What is CoW Protocol (COW)?
CoW Protocol grew out of Gnosis Protocol, and its token launched in early 2022 when CoW DAO was spun off from Gnosis. The name refers to 'coincidence of wants', the moment two traders' orders can be matched directly.
- Type
- DEX protocol governance token
- Launched
- 2022
- Consensus
- Runs on Ethereum and Gnosis Chain
- Max supply
- 1 billion at genesis, up to 3% yearly inflation
- Swap network
- Gnosis Chain
How CoW Protocol works
Users sign orders expressing what they want to trade; competing solvers then settle them in batches at uniform prices, matching opposite orders peer-to-peer and routing the rest through on-chain liquidity. This design protects traders from front-running and sandwich attacks. The DAO also operates CoW Swap and MEV Blocker.
What COW is used for
COW holders vote on CoW DAO proposals, and solvers that settle batches post bonds that include COW. The token also trades on Ethereum and Gnosis Chain venues.
COW supply
The genesis supply was 1 billion COW; the token contract allows the DAO to mint at most 3% additional supply per year if governance approves it.
Before you swap COW
Here COW is delivered on Gnosis Chain, where fees are paid in xDAI, not ETH. If you need it on Ethereum, bridge it separately after the swap.