CoW Swap: A Filling and Rewarding Trading Platform

**CIP-86 has concluded**, with CoW DAO successfully reimbursing all eligible victims of the April DNS hijacking incident. **Key Details:** - Compensation came voluntarily from the DAO's Legal Defense Reserve - The protocol itself was not compromised - DAO chose to make users whole despite no protocol-level breach **Context:** While CoW Protocol's infrastructure remained secure, users were affected by a DNS hijacking attack in April. The DAO took responsibility for user losses, setting a precedent for community-first governance. This action demonstrates the DAO's commitment to user protection beyond technical security obligations.

CoW DAO's Core Team published a comprehensive value distribution strategy on May 15, marking a significant shift in tokenomics. **Key Changes:** - Stricter solver bond requirements - 1:1 burn trial from DAO Safe (6,085M COW) - Flexible buyback mandate implementation **Results:** - 78.6M COW bought back - 66.6M COW emitted - Net deflationary: 12M COW The protocol now operates with quarterly deflationary mechanics, with plans to expand this approach. The proposal emerged from community research and collaboration with Aragon Project on the Value Distribution Mechanism RFP. [Read the full proposal](http://forum.cow.fi/t/cow-daos-path-to-value-distribution-core-team-view/3454)

Euler Finance has integrated CoW Protocol as its swap execution layer for cross-asset position actions on Ethereum mainnet. **Key Features:** - Multiply positions with MEV protection - Swap collateral seamlessly - Repay debt directly from collateral - Built-in MEV-protected execution **Milestone Achievement:** The Affiliate Program has surpassed $100M in total referred volume, with rewards now distributed to both affiliates and traders. This integration brings CoW Protocol's price optimization and MEV protection directly into Euler's lending platform workflows.

CoW Protocol has released **Atomic Bundles**, expanding intents beyond simple swaps to complex DeFi operations. **What's New:** - Developers can now bundle looping, repay-with-collateral, and flashloan strategies into a single intent - One signature executes multiple coordinated actions atomically - Solver-protected execution handles the complexity **How It Works:** Atomic Bundles pair solver-settled swaps with downstream protocol actions. Users sign one intent, solvers handle execution, and position updates follow automatically—no manual steps required. **Use Cases:** - Lending protocols - Vault management - Treasury operations The framework is already live and being used by protocols like Euler. [Learn more about Atomic Bundles](https://cow.fi/learn/intents-can-now-do-more-introducing-atomic-bundles)

**CoW DAO focused on development in May** as DEX aggregation became increasingly competitive. - CoW Protocol maintained **16.8% market share** across all supported chains - Ranked **second place** among DEX aggregators - The team concentrated on building and improving the protocol While market share decreased from January's 28.4% on Ethereum, CoW Protocol remains a major player in the DEX aggregation space, continuing to offer MEV protection and best price execution across multiple exchanges.