Overview
CoW Protocol(COW)
Token Price$0.14
24h Change-7.73%
All Time HighMar 28, 2022$2.22
All Time LowNov 9, 2022$0.04
Key Metrics
Market Cap$83.88m
Fully Diluted Valuation$144.72m
Circ. Supply579.59m COW
Max Supply1b COW
Outstanding FDV$87.44m
Volume 24h$6.24m
CEX Volume$5.6m
DEX Volume$1.01m
Token Liquidity$13.09m
Balancer V2 · Ethereum$7.76m
Balancer V2 · Gnosis$3.05m
Uniswap V3 · Ethereum$1.14m
Balancer V3 · Ethereum$609,272
Balancer V3 · Base$429,821
Aerodrome V1 · Base$99,769
Treasury$94.65m
Majors$2.11m
Stablecoins$22.15m
Own Tokens$68.03m
Others$2.36m
Total Raised$23m
Mar 30, 2022$23m
Nov 5, 2024Undisclosed
Income Statement for CoWSwap
| Q2 2026* | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Gross Protocol Revenue | $3.31M | $9.71M | $17.68M | $8.42M | $4.04M | $6.19M | $5.99M | $3.10M | $2.59M | $294.82K | $0 | $0 | $0 | $23.92K |
| CoW Protocol Fees | $2.06M | $5.86M | $5.98M | $4.44M | $2.70M | $4.29M | $3.83M | $1.59M | $1.58M | $294.81K | ||||
| Partner Fees for CoW | $215.64K | $589.27K | $776.95K | $663.50K | $249.83K | $220.27K | $75.10K | $44.97K | $16 | $1 | ||||
| Partner Fees for Partners | $1.02M | $3.04M | $3.66M | $2.71M | $710.52K | $934.53K | $653.53K | $399.74K | $98 | $4 | ||||
| MEV Blocker Fees | $0 | $0 | $174.74K | $609.82K | $377.53K | $741.37K | $1.40M | $1.06M | $947.08K | $0 | ||||
| MEV Blocker Sale | $0 | $209.24K | $7.07M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||||
Cost of Revenue | $1.02M | $3.14M | $7.29M | $3.01M | $899.29K | $1.30M | $1.35M | $930.85K | $473.64K | $4 | $0 | $0 | $0 | $0 |
| Partner Fees for Partners | $1.02M | $3.04M | $3.66M | $2.71M | $710.52K | $934.53K | $653.53K | $399.74K | $98 | $4 | ||||
| MEV Blocker Fees to Beaver Build | $0 | $0 | $87.37K | $304.91K | $188.76K | $370.68K | $701.93K | $531.12K | $473.54K | $0 | ||||
| MEV Blocker Sale Amount to Beaver Build | $0 | $104.62K | $3.53M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||||
Gross Profit | $2.28M | $6.56M | $10.38M | $5.40M | $3.14M | $4.88M | $4.63M | $2.17M | $2.12M | $294.81K | $0 | $0 | $0 | $1.91K |
| MEV Blocker Fees to CoW DAO | $0 | $0 | $87.37K | $304.91K | $188.76K | $370.68K | $701.93K | $531.12K | $473.54K | $0 | ||||
| MEV Blocker Sale Amount to CoW DAO | $0 | $104.62K | $3.53M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | ||||
| CoW Protocol Fees | $2.06M | $5.86M | $5.98M | $4.44M | $2.70M | $4.29M | $3.83M | $1.59M | $1.58M | $294.81K | ||||
| Partner Fees for CoW | $215.64K | $589.27K | $776.95K | $663.50K | $249.83K | $220.27K | $75.10K | $44.97K | $16 | $1 | ||||
Incentives | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.92M | $0 | $611.61K | $0 | $876.06K |
| Solver Rewards | $2.92M | $611.61K | $876.06K | |||||||||||
Earnings | $2.28M | $6.56M | $10.38M | $5.40M | $3.14M | $4.88M | $4.63M | $2.17M | $2.12M | -$2.63M | $0 | -$611.61K | $0 | -$874.15K |
Token Holder Net Income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Markets
Token Rights and Value Accrual
Updated May 14, 2026Overview
- 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
ControlTokenholders 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
Anyone that holds > 10,000 COW can advance a CoW DAO Improvement Proposal.
Treasury Decisions
Revenue Decisions
Fee Switch
ONWhen 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
Primary Value Accrual
BuybacksValue accrues through buybacks.
Economic Rights
Value CaptureSurplus 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
Portion of protocol revenue is used to buy back COW, buybacks are dynamic.
Dividends
N/ANo dividend or revenue distribution is currently active
Burns
N/ANo burn mechanism is currently active
Ownership
- Fundraising
- Token Sale
- Equity Revenue Capture
- No
- Associated Entities
- DAO
Token Usage
An is required to view token usage.
Unlocks
An is required to view token unlocks.
Yields
Tracking 6 pools, average APY 23.15%
Pool | Project | Chain | 30d APY Chart | ||||||
|---|---|---|---|---|---|---|---|---|---|
| open in new tabWETH-COW0.3% | $473,514 | 19.20% | 19.20% | 11.57% | |||||
| open in new tabWETH-COW1% | $365,806 | 12.10% | 12.10% | 9.58% | |||||
| open in new tabGNO-COW | $323,367 | 0% | 0% | 2.87% | |||||
| open in new tabCOW-GNO | $84,820 | 6.58% | 6.58% | 5.36% | |||||
| open in new tabWETH-COW | $73,649 | 6.12% | 6.12% | 1.13% | |||||
| open in new tabWETH-COW | $45,472 | 71.73% | 71.73% | 2.60% |