CoW DAO

Auto has integrated CoW Protocol, giving users access to MEV-protected swaps, limit orders, and cross-chain trading directly within the Auto platform. **Key features now available:** - MEV protection on all swaps - Limit order functionality - Cross-chain swap capabilities - Streamlined user experience The integration aims to reduce friction while improving trade execution for Auto users. CoW Protocol uses solver competition to find optimal prices across multiple exchanges and aggregators.

Lido Finance has integrated CoW Protocol to enable instant unstaking without withdrawal queues. **Key Features:** - Fast swaps now route through CoW Protocol - Instant liquidity across ETH, WETH, USDC, USDT, USDS, and WBTC - No waiting in Ethereum's exit queue - Protected execution with MEV protection - Market-leading pricing built directly into Lido's interface The integration transforms the unstaking experience by allowing stakers to exit positions immediately at competitive rates, eliminating the traditional waiting period.

CoW DAO has released its monthly recap for March 2026, highlighting key developments across the organization. The update includes: - New team member announcements - Available positions for those looking to join - A post-mortem analysis of recent events - Product and feature launches from the month The full recap is available on the CoW Protocol learning portal at [cow.fi/learn](https://cow.fi/learn/cow-dao-monthly-recap-march-2026), providing detailed insights into the DAO's progress and activities throughout March.

CoW Protocol has disclosed its token buyback performance in response to community inquiries. **Key Metrics Since April 2024:** - 74.6M $COW tokens bought back - 61.7M $COW distributed as solver emissions - Net result: -12.9M $COW (negative emissions) The protocol has maintained net negative emissions throughout this period, with the gap expanding each quarter. The team acknowledged they should have communicated this achievement more prominently earlier.

CoW Swap's affiliate program has officially launched following the approval of CIP-84. The program operates on a **permissionless basis** - anyone can participate without applications or approval processes. Affiliates earn **USDC rewards weekly** based on the trading volume they generate through referrals. Key features: - Volume-based compensation structure - Weekly on-chain USDC distributions - No gatekeeping or application requirements - Open to all participants The program allows users to monetize their CoW Swap recommendations by earning a share of trading fees from referred users. Payments are distributed automatically on-chain each week. [Learn more about the affiliate program](https://cow.fi/affiliate-program)

**CoW Protocol announces multiple platform developments:** - **New partnerships**: Integration with ArcadiaFi, Bitget Wallet, and Edel Finance - **Explorer enhancement**: Solvers page now live, allowing users to discover solver teams and supported networks - **Documentation upgrade**: Docs optimized for LLM compatibility - **Technical update**: CoW Swap v3.0.5 released The Bitget Wallet integration brings CoW Protocol's MEV protection to over 90 million users. The new Solvers page provides transparency into the teams powering the protocol across different networks. [View Solvers Page](https://explorer.cow.fi/solvers)

**A concerning pattern has emerged in DeFi trading infrastructure.** One PropAMM (Proprietary Automated Market Maker) is delivering execution prices that average **6 basis points worse** than initially quoted, with some outliers reaching **40 basis points** of slippage. **The mechanics of the extraction:** - Aggregators scan for best available prices - PropAMM displays attractive quote to win the routing - Before transaction settles, operator reprices to worse terms - Trader's slippage tolerance absorbs the difference - Operator captures the gap as profit **The scale:** At $1 billion in monthly trading volume, this single source extracts approximately **$500,000 per month** from traders through this practice. This represents a systematic issue where the infrastructure meant to provide best execution is instead being used to extract value from end users.

**0xProject has documented two concerning trading manipulation methods on Base:** - **Flashblock spoofing**: Market makers display attractive prices at the end of a block, then reprice unfavorably at the start of the next block. Traders consistently receive the worse execution price. - **Spread fluctuations**: Quotes appear tight (2 basis points) but suddenly widen to 12+ basis points while transactions are pending, causing traders to execute at significantly worse prices. These tactics exploit the time gap between when traders see a price and when their transaction settles. The research highlights ongoing challenges with price manipulation in decentralized trading, similar to recent on-chain exploits that bypassed slippage protections. Traders should implement pre-execution screening and robust slippage controls to protect against such manipulation.

**PropAMMs** (programmable automated market makers) allow operators to adjust pricing in real-time, promising tighter spreads and better liquidity. **The exploit:** - Aggregators scan for best prices - PropAMM displays attractive quote to win the route - Before settlement, operator reprices worse - Your slippage tolerance covers the difference - Operator captures the profit This bait-and-switch tactic turns a feature designed for efficiency into a mechanism for extracting value from traders.

Some decentralized exchanges are displaying favorable swap prices that don't match what traders actually receive upon execution. **The Issue:** - Traders see attractive prices on the interface - After clicking swap, they receive worse rates - This isn't caused by typical slippage or MEV attacks - The discrepancy is built into the AMM design itself **Key Points:** - The problem is intentional, not a bug - Different from traditional market movement losses - Separate from gas fee issues - Related to fundamental AMM slippage mechanics This highlights ongoing challenges with automated market maker models and the importance of understanding how different exchange architectures affect trade execution.