Instead of conducting direct trades on the blockchain, users indicate their intention to swap and entrust the execution to solvers, also known as relayers in other protocols. These solvers compete to obtain the most favorable exchange rate and secure the responsibility to finalize the trades. By combining multiple trades and creating Coincidence of Wants (CoWs), solvers can minimize gas costs, avoid additional fees from Automated Market Makers (AMMs), and reduce the risk of execution. Consequently, CoWs result in structurally improved prices compared to any existing decentralized exchange aggregator. If CoWs are not available, solvers resort to on-chain routes by comparing quotes from leading aggregators. The COW token grants holders the power to manage and curate the CoW Protocol ecosystem through the CowDAO. Furthermore, COW token holders enjoy discounted fees when trading on CowSwap and other associated benefits.
For those who want to download the Cow-Protocol logo, we have
compiled a list of all the major cryptocurrencies in PNG and SVG format. Our collection includes logos for Bitcoin,
Ethereum, Litecoin, Ripple, Dash, Monero, Zcash, and many more. All of them are available in PNG format. And if you
want to show support for one of the cryptocurrencies, our collection of logos is at your disposal, including
the Cow-Protocol logo.