What is Backrunning? — MEV Attacks Explained

**CIP-86 has concluded**, with CoW DAO successfully reimbursing all eligible victims of the April DNS hijacking incident. **Key details:** - Reimbursements were made voluntarily from the Legal Defense Reserve - The protocol itself was not compromised - The DAO chose to compensate users despite no protocol-level breach This action demonstrates CoW DAO's commitment to user protection, even when technical infrastructure remains secure. The decision to make users whole after a DNS attack—rather than a protocol exploit—sets a precedent for how DAOs can respond to incidents affecting their community. The completion of CIP-86 marks the end of the compensation process that began following the April 14 DNS hijack.

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 - Trial 1:1 token burn from DAO treasury (6,085M COW) - Flexible buyback program implementation **Results:** - 78.6M COW tokens bought back - 66.6M COW tokens emitted - Net deflationary: 12M tokens The protocol now operates with quarterly deflationary pressure, with plans to strengthen this mechanism further. The proposal emerged from community research and collaboration with Aragon Project on value distribution mechanisms. [Read the full proposal](http://forum.cow.fi/t/cow-daos-path-to-value-distribution-core-team-view/3454)

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)

**Euler Finance** has integrated **CoW Protocol** as its swap execution layer for cross-asset position actions on Ethereum mainnet. Key features now available: - Multiply positions with MEV protection - Swap collateral seamlessly - Repay debt directly from collateral - Built-in MEV-protected execution The integration routes trades through CoW Protocol, which finds optimal prices across exchanges and aggregators while protecting users from MEV (Maximal Extractable Value). **Affiliate Program Milestone**: The program has surpassed **$100M in total referred volume**, with rewards actively distributed to both affiliates and traders. This partnership enhances Euler's DeFi lending platform by adding an execution layer that prioritizes user protection and optimal pricing for position management operations.

CoW Protocol maintained its position as the second-largest DEX aggregator across all supported chains in May, capturing 16.8% market share. **Key Highlights:** - Market share of 16.8% across supported chains - Ranked second among DEX aggregators - Continued development focus at CoW DAO The protocol operates in an increasingly competitive DEX aggregation landscape, where it routes trades across multiple exchanges while providing MEV protection. May's performance demonstrates CoW Protocol's sustained presence in the decentralized exchange aggregation sector, though market share has adjusted from the 28.4% peak reported in January. Learn more at [cow.fi](https://cow.fi)