer.cow.fi/tx/0x4929dac2e3801040b2065a16281a32a751dc5ddf32bb09c3b34c68234269a663?tab=graph)**):**  The Batch Total volume was  **$9,012,276.83M**  and it was created by a single trader who was swapping  **USDC**  to  **USDT.**

![1-2-Protocol-Stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_2_Protocol_Stats_590333b0d5.webp)

-   **Batch with the highest amount of surplus (**[**Transaction details**](https://explorer.cow.fi/tx/0xe60597a046857a4211075150a7dbde8812d115511c30f6e0014721742250801f?tab=graph)**)**: The Batch Total volume was  **$3,985,033** and it was created by a single trader who was swapping  **ETH**  to  **USDC**. This trader achieved the largest surplus for the month of January, by getting  **$72,579.483 USDC extra**  (1.84% surplus).

![1-3-Protocol-Stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_3_Protocol_Stats_47208c1f1a.webp)

During the month of January, the top 10 traders have traded a total of  **$107M**

![1-4-Protocol-Stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_4_Protocol_Stats_ae15d6ae2b.webp)

In the table below you can see the # of trades they have executed as well as the total volume for all their trades. Our most active trader made a whopping 2330 (!!!) trades with CoW Protocol in December.

![1-5-Protocol-Stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_5_Protocol_Stats_2a37b929fe.webp)

## Solvers

In January, we saw one external team add a new solver to our production environment. This solver is named Barter and the CoW Protocol team is looking forward to seeing how they perform in the competition.

Looking at the numbers, we can see that on average, for the month of January Solvers were able to generate a total of  **$4.4M**, which all traders got to enjoy in their pockets.

![2-Solvers.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_Solvers_66c9f8125e.webp)

In regards to the Solver Statistics, one can find all sorts of information in the following table like total value settled, number of batches solved, trades and surplus. The highest generated surplus by a solver was  **$1.6M**.

![2-1-Solvers.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_1_Solvers_38a89eefe4.webp)

## Governance

It has been a hectic month in terms of governance! The CoW cannot be stopped 💪.

### Executed Proposals

This month we executed three important and impactful proposals:

-   [CIP-17: Making slippage symmetric  was moved for voting:](https://snapshot.org/#/cow.eth/proposal/0xf9c98a2710dc72c906bbeab9b8fe169c1ed2e9af6a67776cc29b8b4eb44d0fb2)  proposes that the protocol treats slippage incurred by solvers symmetrically; in the case of negative slippage, a solver would be penalized with an amount equal to the negative slippage incurred (as is the case now), while in the case of positive slippage, the protocol would reimburse the solver with an amount equal to the positive slippage generated.
-   [CIP-18: CoW Grants Program Renewal Proposal](https://snapshot.org/#/cow.eth/proposal/0x1b152ae847d003034e84b796ac153ab3549f69891cef49c5d915ee5930c0b256)  asks to renew the CoW Grants Program set in CIP-8. The goal of the program is to improve the utility of [$COW](https://twitter.com/search?q=%24COW&src=cashtag_click)  tokens & facilitate deeper integration with other DeFi solutions. The Grants Program has processed payments in the total sum of 106,640 xDAI and 190,100 COW. Not only are the funds directed to valuable projects that help grow the CoW ecosystem, but also to (1) a new Volume-based Partner Reward Program aimed for integrations with the goal of having rewards based on actual performance, and (2) paying for he CoW Grants Committee stipend.
-   [CIP-19: Karpatkey DAO Proposal to Create a Core Treasury Team](https://snapshot.org/#/cow.eth/proposal/0xc4e9c0a28f12b28aedfc8c3802522a9ac9dd1c7d5045dca94abf555ca2d8cd31)**:** proposes to have KarpatkeyDAO create, train, support, and audit a Core Treasury Team within CoW DAO that would work jointly with KarpatkeyDAO to develop CoW DAO’s treasury, allowing CowSwap to efficiently provide its own liquidity, fund its operations, development, and evolution while optimizing yield for idle funds

### Draft Proposals

This month, there were two new proposals asking for feedback before they move into the next phase, a final CIP, and one even made it to voting before EOY.

-   [CIP-Draft: Auction model for solver rewards](https://forum.cow.fi/t/cip-draft-auction-model-for-solver-rewards/1405/1)**:** proposal to have an auction based mechanism for rewarding winners of the solver competition.The proposed auction mechanism allows for dynamically finding a reward based on how much value a solver provides to users by settling a batch. This results in a distribution of rewards better aligned with goals of the protocol, solvers, and users.

If you are interested in submitting a proposal to the CoW DAO, make sure to check the following  [template](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   CoW Protocol started the year the entrance of the 2023 year with lots of excitement, this year will be the  [year of the #Mooo](https://twitter.com/CoWSwap/status/1609414489513803776?s=20&t=_ZMWthclegp6rPzNdxPhRw)
-   Our CTO, Felix, wrote an  [outstanding thread](https://twitter.com/DeFi_Dad/status/1610471643490516992?s=20&t=_ZMWthclegp6rPzNdxPhRw)  that helps understand differences between the new 1inch Fusion and CoWSwap.
-   Wonder what it takes to build GAT, TWAP, ARP, LARP, and ZARP orders with CoW Protocol? Check out the  [Smart Orders Tutorial](https://twitter.com/CoWSwap/status/1611479394056568832?s=20&t=_ZMWthclegp6rPzNdxPhRw)
-   Highlighted the core idea behind CoW Protocol, many token pairs traded in a single settlement transaction (aka, ring trades). Here is a nice  [example batch](https://twitter.com/fleupold_/status/1612884467202330632?s=20&t=_ZMWthclegp6rPzNdxPhRw)  that shows why [@CoWSwap](https://twitter.com/CoWSwap)  emphasizes “multi-dimensional” batch auctions.
-   [@AnnaMSGeorge](https://twitter.com/AnnaMSGeorge)  participated on  [Token Terminal](https://twitter.com/tokenterminal/status/1615297281401528320?s=20&t=_ZMWthclegp6rPzNdxPhRw)  and dove into the details behind the CoW Swap charts
-   CoW Swap joined the Safe & others campaign to highlight the relevance of “T[aking back ownership](https://twitter.com/CoWSwap/status/1615707162835324928?s=20&t=_ZMWthclegp6rPzNdxPhRw)” to amplify the message of, not your keys, not your coins.
-   CoW DAO grants got covered by Otterspace dao:  [Learn how CoW DAO implemented Badges to improve transparency and decision-making in their Grants Program](https://twitter.com/otterspace_xyz/status/1616076229668671488?s=20&t=_ZMWthclegp6rPzNdxPhRw)
-   CoW Swap is  [trusted](https://twitter.com/CoWSwap/status/1617965594099482624?s=20&t=_ZMWthclegp6rPzNdxPhRw)  by the best of the best, If you know you know…
-   Released a  [new and very important feature for Smart Contract Wallets](https://twitter.com/CoWSwap/status/1618262359801491459?s=20&t=_ZMWthclegp6rPzNdxPhRw), you can now buy ETH directly from your multisig, with CoW Swap.
-   [Partnered with Chainpatrol](https://twitter.com/CoWSwap/status/1618997412005294082?s=20&t=_ZMWthclegp6rPzNdxPhRw)  to help our CoW users report phishing websites and scams surrounding the CoW ecosystem!
-   CoW is getting ready for  [ETHDenver2023](https://twitter.com/CoWSwap/status/1620427682361098240?s=20&t=_ZMWthclegp6rPzNdxPhRw)!!!

## Product Updates

### Backend

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

-   Continued working on the Driver Colocation
-   Finished the Solver trampoline contract and sent it for review
-   Improved native price calculation for solvable orders
-   Removed deprecated orderbook routes
-   Worked on the roadmap planning and specification for 2023
-   [Fixed emergency “transfer” alerts in Tenderly](https://github.com/cowprotocol/tenderly-alerts/pull/4)
-   Investigated why native price cache wasn’t performing as expected

### 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:

-   Addressed various improvements in the overall design for the Eth Flow
-   Worked on the roadmap planning and specification for 2023
-   Refactored tokens-list to get better performance in the UI
-   Worked on several on bug fixes and tech debt, improving CowSwap app performance, fixing styles, updating dependencies, etc
-   Worked on research for implementing CMS and update landing page, FAQ, and warning
-   Started working on revamped wallet connection functionality to improve UX and add new wallet integrations easily
-   Released CoW Swap version with the logo for the Chinese new Year 🐰
-   Released Explorer v2.17.0, and effectively Kilingl ~3000 lines of old code

## Open Job Positions

The CoW Protocol team is currently looking to hire:

### Marketing

[Copywriter Remote — Lisbon — Berlin](https://boards.eu.greenhouse.io/cowswap/jobs/4108904101)

### Engineering

[Integration Engineer Remote — Lisbon — Berlin](https://boards.eu.greenhouse.io/cowswap/jobs/4119188101)

### Product

[Name Your Role Remote — Lisbon — Berlin](https://boards.eu.greenhouse.io/cowswap/jobs/4095020101)

For more information on our latest job openings, visit:  [https://cow.fi/jobs](https://cow.fi/jobs)

That’s all for January — the February update will be here before you know it. 👋

## 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.

Check out our website  [https://cow.fi/](https://cow.fi/)

🐦 [Twitter](https://twitter.com/CoWSwap)| 📒 [Documentation](https://docs.cow.fi/)| 💬 [Discord](https://discord.gg/cowprotocol)  | 📊 [Analytics](https://dune.xyz/gnosis.protocol/CowSwap)  | 📸 [Snapshot](https://snapshot.org/#/cow.eth)

CoW Protocol January 2023 Highlights

## TL;DR

-   For the month of December, CoW Protocol handled a volume of  **$645M,** with the total amount of surplus generated for that month was  **$2.2M**
-   In regard to exciting news, CoW Protocol had a hectic month with two MAJOR launches 🚀🐮 with Limit Orders, and Native ETH Flow!
-   The exciting news does not end with product updates. Additionally, in December, CoW Protocol added a new partnership by having Shapeshift integrate CoW Protocol
-   We made key hires across biz dev, engineering, and ops — and we’re  **_still_**  hiring even more core team members! Find our latest job openings at  [https://cow.fi/careers](https://cow.fi/careers)

## Protocol Stats

In December, CoW Protocol settled a total of **$645M**

![1-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_protocol_stats_15f9d67dbe.webp)

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

-   **Batch with the highest % of CoW trades (**[**Transaction details**](https://explorer.cow.fi/tx/0x30f08193fe9cc8e169b7df76809fc9224c92ee62570b427eedb850632ac01243?tab=graph)**)**: The Batch Total volume was  **$198,528.73**, and it was created by three traders who were perfectly CoWed for 99.6% of their volume. One trader was selling  **USDC**  for  **DAI**  and another trader was selling  **DAI**  for  **USDC**

![1-1-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_1_protocol_stats_92a5932e72.webp)

-   **Batch with the highest Volume in it (**[**Transaction details**](https://explorer.cow.fi/tx/0x8e303ab4249cf1ca5149c21bb9f6cdea3472f2340f5fdd6629c04c4f8ac26242?tab=graph)**):**  The Batch Total volume was  **$9,773,653.18M**  and it was created by a single trader who was swapping USDC to WBTC

![1-2-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_2_protocol_stats_9de6f33da6.webp)

-   **Batch with the highest amount of surplus (**[**Transaction details**](https://explorer.cow.fi/tx/0xec478cde33bb05cf0e80c5dac0741797f7004601830318611d6d58a0e055ebd6/?tab=graph)**)**: The Batch Total volume was  **$2,376,900** and it was created by a single trader who was swapping APE to ETH. This trader achieved the largest surplus for the month of December, by getting  **$48,721.50 extra**  (2.04% surplus)

![1-3-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_3_protocol_stats_69a8e1c8d5.webp)

During the month of December, the top 10 traders have traded a total of  **$21M**

![1-4-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_4_protocol_stats_98bb548381.webp)

In the table below you can see the # of trades they have executed as well as the total volume for all their trades. Our most active trader made a whopping 668 (!!!) trades with CoW Protocol in December.

![1-5-protocol-stats.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/1_5_protocol_stats_a21ea24b71.webp)

## Solvers

In December, we saw two new external teams add a new solver to our staging and production environment. These solvers are named Quasilabs and Raven, and the CoW Protocol team is looking forward to seeing how they perform in the competition.

Looking at this table, we can see that on average, for the month of December Solvers were able to generate a total of  **$2.2M**, which all traders got to enjoy in their pockets.

![2-solvers.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_solvers_4e607592a8.webp)

In regards to the Solver Statistics, one can find all sorts of information in the following table like total value settled, number of batches solved, trades and surplus. The highest generated surplus by a solver was  **$691K**.

![2-1-solvers.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/2_1_solvers_166661cb3d.webp)

## Governance

It has been a relaxed month in terms of governance!

### Executed Proposals

This month was all about the holidays and our CoWs were busy wrapping up presents

![3-executed-proposals.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/3_executed_proposals_2345718c0f.webp)

### Draft Proposals

This month, there were two new proposals asking for feedback before they move into the next phase, a final CIP, and one even made it to voting before EOY.

-   [CIP-17: Making slippage symmetric  was moved for voting:](https://snapshot.org/#/cow.eth/proposal/0xf9c98a2710dc72c906bbeab9b8fe169c1ed2e9af6a67776cc29b8b4eb44d0fb2)  proposes that the protocol treats slippage incurred by solvers symmetrically; in the case of negative slippage, a solver would be penalized with an amount equal to the negative slippage incurred (as is the case now), while in the case of positive slippage, the protocol would reimburse the solver with an amount equal to the positive slippage generated
-   [CIP-Draft: Karpatkey DAO Proposal to Create a Core Treasury Team](https://forum.cow.fi/t/cip-draft-karpatkey-dao-proposal-to-create-a-core-treasury-team/1279)**:** proposal to have KarpatkeyDAO create, train, support, and audit a Core Treasury Team within CoW DAO that would work jointly with KarpatkeyDAO to develop CoW DAO’s treasury, allowing CowSwap to efficiently provide its own liquidity, fund its operations, development, and evolution while optimizing yield for idle funds

If you are interested in submitting a proposal to the CoW DAO, make sure to check the following  [template](https://forum.cow.fi/t/cip-0-template/28).

## CoWmunity News

-   CoW Protocol allows anyone to  [experiment with automated trades onchain](https://twitter.com/CoWSwap/status/1598337820279513088?s=20&t=3cLJvsantlS-H_eZU-UaEQ)!! Eg, every time a contract accumulates at least x ETH, trigger a swap for ETH-USDC
-   CoW Protocol was excited to  [announce](https://twitter.com/CoWSwap/status/1600181401306832896?s=20&t=3cLJvsantlS-H_eZU-UaEQ)  that [@ShapeShift](https://twitter.com/ShapeShift)  integrated with CoW, providing its users with the best prices and protection from MEV in Ethereum

<iframe width="560" height="315" src="https://www.youtube.com/embed/VFinnj5x40o?si=v0byxkQFaAdAFmQG" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>

-   New significant  [updates](https://twitter.com/CoWSwap/status/1600884362618105856?s=20&t=3cLJvsantlS-H_eZU-UaEQ)  were made to the CoW Swap UI!. It was decided to abandon the hard outlines in our core swap module, in favor of a sleeker new experience

![4-Cowmunity-news.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/4_Cowmunity_news_0609419d7f.webp)

![4-1-Cowmunity-news.webp](https://celebrated-gift-f83e5c9419.media.strapiapp.com/4_1_Cowmunity_news_469e985453.webp)

-   Our friends at Gnosis Chain  [merged](https://twitter.com/CoWSwap/status/1601207483854630914?s=20&t=3cLJvsantlS-H_eZU-UaEQ)! Congratulations to everyone involved :)
-   CoW said hello to the most  [UN-limited limit orders in DeFi](https://twitter.com/CoWSwap/status/1602298525588627458?s=20&t=3cLJvsantlS-H_eZU-UaEQ). Limit orders from CoW Protocol are officially live!
-   CoW Protocol and Yearn Finance held one of a heck of a CoWmunity call, where Yearn shared the alpha that all vaults will go through CoW Protocol. If you missed it, listen to the  [recording](https://twitter.com/CoWSwap/status/1604605820225961984?s=20&t=3cLJvsantlS-H_eZU-UaEQ)
-   CoW Protocol  [launched a new feature](https://twitter.com/CoWSwap/status/1604855739918348288?s=20&t=3cLJvsantlS-H_eZU-UaEQ)  to allow CoW Swap traders to swap ETH natively without having to wrap it
-   Christmas(Easter)Egg was  [deployed](https://twitter.com/CoWSwap/status/1605693617959378944?s=20&t=3cLJvsantlS-H_eZU-UaEQ). CoW Swap trades were able to enjoy a new Christmas UI designed specifically for the holidays!
-   2022 was an incredibly successful year for [@CoWSwap](https://twitter.com/CoWSwap), read the  [highlights](https://twitter.com/AnnaMSGeorge/status/1608821825081081858?s=20&t=3cLJvsantlS-H_eZU-UaEQ)  of what the protocol achieved throughout the year

## Product Updates

### Backend

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

-   Added support for paying ETH to smart contract wallets. (Ie buying native ETH (not WETH) with Safe.)
-   Restarted solver + driver colocation for development from pre-limit order
-   Made small fixes and improved metrics for limit orders feature in preparation for the launch
-   Launched support for limit orders
-   Launched support for native ETH sell orders

### Frontend

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

-   Deployed a first version of Limit orders on  [barn.cow.fi](https://barn.swap.fi/)
-   Released the new CoW Swap  [design](https://swap-dev-git-release-125-cowswap.vercel.app/#/1/swap/WETH)
-   Launched support for limit orders with a completely new independ UI
-   Launched support for native ETH sell orders
-   Deployed a new version of the UI with a Christmas-Holiday theme!

## Open Job Positions

The CoW Protocol team is currently looking to hire:

### Marketing

[CopywriterRemote — Lisbon — Berlin](https://boards.eu.greenhouse.io/cowswap/jobs/4108904101)

### Engineering

[Data Engineering Team LeadRemote — Lisbon — Berlin](https://boards.eu.greenhouse.io/cowswap/jobs/4029514101)

[Mechanism Design Research EngineerRemote — Lisbon — Berlin](https://boards.eu.greenhouse.io/cowswap/jobs/4104759101)

[Senior Frontend Engineer (React.js/Web3)Remote — Lisbon — Berlin](https://boards.eu.greenhouse.io/cowswap/jobs/4095855101)

### Product

[Name Your RoleRemote — Lisbon — Berlin](https://boards.eu.greenhouse.io/cowswap/jobs/4095020101)

For more information on our latest job openings, visit:  [https://cow.fi/jobs](https://cow.fi/jobs)
 
**That’s all for December — the January update will be here before you know it. 👋**


## 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.

Check out our website  [https://cow.fi/](https://cow.fi/)

🐦 [Twitter](https://twitter.com/CoWSwap)| 📒 [Documentation](https://docs.cow.fi/)| 💬 [Discord](https://discord.gg/cowprotocol)  | 📊 [Analytics](https://dune.xyz/gnosis.protocol/CowSwap)  | 📸 [Snapshot](https://snapshot.org/#/cow.eth)