Coincidence of Wants (CoWs) are one of the most, if not the most, innovative aspects of the protocol, but what exactly are they? CoWs are settlements which share liquidity across all orders who have matching limit prices. Rather than an AMM or an CLOB, CoW Protocol uses batch auctions as a core mechanism to facilitate CoWs. Using batch auctions leads to better prices for the individual traders as well as offering big savings, in terms of gas fees optimization and liquidity provider fees. Additionally, because of Batch Auction uniform clearing prices and CoWs not needing access to on-chain liquidity, CoW Protocol is able to offer the user a level of MEV protection that can not be achieved by any other protocol.