CoW Protocol
COWIntent-based batch auction trading protocol
Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.19% | 0.08% | 4.40% | 23.39% | 9.36% | 4.11% |
Revenue & Burn
Protocol income
$69.1KBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Nov 2026 | $69.1K | -- | -- | -- |
| Oct 2026 | $1.29M | -- | -- | -- |
| Sep 2026 | $1.2M | -- | -- | -- |
| Aug 2026 | $1.09M | -- | -- | -- |
| Jul 2026 | $838.08K | -- | -- | -- |
| Jun 2026 | $1.75M | -- | -- | -- |
Comparison
Tokenomics
Unlock Progress
Data source: CoinGecko
On-chain Holding
| Holding Token | Price | Amount | Total Value |
|---|---|---|---|
| No Data | |||
Top Holders
| Address | Token | Quantity | Percentage | Value |
|---|---|---|---|---|
| CoW Protocol: CoW DAO Safe (e662) |   COW | 357,338,385.71 | 35.73% | $42.42M |
| CoW Protocol: vCOW Token (8048) | COW | 133,817,417.67 | 13.38% | $15.88M |
| 0x458c...5e6f | COW | 49,017,556.58 | 4.9% | $5.81M |
Open Markets
| # | Exchange | Pair | Price | +2% depth | -2% depth | Volume (24h) | volume % |
|---|---|---|---|---|---|---|---|
| 1 | HHTXCEX | COW/USDT | $0.1919 | $2,211 | $4,214 | $880,773 | 36.63% |
| 2 | PPhemexCEX | COW/USDT | $0.1922 | $4,231 | $5,184 | $284,664 | 11.84% |
| 3 | UUpbitCEX | COW/KRW | $0.1926 | $12,870 | $20,820 | $188,140 | 7.82% |
| 4 | COW/USD | $0.1919 | $37,709 | $60,364 | $151,083 | 6.28% | |
| 5 | BBingXCEX | COW/USDT | $0.1916 | $50,642 | $102,543 | $101,680 | 4.23% |
| 6 | COW/WETH | $0.1905 | $13,504 | $13,463 | $39,927 | 1.66% | |
| 7 | BBitgetCEX | COW/USDT | $0.1922 | $55,009 | $64,428 | $39,368 | 1.64% |
| 8 | BBithumbCEX | COW/KRW | $0.194 | $9,392 | $6,286 | $35,427 | 1.47% |
| 9 | COW/WETH | $0.1914 | $5,341 | $5,325 | $8,194 | 0.34% | |
| 10 | COW/WETH | $0.1913 | $2,826 | $2,818 | $7,064 | 0.29% |
Follow Updates
Follow Lists
People
About CoW Protocol
CoW Protocol is an intent-based trading protocol started in 2020 that runs on Ethereum, Gnosis, Arbitrum, Base and other EVM networks. Users sign an expression of what they will trade at what price instead of sending a transaction; orders enter a batch auction where competing solvers search off-chain for the best path, first matching opposing orders inside the batch, then tapping market-maker inventory, and only then routing to AMMs. A batch clears at uniform prices, so ordering yields no edge, sandwich attacks lose their footing, and any improvement over the signed price accrues to the user.
Products include CoW Swap for retail, CoW AMM for market makers, and a widget and API for protocols, with DAO and treasury rebalancing as the main institutional use. The protocol custodies nothing and depends on external AMM depth and solver quotes; the solver set is permissioned and new members pass governance review. In April 2026 its access point was hijacked for about 4.5 hours and roughly USD 1.2 million was taken, with reimbursement settled through CIP-86 on 31 May.
Buyback and burn proposals: On May 15 the core team published its path to value distribution, proposing a 1:1 burn trial through December 2026 expected to permanently remove 60 million to 85 million COW, plus authority to scale buybacks up to 100% of weekly revenue if conditions are met. Since April 2024, buybacks total 78.6 million COW against 66.6 million in solver emissions, leaving net emissions at -12 million.
Revenue and setbacks: May volume was $2.2 billion with 16.8% DEX aggregator share, second place; all-time volume stands at $202.14 billion and DAO revenue at $42 million. In April the cow.fi domain was hijacked for about 4.5 hours and roughly 1.2 million USDC drained; CIP-86 paid every verified claim in full by May 31.
In July 2026 CoW Swap began settling cross-chain swaps directly into and out of Bitcoin, extending solver competition and MEV protection beyond the EVM. Volume that month reached $2.5 billion, cumulative volume $208.5 billion, and the protocol held 14.5% of the DEX aggregator market. On 30 September TWAP orders opened to plain externally owned accounts rather than only Safe multisigs; September volume hit $3.5 billion and share rose to 16.1%. Cross-chain bitcoin swaps bring solver competition into a route previously dominated by custodial bridges, with the same solvers quoting and settling.
The cow.fi domain was hijacked through social engineering on 14 April, pointing the front end at a phishing site, though core contracts were untouched. Between 8 and 31 May the DAO paid about 1.2 million USDC from its legal defence reserve to affected users. Governance passed CIP-88 on 25 September, lifting the quote reward budget to a tenth of protocol revenue so quoting competes as hard as solving. Late in September, part of the funds stolen from Bitget were routed through CoW automated orders into Bitcoin, reviving debate about permissionless infrastructure. After the domain incident the DAO separated control of front-end hosting from domain registration, a more substantive change than the compensation itself.
CoW Protocol will ship faster auctions and a Solana deployment, win more non-exclusive order flow, and fold solver penalties, the quoting API and anti-spam pricing into one mechanism.
Anna George — Co-founder; former APAC Director at Gnosis, with earlier roles at UNDP and GIZ; drove CoW's spin-out from Gnosis in 2021.
Felix Leupold — Technical Co-founder; joined the Ethereum ecosystem in 2018 and worked on fair trading and batch auction mechanisms at Gnosis.
CoW Protocol charges a volume fee of 2 bps for standard assets and 0.3 bps for correlated stables and RWAs; the out-of-market limit-order surplus fee is 50% and the market-order quote-improvement fee 50%, each capped at 0.98% of volume; partner fees reach up to 100 bps, with 25% retained by CoW Protocol.