CoW Protocol

CoW Protocol settles trades in batches where coinciding orders are matched peer-to-peer before touching AMM pools.CoW Protocol 以批次形式结算交易，在触及 AMM 池之前，相合的订单会先点对点（P2P）匹配。

CoW's coincidence of wants mechanism can fully eliminate slippage for matched orders by bypassing on-chain liquidity entirely.CoW 的需求巧合（Coincidence of Wants）机制通过彻底绕过链上流动性，可以完全消除已匹配订单的滑点。