$COW Token Rights

Updated May 14, 2026

Overview

Token(s): COW
Token Type: Governance
Utility: N/A

COW serves as a governance token within the CoW Protocol ecosystem, allowing stakeholders to participate directly in the decision-making processes that guide the protocol's development and evolution. The governance framework is designed to align incentives between the protocol's users, developers, and supporters.

Governance Rights

Control

Tokenholders contribute to CoW DAO's mission by participating in "CoWmunity" discussions on Discord, by adding proposals to the CoW DAO Forum, and by voting on governance actions in Snapshot. Governance is to be owned, developed, and enforced by the CoWmunity. Governance controls protocol upgrades, fee parameters, treasury allocation, grants, solver incentives, and revenue use. Anyone with sufficient COW can advance proposals.

Governance Decisions

COW

Anyone that holds > 10,000 COW can advance a CoW DAO Improvement Proposal.

Treasury Decisions

COW

Revenue Decisions

COW

Fee Switch

When any CoW Protocol users sends a swap to the trading protocol, fees are deducted from the sell token. The protocol charges a fee equal to 50% of the user's surplus taken in the sell token and a 2bps fee based on the volume of the order, these collected fees are converted into COW tokens. On average, 25% of Partner fees charged when integrating CoW Protocol are retained as a service fee to CoW Protocol and converted into WETH.

Resources

DAO Multisig

0xcA771eda0c70aA7d053aB1B25004559B918FE662

CoW Treasury

0x616dE58c011F8736fa20c7Ae5352F7f6FB9F0669

Buyback Recipient

0xA2BFc70e63a48BDfc3F8013a44B04b6c33fb8200

Monthly recap April 2026http://Monthly recap: https://cow.fi/learn/cow-dao-monthly-recap-april-2026

Primary Value Accrual

Buybacks

Value accrues through buybacks.

Economic Rights

Value Capture

Surplus fees, quote improvement fees & volume fees are charged in the surplus token, i.e. in the buy token for sell orders and the sell token for by orders. A portion of protocol revenue is used to buy back COW, buybacks are dynamic.

Buybacks

COW

Portion of protocol revenue is used to buy back COW, buybacks are dynamic.

Dividends

N/A

No dividend or revenue distribution is currently active

Burns

N/A

No burn mechanism is currently active

Ownership

Raise History

2 rounds · $23m total

Date	Amount	Round	Valuation
Nov 05, 2024	—	—	—
Mar 30, 2022	$23m	—	—

Fundraising: Token Sale
Equity Revenue Capture: No
Associated Entities: DAO