CoW Protocol
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What is CoW Protocol?
Trading mechanism
CoW Protocol groups user orders into batches before settlement. Each order is a signed intent defining acceptable execution conditions. Competing solvers search for execution paths across these orders. A Coincidence of Wants occurs when orders can satisfy each other directly. The protocol combines those matches with liquidity from automated market makers, aggregators and private market makers. Settlement contracts enforce the users' specified trading conditions.
Governance and representation
COW is an ERC-20 governance token issued on Ethereum. Bridged representations circulate on supported EVM networks. CoW DAO uses token governance to direct the protocol and allocate development funding. The original distribution also used vCOW as a separate vesting representation. Eligible vCOW converts to COW at a one-to-one ratio. Vesting for the relevant allocations runs over four years from deployment.
Supply and treasury
The token generation event created an initial supply of one billion COW. The DAO treasury received 44.4% of that allocation. The token contract allows governance-authorized inflation of up to 3% per year. Such minting is limited to a minimum interval of 365 days. Treasury distributions and vesting affect how much of the supply is available to circulate.
Where to trade COW
45 exchanges · top 10
Live spot quotes from connected exchanges
COW funding rates
Live perpetual funding on every connected exchange. Positive = longs pay shorts.
Contracts & chains
Exact contract or mint per network — the identity layer used for DEX routing.
On-chain routes
Networks with a connected DEX routing adapter.