CowSwap
1
Felix Leupold
Gnosis Protocol
DEX Trading Today
CowSwap Vision
2
TX Hash | Index | Trade | Price | Protocol |
0xc04fad... | 0 | ETH -> YFI | 23.22 | Uniswap |
0xa1d06b... | 2 | YFI -> ETH | 24.01 | Uniswap |
0x9517bc... | 123 | ETH -> YFI | 22.34 | Uniswap |
0x9517bc... | 123 | YFI -> ETH | 22.71 | Sushiswap |
0x8bd17c... | 131 | YFI -> ETH | 22.33 | Uniswap |
TX Hash | Index | Trade | Price | Protocol |
0xabf4d0... | 1 | ETH -> YFI | 22.34 | GPv2 |
0xabf4d0... | 42 | YFI -> ETH | 22.34 | GPv2 |
0xabf4d0.... | 1337 | YFI -> ETH | 22.34 | GPv2 |
Gnosis Protocol
Gnosis Protocol
Proposed Solutions to MEV
3
Gnosis Protocol
Core Ideas
4
Gnosis Protocol
5
Today
GPv2
Gnosis Protocol
2. Coincidences of Wants
6
Uniswap
0.3% spread
Selling 2000
USD for ETH
Selling 1 ETH for USD
0.3% spread
Gnosis Protocol
no spread
Selling 2000
USD for ETH
Selling 1 ETH for USD
Gnosis Protocol
Coincidences of Wants (advanced)
7
Uniswap
Gnosis Protocol
Gnosis Protocol
MEV Protection Summary
User 1
sells ETH
User 2
sells ETH
User 3
buys ETH
Coincidence of Wants: fully MEV protected, max. gas efficient, no LP fee
All Ethereum Dex Liquidity
Excess: MEV protected by tight slippage set by the solver. Matched against best available on chain liquidity
Batch Auction
User 4
buys ETH
Gnosis Protocol
2. Batch Auctions with Uniform Clearing Prices
Continuous Limit Orderbook
Batch Auction Orderbook
Orders �A -> B
Orders �B -> A
EXCHANGE RATE A VS. B
TRADING VOLUME [A]
Traders’�surplus�
OPTIMAL PRICE
Gnosis Protocol
10
Gnosis Protocol
Deeper Overview
Gnosis Protocol