Solvers as aggregators of onchain liquidity was always a race to zero. For solvers to be profitable they need to monetise: - access to inventory - better pricing and/or alpha - exclusive order flow (building a venue) Natural progression of the marketplace towards specialisation. Solver == MM.
Alexander John Lee
Alexander John Lee30.6.2025
TLDR only one solver on CoW swap is making money. The rest are either barely breaking even, most are losing $25k a month. @gregthegreek @CoWSwap This is not sustainable from a decentralization PoV
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