CowSwap has recently surged significantly in the DeFi space, driven not only by Trump team's DeFi projects but also by the undervalued Gnosis incubator within the Ethereum ecosystem. (Background: Grayscale's report: The 20 cryptocurrencies most favored for Q1 2025, focusing on DeFi, AI Agents, and the Solana ecosystem) (Context: Is there still room for maneuver after the Biden administration's final blow to the DeFi industry?) CowSwap is the DeFi coin that has seen the most significant increase recently, and it is also one of Vitalik's favorite DEXs, a platform used by large holders for offloading assets, and even the preferred DEX of Trump's team. However, many people do not know that behind CowSwap lies a top incubator that is undervalued in the Ethereum faction—Gnosis. I believe that this is the true reason for the explosive rise of $COW. Recently, a piece of on-chain news about Trump team's DeFi project World Liberty Financial (WLFI) attracted market attention. Although WLFI's asset list does not include $COW, according to on-chain analyst Ai Yi, WLFI's recent token purchases have utilized CowSwap. This aligns with Ethereum founder Vitalik Buterin's habit of frequently using CowSwap. This unique on-chain surge has also directly influenced market sentiment, with $COW's price soaring by 62% in just one week and skyrocketing by 162% within a month, amidst the dual expectations of Trump's impending inauguration and the popularity of political concept coins. The powerful force behind CowSwap is Gnosis. CowSwap originated from Gnosis Protocol V1, launched in 2020, which was the first decentralized trading platform to achieve circular trading through a batch auction mechanism. Its unique design allows all orders to share liquidity and efficiently complete settlements. By 2021, Gnosis Protocol V2 introduced an innovative solver mechanism, significantly improving order matching efficiency while successfully addressing the long-standing MEV (Miner Extractable Value) issue that has plagued DeFi traders. In the same year, Gnosis Protocol was renamed CowSwap, becoming the aggregator we know today. It can be said that CowSwap's rise is inseparable from the profound foundation of the Gnosis ecosystem. In fact, the story of the Gnosis ecosystem can be traced back to 2015. Compared to the now well-known Polymarket, Gnosis co-founder Martin Koeppelmann started researching decentralized prediction markets much earlier. In 2015, he released thoughts on combining MarketMaker and OrderBook on his forum, one of the earliest concepts for decentralized prediction markets in the industry. Martin Koeppelmann was also one of the earliest Ethereum developers, joining before the DAO period. He has been active in the Ethereum development community over the years, frequently discussing issues related to L2, ZK, and Ethereum's roadmap with Vitalik. From Martin's evaluations on social media, we can also see his level of integration into the community. Based on this technical accumulation, Gnosis gradually developed a complete ecosystem. From Gnosis Protocol evolving into CowSwap, Martin and his team further derived products such as Gnosis Chain, Safe, and Gnosis Pay, ultimately forming a highly synergistic ecosystem. Therefore, their integration is a natural process. The most representative of this is the integration of CowSwap and Safe. As the star product of the Gnosis family, Safe is the most popular multi-signature wallet in the Ethereum ecosystem and is also used by large holders. When Safe issued tokens this year, the list of the top 100 addresses for airdrops was almost entirely made up of project parties or institutions. This means that early Safe large holders were primarily project parties, rather than individual users, including OP, Polymarket, Drukula, Worldcoin, Lido, etc. Initially, Safe's audience consisted more of DAOs and cryptocurrency project parties. However, as the crypto industry entered the next stage, traditional finance, traditional institutions, family funds, and old money gradually entered the market. Since the crypto barrier to entry is high, the safest way to protect funds while playing with on-chain crypto is through multi-signature wallets, with Safe being the choice. The design of Safe greatly enhances the security of fund management. Through the multi-signature mechanism, funds are stored in a smart contract address, and transactions can only be executed upon meeting the preset number of signatures (e.g., 3/10). This mechanism effectively reduces the risk of single point failure; even if one signature address's private key is leaked, it is difficult for attackers to obtain enough signatures to complete the transaction. Additionally, during the multi-signature confirmation process, the signing operations of pre-signers do not require Gas fees, as the transaction is still in a 'pending execution' state; only the last signer who confirms the execution operation (e.g., transaction, transfer, etc.) needs to pay Gas. This optimization not only lowers the cost of use but also makes Safe the optimal choice for institutional users and large holders. According to Safe guardians who spoke to Rhythm BlockBeats, the simplest ways to determine whether an on-chain address is a Safe wallet address are two: one is the 'MultiSig' multi-signature displayed on ARKHAM, and the other is the direct indication of 'MultiSig:Safe' below the address on the debank page. Trump's project's address Vitalik's address And most importantly, as part of the Gnosis family, the DEX built into Safe is precisely CowSwap. This is why whales like Vitalik and Trump's team favor CowSwap. Because from this perspective, what whales like Trump, Vitalik, and others favor might not only be because CowSwap is an MEV-resistant aggregator DEX but also due to the synergistic effects exhibited by the Gnosis family, as well as being a solution tailored to meet the real needs of large holders. From incubator to investment DAO, as mentioned earlier, the Gnosis ecosystem has been laying its groundwork since 2015. Initially, it was a prediction market platform based on Ethereum, and later developed into an ecosystem from which many projects like Gnosis Chain, Safe, CowSwap, and Gnosis Pay have emerged. Gnosis Chain, which became relatively well-known in the last cycle as an Ethereum sidechain, focuses on high...