CoW Protocol's CIP-74 reward reform concentrated large-order trading value onto incumbent solvers and dispersed small-order value, without changing average execution quality or trade-count concentration.
Align solver rewards with protocol revenue and introduce a volume-based fee
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Incentives and Market Structure in Intent-Based Exchanges: Evidence from a Solver-Reward Reform
CoW Protocol's CIP-74 reward reform concentrated large-order trading value onto incumbent solvers and dispersed small-order value, without changing average execution quality or trade-count concentration.