> For the complete documentation index, see [llms.txt](https://txswap.gitbook.io/tx-swap/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://txswap.gitbook.io/tx-swap/overview/introduction.md).

# Introduction

Tx Swap matches trades using batch auctions from various on-chain liquidity sources, mirroring the process utilized by Cow Swap.

Trades can be settled either directly through underlying on-chain AMMs or via DEX Aggregators, all depending on which pool or path provides the most optimal price. In this manner, Tx Swap effectively acts as a DEX Aggregator of DEX Aggregators.

Moreover, before identifying the best price for a trade from the available on-chain liquidity, Tx Swap, first searches for a coincidence of wants within the existing batch to provide an even more competitive price than any given pool can offer.