The mechanism of #金狗势不可挡 allows for direct matching of user orders without the need for traditional market makers or liquidity pools. When both parties want to exchange the assets they need, the transaction can be executed directly, avoiding intermediary costs. For parts that cannot be directly matched, CoW Swap routes the remaining orders to decentralized exchanges (DEX) or other aggregators to obtain liquidity. This design minimizes slippage and fees to the greatest extent, and through batch matching, all transactions executed in the same batch share the same clearing price, eliminating price unfairness caused by the order of execution.

In addition, CoW Swap introduces the Solver bidding mechanism: multiple third-party solvers compete to provide users with the best trade execution solution. The winner gains the right to execute that batch of trades and bears the on-chain gas costs. Users only need to sign the order intention offline, without having to pay on-chain transaction fees, and there are no transaction costs incurred if the order is not executed. This model of 'intention matching + solver bidding' makes the user experience more friendly (no need to worry about gas losses from failed transactions) and provides a certain degree of MEV (maximum extractable value) protection — as order matching occurs off-chain, solvers must bid to return MEV to users, making front-running and other MEV attacks difficult to succeed.

CoW Swap currently offers services on Ethereum, Arbitrum, Gnosis, and Base.