# CoW Protocol

CoW Protocol is a meta-DEX aggregation protocol that leverages [trade intents](/cow-protocol/concepts/introduction/intents) and [fair combinatorial batch auctions](/cow-protocol/concepts/introduction/fair-combinatorial-auction) to find users better prices for trading crypto assets.

![What is CoW Protocol](/img/what-is-cow-protocol.png)

The protocol relies on third parties known as "[solvers](/cow-protocol/concepts/introduction/solvers)" to find the best execution paths for trade intents — signed messages that specify conditions for executing transaction on Ethereum and EVM-compatible chains.

Upon first receiving a user intent, the protocol groups it alongside other intents in a [batch](/cow-protocol/concepts/introduction/fair-combinatorial-auction).
When executing trade intents, solvers first try to find a [*Coincidence of Wants (CoW)*](/cow-protocol/concepts/how-it-works/coincidence-of-wants) within the existing batch to offer an optimal price over any on-chain liquidity.
If the protocol does not find a CoW, the solvers search all available on-chain and off-chain liquidity to find the best price for a set of trade intents within a batch.

Liquidity sources include:

- AMMs (e.g. Uniswap, Sushiswap, Balancer, Curve, etc.)
- DEX Aggregators (e.g. 1inch, Paraswap, Matcha, etc.)
- Private Market Makers

The wide range of liquidity that solvers tap into makes CoW Protocol a meta-DEX aggregator, or an aggregator of aggregators.

**To learn more about the concepts CoW Protocol makes use of, see [Concepts](/category/concepts).**

**For more info on how to use CoW Protocol or CoW Swap, see [Tutorials](/category/tutorials).**

**To dive into the technical details, see [Technical reference](/category/technical-reference).**
