The order type professional trading desks use to limit market impact is now available to any externally owned account (EOA) wallet – no Safe setup required.
LISBON, Portugal, Sept. 30, 2026 /PRNewswire/ — CoW DAO today announced that CoW Swap users can now place, edit, and cancel TWAP (time-weighted average price) orders directly from any externally owned account (EOA) wallet, closing a gap that previously restricted the feature to multisig wallet users.
Price impact is one of the least visible costs of trading – and one of the most expensive. Academic research analyzing over half a million real trades found that for swaps above $100,000, price impact and slippage together account for roughly 77% of the total cost of the trade. The effect isn’t limited to large trades. In the same study, on a thinner-liquidity pair, price impact and slippage made up more than a third of the total cost of trades between $1,000 and $100,000.
TWAP orders address this by splitting a large trade into smaller pieces that execute over set intervals, rather than filling all at once, helping to reduce the price impact a single large order can have. It’s a technique long used by professional trading desks and market makers; and is now available to all users of CoW Swap.
The feature already counts some of Ethereum’s most closely watched wallets among its users. The Ethereum Foundation has used CoW Swap’s TWAP orders on multiple occasions to convert ETH into stablecoins to fund R&D, grants, and donations without disturbing ETH’s market price – including a 5,000 ETH conversion in April 2026.
Ethereum co-founder Vitalik Buterin has separately used CoW Swap’s TWAP feature for his own ETH-to-stablecoin conversions, including a transaction of more than 3,100 ETH.
Traders use TWAP orders for other reasons, too. TWAP can spread execution across time, giving traders an average execution price rather than relying on the market price at a single moment. And because trades can be scheduled at regular intervals, TWAP can automate recurring strategies – such as buying a fixed amount of an asset every week or month – without requiring the trader to return and place each order manually.
“TWAP has long been a preferred tool for our biggest users,” says Anna George, CoW DAO’s co-founder. “But our ambition was to be able to build tools that anyone can use – be they a big trader or small. Rolling out TWAP to every EOA wallet means millions can now split their trades and lower their price impact, effortlessly.”
With the update, CoW Swap handles the timing and execution automatically once an order is placed – funds remain in the trader’s own wallet for the duration, and every fill still respects the price protection the trader sets, so an order won’t execute outside the range they’ve defined.
The change is live now on swap.cow.fi for all supported EVM chains.
About CoW Protocol
CoW DAO develops the most user-protective products in DeFi. Its products, including CoW Swap are class leaders in intent-based DeFi, enabling gasless, MEV-protected swaps across major chains through solver competition and batch auctions – powered by CoW Protocol. Since launch, CoW Protocol has processed over $200B in user trades, and saved more than $1.5 billion in extracted value and returned it to users. Learn more at https://cow.fi.
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matt@cow.fi
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