CoW DAO May 2024 Highlights
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.
The top batches worth highlighting are the following:
- Batch with the highest % of CoW trades (Transaction details). 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.
- Batch containing the highest volume (Transaction details): 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.
- Batch with the highest amount of surplus (Transaction details): 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.
During the month of April, the top 10 traders traded a total of $22M.
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.
Solvers
In May, solvers generated a total of $16M in surplus, which is money in the pockets of traders.
Below you can find a breakdown of how each solver performed in May.
Governance
It has been a hectic month in terms of governance! The CoW cannot be stopped 💪
Executed Proposals
The DAO executed three important proposals this month:
Draft Proposals
This month, there was one new proposals asking for feedback before moving into the next phase, final CIPs, in their current form:
Make sure to read them and leave comments — your feedback is highly appreciated and will help move these important topics forward. If you are interested in submitting a proposal to the CoW DAO, make sure to use the following template.
CoWmunity News
- Safe{Wallet} launched Native Swaps powered by CoW Swap widget
- In collaboration with CoW Grants, MEV Scanner was launched — 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 so that anyone can check in real time how much money CoW DAO is making.
- Published a CoW AMM digest explaining all things happening around CoW AMM for the 4 months that it has been live
- Released a CoW AMM Dune Dashboard 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.
- Hear our story how we got started in crypto
- Had our say in the DOJ episode with our “MEV is theft” tweet
- FairyCoW Swap launched its programmable encryption on top of CoW Protocol orders
- Published an example of what optimal settlements in DeFi look like
- Participated in FuruRadio Episode 8 twitter spaces cover all things Solver related
- Published several blog articles: How to Avoid MEV Bots, What is a Smart Contract?, and What is Slippage in Crypto?
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
- 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
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