CoW Protocol(COW)

Overview

CoW Protocol is an Ethereum-based decentralized trading protocol that uses batch auctions, collecting orders over a short interval and settling them together rather than one at a time. Participants known as solvers compete to propose the best settlement route, while users submit orders by signing a trading intent rather than executing a transaction directly. The design aims to reduce users' exposure to MEV (maximal extractable value).

COW is the governance token of the CoW Protocol ecosystem, giving holders the right to submit and vote on proposals about the protocol's infrastructure and parameters through CowDAO. Token holders also receive certain benefits such as fee discounts when trading on CoW Swap. The token is used across the networks the protocol supports, including Ethereum mainnet and Gnosis Chain.