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docs/cow-protocol/concepts/introduction/batch-auctions.md

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 # Batch auctions
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 CoW Protocol collects and aggregates [intents](./intents) off-chain and settles them together in groups, known as *batches*.
 The right to settle the orders in a batch is then "auctioned off" through a competition to the [solver](./solvers) offering the most surplus for the orders in the batch.