Glossary
CoW Protocol
An intent-based DEX that batches user orders and settles via off-chain solvers, using coincidence-of-wants matching to give MEV-protected, fee-efficient swaps.
CoW Protocol ("coincidence of wants") batches user orders for a fixed window, then opens a solver auction: solvers compete to settle the batch with the best aggregate price, including matching opposite-side orders directly (CoW matches) and routing the rest to AMMs.
The architecture eliminates within-batch sandwich attacks (everyone in a batch gets the same price) and lets professional solvers find better execution than a typical UI router. The protocol has been a standard-bearer for the intent paradigm since 2020.