CoW Swap's market share has surged to 26%, challenging 1inch's dominant position as a DEX aggregator

Odaily Planet Daily News CoW Swap's market share reached 26% in January 2025, more than double the 12% rise compared to the same period last year, making it an important competitor in the DEX aggregator market. CoW Swap stands out with its unique 'Coincidence of Wants (CoW)' mechanism, directly matching traders when possible instead of routing through Automated Market Makers, reducing dependence on liquidity pools, dropping Slippage and Money Laundering, while enhancing protection against front-running and other maximal extractable value (MEV) exploits. The platform's monthly trading volume in January approached $5 billion, although it dropped from the peak of $7.8 billion in December 2024, it is still quite significant. In terms of institutional activity, World Liberty executed $90 million in stablecoin exchanges involving multiple tokens such as ETH, WBTC, LINK, ENA, and TRX, and conducted systematic exchanges with a block value of $470,000. The CoW Swap activity on the Ethereum-based chain has a volume of 3.8 billion US dollars, while the monthly trading volume on the Base chain is 1 billion US dollars. The platform's main trading assets include USD-pegged stablecoins, wrapped ETH, and BTC, showing a focus on major asset pairs. Current data shows that 50% of trades execute at prices exceeding the expected Slippage, while 45% of trades are below the expected Slippage. Despite the strong performance of CoW Swap, there are other protocols rising in the market, such as Kyber and Bebop, expanding their market share, demonstrating the demand from traders for optimized routing solutions. The DEX aggregator market is becoming more diverse, with market leader 1inch's share dropping to 30%, indicating that new protocols are innovating and competing for industry leadership. With the return of institutional traders and whale wallets, the efficiency of DEX aggregators in handling large trades becomes crucial, managing Slippage and providing competitive pricing for large positions will determine which aggregators can gain more market share. （The Block）