CowSwap is the first trading interface built on top of Gnosis Protocol v2. It allows you to buy and sell tokens using gas-less orders that are settled p2p.

Differences between CowSwap & UniSwap

CowSwap's interface may look very familiar to the average DeFi user, as it's based on the Open Source code used for building the Uniswap front end. Although it looks similar, there are huge differences between the two products, which are:
  • Uniswap uses only Uniswap pools; CowSwap can settle orders on Uniswap, Sushiswap, 1inch, Paraswap and more to come (Matcha, Balancer...) giving users the best price
  • CowSwap enables users to trade directly with other users without going through any pools when there is Coincidence of Wants (CoWs), removing the need to pay Liquidity Provider fees.
  • Orders on CowSwap are signed messages and therefore gasless, costing nothing to submit. In case of price movements against your order, in the worst case, the order will expire and you won't spend gas on failed transactions, while on Uniswap you would still spend it.

Providing liquidity

CowSwap does not have liquidity providers. Instead, it connects to all on-chain liquidity that is provided across different protocols. Since orders only incur a cost if traded, active market makers can observe the order book and place counter orders (creating a CoW) to prevent settling trades via external liquidity.

Cancelling orders

CowSwap allows you to cancel your orders without any cost. As a user, you simply sign the order cancellation - similar to how the order placement was done - and if the solution has not been mined yet, the order will not be executed, and therefore cancelled.

Supported wallets

CowSwap uses offline signatures to offer gasless orders, aka signed orders. The currently supported wallets by CowSwap can be grouped in the following way:
  • EOA wallets: Most of the most popular EOA wallets are supported. Metamask or any injected wallet (Mobile Wallet app browser) as well as wallets through WalletConnect. If you have a wallet that's not working, let us know.
  • Smart Contract wallets: Any Smart Contract (be it a wallet or regular contract) can trade in CowSwap by using one signing method called pre-sign.
    pre-sign is a protocol operation that can be invoked by any contract. The operation has a single parameter that is the "orderId" which identifies the order being approved. Pre-signing your order in the settlement contract is equivalent to providing an off-chain signature for the orderId. In the future, the protocol might provide EIP-1271 support for off-chain signing also for smart contracts, making gas-less trading possible also for smart contracts.

Interactions encountered when using Cowswap

Cowswap has different types of interactions that a user is capable of executing. These interactions can be separated into internal & external operations. The following table clarifies the reasons for each interaction
Internal CowSwap Operations


Want to know more about CowSwap and how it works. Head over to its FAQ section.
Last modified 2d ago
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