Check out this huge CoW worth over $2 million!
Thanks to optimal execution powered by CoW Swap's batch auctions, 3 out of 4 traders swapped peer-to-peer and also benefitted from the best on-chain routing.
Here's the settlement 👉explorer.cow.fi/tx/0xfd6352012c7261091ab031c9ccf8bcd7985ea5ca0adee270ecacdd89c1947916?tab=orders&vis=trades👈
A 🧵
The settlement had 4 orders:
- 624K PAPER <> 1 ETH
- 3.5K RBN <> 15.2K KPGD
- 2M USDT <> 2M USDC (Partially filled with 3K USDC)
- 25K USDC <> 5M PAPER (Partially filled with 601K PAPER)
All of them matched in ONE go, thanks to the multidimensionality of CoW's Batch Auction.
As you can see in the CoW Explorer, the majority of the order liquidity came from peer-to-peer swaps, with some touching onchain AMMs as well.
The PAPER <> ETH liquidity took advantage of the USDT <> USDC route to source ETH through Uniswap.
RBN <> JPGD order liquidity was sourced by selling RBN on Uni as follows:
- RBN to USDC, USDC to ETH, ETH to JPGD
USDT <> USDC order liquidity was obtained by using the USDC <> PAPER partial fill to get the USDC
Finally, the USDC <> PAPER liquidity was obtained by using the first PAPER <> ETH order to get PAPER.
New to the concept of Coincidences of Wants?
Read about the many types of CoWs that CoW Swap enables here 👉 blog.cow.fi/what-are-cows-on-cow-swap-e72baaa4678a 🐮
This settlement demonstrates why multidimensional intent-based trading auctions are significantly more efficient than single-order auctions (Batch vs Dutch).
This is why CoW Protocol uses batch auctions!
Read more about the differences here 👉 blog.cow.fi/batch-auctions-vs-dutch-auctions-in-crypto-fab357e6c517 🐮