$COW
Instead of executing trades directly on-chain, users simply sign their swap intent and delegate the execution to so-called solvers (also known as relays in other protocols). Solvers offer the best possible exchange rate to earn the right to settle trades. By bundling multiple trades to create CoWs (Coincidence of Wants), solvers can save on gas costs, AMM fees, and execution risk. Therefore, CoWs lead to structurally better prices than on any existing DEX aggregator. In the absence of CoW solvers, they fall back to using the best possible on-chain route by comparing quotes from major aggregators. The COW token grants its holders the right to govern and organize the infrastructure of the CoW Protocol ecosystem through the CowDAO. In addition, COW token holders receive fee discounts when trading on CowSwap and some other perks.
