Summary:
Increase the trading fee of Curve Pool 0x90455bd11Ce8a67C57d467e634Dc142b8e4105Aa from 0.01% to 0.02%, based on consistently high CowSwap order flow capture.
Abstract:
This proposal suggests increasing the fee of the Curve pool at 0x9045...5Aa to 0.02%. Order flow analysis shows that this pool captures over 99% of CowSwap volume for its token pair, even in the presence of a competing pool on Balancer v3. A moderate fee increase is expected to raise LP earnings without meaningful trade-offs in routing dominance.
Motivation:
This pool captures 99.1% of CowSwap trade volume for its token pair. Its dominance is not due to a lack of alternatives, but because it consistently offers the best execution route when considering liquidity, pricing, and pool configuration. The chart below illustrates how consistently CowSwap order flow is routed through this Curve pool across all trade size buckets — with Curve (yellow) clearly absorbing the majority of volume.
Increasing the fee to 0.02% would improve LP revenue while preserving solver preference and routing dominance, as the pool remains competitively positioned even with the proposed adjustment.
Specification:
POOL = "0x90455bd11Ce8a67C57d467e634Dc142b8e4105Aa"
ACTIONS = [
# Set fee to 0.02%
(POOL, "set_new_fee", 2000000, 50000000000)
]