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* Update FAQ to reflect Token Launch This PR pushes a new content section from lines 559 - 627 that addresses questions related to the token launch. I have tried format everything as good as I possibly know/can, apologies if it needs to be reworked. Questions are: 562 - Does CowSwap Have a token? 580 - Is there a proposal to make vCOW transferrable? 585 - what is the purspose of the COW tokens? 605 - what was the criteria for the token airdrop? * Fix code style issues with Prettier * Fix building error * Add space * Update index.tsx * Fix code style issues with Prettier * Split and refactor FAQ * Fix links * Add footer * Add footer to index too * Update metrics * Fix internal links * Hide back in home * Link to FAQ * Correct year * Fix typo. Fixes #2067 Co-authored-by: Alex V <[email protected]> Co-authored-by: Lint Action <[email protected]>
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| Original file line number | Diff line number | Diff line change |
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| import Page, { Content } from 'components/Page' | ||
| import { LinkScrollable } from 'components/Link' | ||
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| import { ExternalLinkFaq, Wrapper } from './styled' | ||
| import { Footer } from '.' | ||
| import { useToC } from './hooks' | ||
| import ToC from './ToC' | ||
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| export default function AffiliateFaq() { | ||
| const { toc, faqRef } = useToC() | ||
|
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| return ( | ||
| <Wrapper ref={faqRef}> | ||
| <ToC toc={toc} name="Affiliate Program FAQ" /> | ||
| <Page> | ||
| <Content> | ||
| <h2 id="affiliate">Affiliate program</h2> | ||
|
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||
| <h3 id="what-is-the-profile-page">What is the Profile page?</h3> | ||
|
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| <p> | ||
| It is a page where you can see your number of trades and volume that you have done with the wallet you have | ||
| connected with. | ||
| </p> | ||
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||
| <p> | ||
| Additionally, you will be able to get your own referral/affiliate link, so you can share it with others, and | ||
| if you do so, you will also be able to see the number of trades and volume that your referral link gets | ||
| credited from the users who followed your link and interacted with the DEX. | ||
| </p> | ||
|
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||
| <h3 id="in-which-networks-it-is-available">In which networks is it available?</h3> | ||
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||
| <p>At this time, the affiliate program only works for Ethereum Mainnet.</p> | ||
|
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| <h3 id="are-there-any-rewards-for-sharing-the-referral-link"> | ||
| Are there any rewards for sharing the referral link? | ||
| </h3> | ||
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||
| <p> | ||
| The affiliate program will initially run as a trial and therefore there are currently no announced rewards. | ||
| The tracking, however, has already started. | ||
| </p> | ||
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||
| <p> | ||
| CowSwap's positive network effect scales exponentially with more people using it, therefore, the | ||
| affiliate program aims to acknowledge which users are contributing more to the success of the protocol.{' '} | ||
| </p> | ||
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||
| <p> | ||
| We now briefly explain CowSwap’s positive network effect. CowSwap's name comes from the economic | ||
| phenomenon "Coincidence of Wants", where users' orders can be matched with each other to | ||
| obtain better prices. When the protocol finds a CoW, trades are directly settled among traders, which allows | ||
| saving on slippage, gas, and LP fees. The network effect of CoWs increases alongside with the number of | ||
| traders using the protocol; the more users we have sending orders to the protocol, the better the prices | ||
| and gas savings the protocol is able to offer. Our new CoW-filiate program is aiming to increase this | ||
| positive network effect. | ||
| </p> | ||
|
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||
| <h3 id="who-can-share-the-referral-link">Who can share the referral link?</h3> | ||
|
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| <p> | ||
| Everyone can share a link, you only need a valid Ethereum wallet address to create your own personal link. | ||
| </p> | ||
|
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||
| <h3 id="who-can-follow-the-referral-link">Who can follow the referral link?</h3> | ||
|
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| <p> | ||
| Everyone! Please share the excitement for the CowSwap protocol & dapp. It would really make a difference for | ||
| the Cow-mmunity if you share it with your friends, Twitter/YouTube followers, or anyone that would be | ||
| interested. | ||
| </p> | ||
|
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||
| <p> | ||
| Share your referral link with all your friends if you think they can be interested in the qualities Cowswap | ||
| has to offer. These qualities range from ETH-less trading experience, MEV protection, no fees for failed | ||
| transactions, and more.{' '} | ||
| <span role="img" aria-label="cow"> | ||
| 🐮 | ||
| </span> | ||
| </p> | ||
|
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||
| <p> | ||
| Note that trades and volume will only be credited to your wallet if the user has not traded in CowSwap with | ||
| that address before, and their first trade is done after following your link. | ||
| </p> | ||
|
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||
| <h3 id="what-is-the-source-of-truth-for-accounting-trade-volume"> | ||
| What is the source of truth for accounting trade volume? | ||
| </h3> | ||
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||
| <p> | ||
| The referral program fetches data from Dune, and therefore, the USD value is taken from the information | ||
| available in Dune under price feed. If the token is not in the Dune price feed, then volume will not be | ||
| counted. | ||
| </p> | ||
|
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||
| <h3 id="why-do-not-i-see-any-referral-trades-in-my-profile-page"> | ||
| I shared my referral with a friend, who then also traded. Why do I not see any referral trades in my profile | ||
| page? | ||
| </h3> | ||
|
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||
| <p>There could be a few reasons for this:</p> | ||
| <ol> | ||
| <li> | ||
| Your friend was trading tokens that do not have a price feed available (see FAQ entry{' '} | ||
| <LinkScrollable | ||
| href={'/faq/affiliate#why-is-my-total-trade-referral-trade-volume-smaller-than-the-real-volume'} | ||
| > | ||
| Why is the volume smaller than the real volume? | ||
| </LinkScrollable> | ||
| ). | ||
| </li> | ||
| <li>The data has not yet propagated from the chain to our backend.</li> | ||
| <li> | ||
| Your friend had already traded with that account, which does not count towards referral volume (see FAQ | ||
| entry{' '} | ||
| <LinkScrollable href={'/faq/affiliate#who-can-follow-the-referral-link'}> | ||
| Who can follow the referral link? | ||
| </LinkScrollable> | ||
| ). | ||
| </li> | ||
| </ol> | ||
|
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| <h3 id="why-is-my-total-trade-referral-trade-volume-smaller-than-the-real-volume"> | ||
| Why is my total trade/referral trade volume smaller than the real volume? | ||
| </h3> | ||
|
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| <p> | ||
| Some tokens might not yet have a proper price feed linking them to a USD estimation at the date/time when | ||
| your trade was executed. When that happens the trade volume is set to 0. Thus, your total volume can be | ||
| smaller, or even be shown as 0 (see FAQ entry{' '} | ||
| <LinkScrollable href={'/faq/affiliate#what-is-the-source-of-truth-for-accounting-trade-volume'}> | ||
| What is the source of truth for accounting trade volume? | ||
| </LinkScrollable> | ||
| ). | ||
| </p> | ||
|
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| <h3 id="why-do-i-see-more-trades"> | ||
| Why do I see more trades and referrals in my profile page than I actually see in the activity list? | ||
| </h3> | ||
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| <p>The number of trades on the profile page is calculated based on on-chain data.</p> | ||
| <p>We have two publicly facing interfaces where both use the same contracts, which are:</p> | ||
| <ul> | ||
| <li> | ||
| The production version:{' '} | ||
| <ExternalLinkFaq href="https://cowswap.exchange" target="_blank" rel="noopener noreferrer"> | ||
| https://cowswap.exchange | ||
| </ExternalLinkFaq> | ||
| </li> | ||
| <li> | ||
| The public test version:{' '} | ||
| <ExternalLinkFaq href="https://barn.cowswap.exchange" target="_blank" rel="noopener noreferrer"> | ||
| https://barn.cowswap.exchange | ||
| </ExternalLinkFaq> | ||
| </li> | ||
| </ul> | ||
|
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| <p> | ||
| Even though both use the same contract, the backend services, solvers and infrastructure are independent. | ||
| </p> | ||
|
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||
| <p> | ||
| Thus, when accessing{' '} | ||
| <ExternalLinkFaq href="https://cowswap.exchange" target="_blank" rel="noopener noreferrer"> | ||
| https://cowswap.exchange | ||
| </ExternalLinkFaq>{' '} | ||
| you will see orders/trades placed only using this interface. The same is true for orders/trades placed on{' '} | ||
| <ExternalLinkFaq href="https://barn.cowswap.exchange" target="_blank" rel="noopener noreferrer"> | ||
| https://barn.cowswap.exchange | ||
| </ExternalLinkFaq> | ||
| . | ||
| </p> | ||
|
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||
| <p>If you ever traded on both, you might have more trades than you would expect.</p> | ||
|
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| <p>In the future, the data will be consolidated and this number will match your expectations.</p> | ||
|
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||
| <Footer /> | ||
| </Content> | ||
| </Page> | ||
| </Wrapper> | ||
| ) | ||
| } |
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| Original file line number | Diff line number | Diff line change |
|---|---|---|
| @@ -0,0 +1,162 @@ | ||
| import Page, { Content } from 'components/Page' | ||
| import { ExternalLinkFaq, Wrapper } from './styled' | ||
| import { StyledInternalLink } from 'theme' | ||
| import { Footer } from '.' | ||
|
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| import { useToC } from './hooks' | ||
| import ToC from './ToC' | ||
|
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| export default function GeneralFaq() { | ||
| const { toc, faqRef } = useToC() | ||
|
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| return ( | ||
| <Wrapper ref={faqRef}> | ||
| <ToC toc={toc} name="General FAQ" /> | ||
| <Page> | ||
| <Content> | ||
| <h2 id="general">General</h2> | ||
| <h3 id="what-is-cowswap">What is CowSwap?</h3> | ||
| <p>CowSwap is the first trading interface built on top of CoW Protocol.</p> | ||
| <p> | ||
| CowSwap is a Meta DEX aggregator that allows you to buy and sell tokens using gasless orders that are | ||
| settled peer-to-peer among its users, or into any on-chain liquidity source while providing MEV protection. | ||
| </p> | ||
|
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| <h3 id="why-is-cowswap-a-meta-dex-aggregator">What makes CowSwap a "Meta" DEX aggregator?</h3> | ||
| <p> | ||
| Cowswap is built on top of the CoW Protocol which matches trades via batch auctions for a variety of | ||
| on-chain liquidity sources. | ||
| </p> | ||
| <p> | ||
| Trades can be settled via underlying on-chain AMMs directly or via DEX Aggregators, depending on which | ||
| pool/path offers the best price. It is thus essentially acting as a DexAggregator of the DexAggregators. | ||
| </p> | ||
| <p> | ||
| In addition to that, before finding the best price for a trade from available on-chain liquidity, CoW | ||
| Protocol first seeks a coincidence of wants within the existing batch to offer an even better price than any | ||
| pool can. | ||
| </p> | ||
|
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| <h3 id="what-is-mev-and-how-much-mev-has-been-extracted-from-users-to-date"> | ||
| What is MEV and how much MEV has been extracted from users to date? | ||
| </h3> | ||
|
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||
| <p> | ||
| Defined by Phil Daian et al. in the{' '} | ||
| <ExternalLinkFaq href="https://arxiv.org/abs/1904.05234">paper Flash Boys 2.0 </ExternalLinkFaq>, MEV is a | ||
| measure of the profit a miner (or validator, sequencer, etc.) can make through their ability to arbitrarily | ||
| include, exclude, or re-order transactions within the blocks they produce. | ||
| </p> | ||
|
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||
| <p> | ||
| Since January 2020 until now (March'22), the total amount of value extracted by miners (etc.) on | ||
| Ethereum transactions has reached{' '} | ||
| <ExternalLinkFaq href="https://explore.flashbots.net/"> | ||
| $ 605 Million, including successful and failed transactions. | ||
| </ExternalLinkFaq> | ||
| </p> | ||
|
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| <h3 id="to-what-does-the-term-coincidence-of-wants-cows-refer"> | ||
| To what does the term Coincidence of Wants (CoWs) refer? | ||
| </h3> | ||
|
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||
| <p> | ||
| <ExternalLinkFaq href="https://en.wikipedia.org/wiki/Coincidence_of_wants"> | ||
| Coincidence of Wants (CoWs) | ||
| </ExternalLinkFaq>{' '} | ||
| can be explained as “an economic phenomenon where two parties each hold an item the other wants, so they | ||
| exchange these items directly.” CowSwap facilitates CoWs among traders and their orders through using batch | ||
| auctions as a core mechanism. | ||
| </p> | ||
|
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||
| <p> | ||
| This means, on CowSwap, when two traders each hold an asset the other wants, a trade can be settled directly | ||
| between them without an external market maker or liquidity provider. This leads to better prices for the | ||
| individual traders (because traditionally market makers add a fee — referred to as spread — for their | ||
| service). | ||
| </p> | ||
|
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||
| <p> | ||
| CowSwap allows for coincidence of wants (CoWs) orders to be traded directly against one another. Only the | ||
| excess order amounts that cannot be settled directly with other CowSwap traders are sent to the underlying | ||
| AMMs (automated market makers). | ||
| </p> | ||
|
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| <h3 id="how-am-i-protected-from-mev-arbitrage-front-running-sandwiching-with-cowswap"> | ||
| How am I protected from MEV (Arbitrage, Front running, Sandwiching) with CowSwap? | ||
| </h3> | ||
|
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| <p> | ||
| CowSwap leverages batch auctions with uniform clearing prices for all trades in the same batch. Because of | ||
| the uniform clearing price, there is no need for ordering the transactions within a single batch. Because | ||
| everyone receives the same price across assets it’s not possible for <b>any</b> value to be extracted by | ||
| placing transactions in a certain order. This prevents the primary strategy used in MEV. | ||
| </p> | ||
|
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| <p> | ||
| Batches are decentrally settled by external, independent parties (called “solvers”) on-chain. A solver is a | ||
| person or entity who submits order settlement solutions that maximize trade surplus for a given batch. | ||
| Solvers are incentivized to implement professional transaction management techniques that allow them to set | ||
| very tight slippage bounds on any interactions with external liquidity sources (e.g., trading CoW excess on | ||
| Uniswap). This dramatically reduces the manipulation surface of miners and front-runners. | ||
| </p> | ||
|
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| <p> | ||
| Additionally, depending on the composition of the orders that are submitted and are valid for a given batch, | ||
| the existence of CoWs may significantly reduce the amount that has to be exchanged via external MEV-prone | ||
| protocols, such as Uniswap. | ||
| </p> | ||
|
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| <h3 id="how-does-cowswap-determine-prices">How does CowSwap determine prices?</h3> | ||
|
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| <p> | ||
| CowSwap settles batch auctions in discrete time intervals. In the absence of other traders, CowSwap matches | ||
| traders against the best available on-chain liquidity (note: currently the solvers have integrated liquidity | ||
| from Uni v2, Uni v3, Balancer, Balancer v2, Sushiswap and the liquidity that Aggregators such as Paraswap, | ||
| Matcha and 1inch leverage). | ||
| </p> | ||
|
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| <p> | ||
| If CoWs (Coincidence of Wants) orders exist in a batch, the “smaller” order is matched fully with the larger | ||
| order. The excess of the larger order is settled with the best available base liquidity CowSwap integrates | ||
| with, which is, for now, Uniswap. The clearing price for both orders will be the price of the token with the | ||
| excess amount on external liquidity sources to which the protocol is connected. | ||
| </p> | ||
|
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| <p> | ||
| Finding the best settlement for orders is a challenging task, which very soon may have its own{' '} | ||
| <ExternalLinkFaq href="https://forum.gnosis.io/t/gpv2-road-to-decentralization/1245"> | ||
| decentralized competition | ||
| </ExternalLinkFaq> | ||
| . | ||
| </p> | ||
|
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| <h3 id="is-cowswap-secure-to-use">Is CowSwap secure to use?</h3> | ||
|
|
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| <p> | ||
| As of August 11th, 2021, CowSwap is no longer in alpha and moves to a final, stable version. The underlying | ||
| CoW Protocol Smart contracts have been upgraded to integrate tightly with Balancer v2. | ||
| </p> | ||
|
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||
| <p> | ||
| With this upgrade, CowSwap evolves into its most stable, performant form: the code has been thoroughly and | ||
| carefully tested, peer-reviewed and fully{' '} | ||
| <ExternalLinkFaq href="https://github.com/gnosis/gp-v2-contracts/blob/main/audits/GnosisProtocolV2May2021.pdf"> | ||
| audited | ||
| </ExternalLinkFaq> | ||
| . Whilst CowSwap has taken a major step forward in terms of security and stability, as with other crypto | ||
| protocols or dapps, your use is at your own risk.{' '} | ||
| <strong> | ||
| Please review our{' '} | ||
| <StyledInternalLink to="/terms-and-conditions"> | ||
| <strong>Terms and Conditions</strong> | ||
| </StyledInternalLink> | ||
| . | ||
| </strong> | ||
| </p> | ||
| <Footer /> | ||
| </Content> | ||
| </Page> | ||
| </Wrapper> | ||
| ) | ||
| } |
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