The full report. Score, pillars, arithmetic, risk, scenario, signal and notes.
Research, not financial advice. Read the terms.
About CoW Protocol
Analysis of 11 Jul 2026CoW Protocol is an intent-based exchange system that batches orders and asks competing solvers to find settlement routes, including peer-to-peer coincidences of wants and external liquidity. The design protects traders from several forms of MEV and can improve execution beyond a single DEX route.
Full overviewShow less
In May 2026, the core team reported more than $200B in product volume, over 12M trades, and $41.9M in DAO revenue since 2024. CoinGecko reports 579.2M COW circulating from a 1B cap, an $81.2M market capitalization, and $3.3M in daily token volume.
The original vCOW vesting completed on February 12. An April domain hijack caused about $1.2M in user losses without compromising protocol contracts.
