CoW DAO

**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)

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:** - 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 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.

**Summer Finance has integrated CoW Protocol** to streamline vault deposits and withdrawals. **Key features:** - Deposit with any token directly into earn vaults - Withdraw to any asset without manual swapping - Automatic token conversion with transparent pricing - MEV protection built into the flow The integration eliminates the need for users to manually swap tokens before depositing into yield vaults. Users can now see conversion prices upfront, with the swap happening automatically as part of the deposit process. All vault transactions on [Summer.fi](http://summer.fi) now route through CoW Protocol, providing access to optimized pricing across multiple exchanges while protecting against MEV attacks. [Get started at summer.fi/earn](http://summer.fi/earn)

CoW Protocol has introduced **Atomic Bundles**, a reusable smart contract template enabling developers to execute complex, multi-step DeFi operations atomically in a single settlement. **Key capabilities include:** - Loop-borrow-redeposit strategies - Repay debt with collateral - Flashloan-enabled executions - Atomic open/close flows for perpetuals - Multi-step payment and treasury operations All executions maintain CoW Protocol's core features: solver competition, MEV protection, and surplus generation. **For builders**, Atomic Bundles simplify development across lending (one-click looping, collateral swaps), perpetuals (atomic open/close flows), and payments (multi-step flows with zero mid-execution risk). Previously, developers needed to write custom wrapper contracts from scratch for each use case. Now they can fork the template, add their logic, and plug into CoW Protocol's solver network. Read more: [Introducing Atomic Bundles](https://cow.fi/learn/intents-can-now-do-more-introducing-atomic-bundles)

**CoW Swap is now live on Linea**, Ethereum's L2 network, bringing gasless trading and advanced order types to the platform. **Key features on Linea:** - Gasless swaps by default - no ETH needed for gas - Limit and TWAP orders - Swap & Send functionality - Upcoming Swap & Bridge feature **How it works:** CoW Protocol's solver network competes to find the best prices across DEXs while protecting users from MEV attacks. **Expanded Aave integration** also launched, powering more DeFi operations: - Collateral swaps - Repay-with-collateral transactions - Debt swapping All operations are **gas-optimized and MEV-protected**. The integration uses intent-based transactions - users specify what they want, and solvers find the optimal execution path. **Benefits include:** - Solver-routed execution for better prices - Shared liquidity across $10B+ monthly volume - Simplified user experience with fewer approvals Try CoW Swap on Linea: [swap.cow.fi](https://swap.cow.fi/#/59144/swap/WETH/0x176211869cA2b568f2A7D4EE941E073a821EE1ff) Learn more about the Aave integration: [aave.com/blog/aave-cow-swap](https://aave.com/blog/aave-cow-swap)

A comprehensive 6-month trading analysis reveals CoW Swap's dominance among solver-based DEXes: - **Higher Trading Volume**: ~$200M daily vs $60M (1inch Fusion) and $30M (UniswapX) - **More Decentralized**: Top solver only controls 25% market share, with next five at ~10% each - **Better for Large Trades**: Shows best execution improvement for trades over 100 ETH The study compared CoW Swap, 1inch Fusion, and UniswapX, finding solver-based DEXes generally outperform traditional alternatives through optimized routing and off-chain liquidity access. Try CoW Swap: [swap.cow.fi](https://swap.cow.fi/#/1/swap/WETH/0xA0b86991c6218b36c1d19D4a2e9Eb0cE3606eB48)

CoW DAO announces their presence at DevCon Bangkok with a packed schedule: - Tuesday: @Silver_Queen presents on user interaction in web3 - Wednesday: Booth presence at ArbiVerse (Arbitrum event) with swag giveaways - Thursday: @AnnaMSGeorge discusses CoW AMM's batch mechanism - Friday: Two key talks: * @AndreaCanidio on trade intents and fair mechanism design * @fleupold_ explores PBS in Ethereum **Special Event**: CoW DAO hackathon offering $10,000 in prizes at ETHGlobal Visit the CoW DAO booth to connect with the team and collect exclusive swag!