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Update flow of an order text and image to reflect combinatorial auctions #668

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Update flow of an order text and image to reflect combinatorial auctions #668

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update flow of an order text and image to reflect combinatorial auctions
harisang Oct 8, 2026
6c35901
Update docs/cow-protocol/concepts/how-it-works/flow-of-an-order.md
harisang Oct 10, 2026
aa29f54
Update docs/cow-protocol/concepts/how-it-works/flow-of-an-order.md
harisang Oct 10, 2026
e559cd4
Update docs/cow-protocol/concepts/how-it-works/flow-of-an-order.md
harisang Oct 10, 2026
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8 changes: 4 additions & 4 deletions docs/cow-protocol/concepts/how-it-works/flow-of-an-order.md
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Expand Up @@ -15,12 +15,12 @@ There are 4 main steps to an order on CoW Protocol:

1. Users express their trade intents by signing messages that specify the assets and amounts they want to trade, alongside other parameters.
2. The protocol gathers the intents of multiple users into a [fair combinatorial batch auction](../introduction/fair-combinatorial-auction).
3. Solvers have a set amount of time to propose settlements for the batch. The solver that is able to generate the highest amount of surplus for the batch is declared the winner.
4. The winning solver submits the batch transaction on-chain on behalf of the users.
3. Solvers have a set amount of time to propose settlements for the batch. The solvers that are able to generate the highest amount of surplus per token pair are declared the winners.
4. The winning solvers’ solutions are executed on-chain on behalf of the users.

Once the winning solver executes the batch's orders on-chain, users receive their tokens.
Users receive their tokens with the on-chain execution of winning solutions.

The competition between solvers in a batch auction ensures that users (including traders, DAOs, smart contracts, and bots) always receive the best prices for their trades.
The competition between solvers in a fair combinatorial auction ensures that users (including traders, DAOs, smart contracts, and bots) always receive the best prices for their trades.

@fhenneke fhenneke Oct 9, 2026

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Maybe something for BD to reword, as per "always receive the best prices". @cowprotocol/moodocs


Letting solvers do the heavy lifting means users don't have to worry about finding the best liquidity pool, setting the right gas price, or picking the optimal slippage tolerance for their trades.
Solvers are also experts at avoiding MEV so users can rest assured their orders are protected from MEV bots that exploit their price through frontrunning and sandwich attacks.
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