Uncommon Core 2.0 is a crypto research podcast. This show goes beyond speculation and investing, looking deeper. We explore the fundamental technology and incentives that make public blockchains work under the hood. This show is co-hosted by Hasu and Jon Charbonneau. They’ll be joined by occasional guests, speaking with some of the incredible builders and researchers who are looking to evolve this infrastructure stack to make the mass adoption of crypto possible.
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Uncommon Core 2.0 is a crypto research podcast. This show goes beyond speculation and investing, looking deeper. We explore the fundamental technology and incentives that make public blockchains work under the hood. This show is co-hosted by Hasu and Jon Charbonneau. They’ll be joined by occasional guests, speaking with some of the incredible builders and researchers who are looking to evolve this infrastructure stack to make the mass adoption of crypto possible.
The most innovative DEX? - with Hasu and Felix Leupold
Uncommon Core 2.0
48 minutes 47 seconds
4 years ago
The most innovative DEX? - with Hasu and Felix Leupold
Earlier this week, I did a deep dive on a new DEX trading protocol called CowSwap, which combines many good features into what is possibly the most complete trading experience in Defi.
First, you no longer publish a fee-paying transaction to the public mempool. Instead, you sign a transaction and submit it off-chain to the CowSwap relayer, which handles all the execution. For you, this means you can safely set a very low slippage tolerance because you only ever pay a fee if your trade succeeds.
Second, and this gets us to real innovation, CowSwap looks for so-called “coincidents of wants” or CoWs before sending your order to the regular on-chain exchanges. For example, if one trader wants to buy ETH at a certain price and another wants to sell it, these two can be matched without paying any LP fees. Off-chain solvers can look at this orderbook and submit optimal matchings that among others, guarantee that all trades in a certain batch have to settle at the same uniform price. Because there’s no point in reordering trades that have the same price, this also eliminates MEV as well.
Only after all coincidents have been exhausted, CowSwap sends the rest of the order to the on-chain exchanges via smart routers like 1Inch
If you didn’t get all of that immediately, don’t worry - neither did I, and that’s why I invited Felix Leupold from CowSwap and Gnosis to answer my remaining questions. Please enjoy my conversation on CowSwap with Felix Leupold.
GUEST
https://cowswap.exchange/#/swap
Felix Leupold https://twitter.com/fleupold_
Listen to conversations between Su Zhu, the CEO and CIO of Three Arrows Capital, and Hasu, an experienced crypto researcher and writer. Together with occasional guests, we explore the transformative nature of trust-minimized currency and financial services.
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Uncommon Core 2.0
Uncommon Core 2.0 is a crypto research podcast. This show goes beyond speculation and investing, looking deeper. We explore the fundamental technology and incentives that make public blockchains work under the hood. This show is co-hosted by Hasu and Jon Charbonneau. They’ll be joined by occasional guests, speaking with some of the incredible builders and researchers who are looking to evolve this infrastructure stack to make the mass adoption of crypto possible.
