BARTER, the second largest routing engine on Ethereum and the top solver-up-to-cftish exchange, has taken over the solution code of Copium Capital of competitors in a movement that could reform the dynamics of decentralized trade performance.
The deal brings two of the most effective strategies of Cow Swap together. Copium had carved a niche with an efficient use of RFQ (request-for-quote) and the liquidity of the market maker, while bartering was specialized in maximizing the electricity by AMMs. According to CEO Nikita Ovchinnik, the combination offers the missing piece for barter to go beyond 50% market share on cow wap.
“Copium has built its lead around the efficient use of RFQ and the liquidity of the market maker, while bartering was specialized in the rougest of more power by AMMs than anyone else,” Ovchinnik told Blockworks. With the Pectra upgrade of Ethereum and the rise of AMMs optimized by GALer Swap, Fluid and Ekubo, RFQ share is believed to believe that those possibilities are crucial to consolidate leadership.
From the point of view of a user, the Mechanism of COW Swap selects the best price available for every order, so head-to-head comparisons between Solers are less useful: if a solution does not win, it is because another has produced a better quote at that time, a spokesperson told Blockworks.
Barter has already executed more than $ 18 billion in total volume, on average around $ 900 million a week. The integration of the Copium code is gradually rolled out, with internal audits and Canary releases before the full production implementation. The first strategies to achieve production will focus on new token onboarding and RFQ-upgrades, aimed at improving implementation for large transactions and new assets.
The acquisition comes when the solution market itself grows up, according to Mounir Benchemled, founder of Velora (formerly Paraswap). “In ’23 or Late ’22 where the first real soles started to arise, I think Barter was one of the first and [then came] Winter mute and others, “Benchemled told Blockworks. That evolution coincided with the rise of solution auctions. ” Building auctions and innovating auction structure becomes the new standard for intention -based products, “he said.
While auctions are broadening the competition, some centralization problems remain. “The selection of winners is still happening in a centralized way … A user sends his drawing order to the Server protocol – which is generally a centralized AWS server – we make an option and select the winner,” Benchemled explained.
Cow Swap takes on a pragmatic position: RFQ owners set their own access rules, and from the perspective of the protocol, the most important criterion or users get better prices. Cow carefully cares about the results with regard to implementation. The Dune -Dashboard “Solver Info” offers transparency in the distribution of active solving.
Treatment on 28.2% Source: Dune / Cow Protocol
In May, COW DAO approved the switch from batch auctions to “honest combined auctions” to improve fairness and transit and to tackle centralation risks (eg limitations with one winner and dependence on the best bid and demand from Ethereum).
Ovchinnik counters that different teams are still winding on different order profiles. “Some teams excel in Nicheparen, some win with the best routes, others use their private -liquidity to offer better prizes,” he said. He added that the evolving auction parameters and stimuli from COW Swap ensure that no solar can rest on his laurels.
