CoW Protocol (COW)USD

CoW Protocol is a decentralized trading protocol for token swaps on Ethereum and other EVM-compatible chains. It batches orders, matches coincidences of wants between users, and runs solver competitions to reduce MEV and slippage. The protocol grew out of Gnosis Protocol v2 and was founded in 2021 by Anna George along with the Gnosis team and GnosisDAO. Its core design uses intent-based batch auctions: users sign trading intents off-chain, competing solvers propose on-chain settlements, and the best valid batch is executed on-chain. The COW token launched in March 2022, with one billion tokens issued at that time. COW is a governance token that allows holders to vote on CoW DAO proposals and is also used for solver bonding and protocol incentives. The total supply is documented at a maximum of one billion COW, though some sources note protocol-level provisions that leave the strictly fixed nature of that cap disputed. CoW Protocol is most widely used through CoW Swap, which gives traders MEV protection and price improvement on token swaps.