# CoW Protocol

> Track CoW Protocol's fees, revenue, active users and trading volume with daily on-chain data across 11 chains. Compare CoW Protocol with other DEX aggregators.

Source: [CoW Protocol on Token Terminal](https://tokenterminal.com/explorer/projects/cow-protocol). This page has no metric values. For current values, use the [Token Terminal API](https://tokenterminal.com/docs/api-reference/introduction) or the [MCP server](https://tokenterminal.com/docs/mcp/introduction).

- Token: COW
- Sectors: DEX aggregators
- Chains: arbitrum, avalanche, base, bsc, ethereum, gnosis, linea, optimism, plasma, polygon, solana

## About

### What it is

CoW Protocol is a meta-DEX aggregation protocol that acts as a batch settlement layer on top of all other AMMs & DEX aggregators. CoW Protocol is a spin off from Gnosis DAO that launched in February 2021.

### Who uses it

COW tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

### How it works

CoW Protocol batches trades and auctions them between public and private liquidity sources. It aims to achieve better prices than other exchanges by matching trades via Coincidences of Wants (CoWs) and protecting from MEV.

## Metrics

Token Terminal tracks these metrics for CoW Protocol daily. Each page has a chart with the full history.

- [Price](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/price)
- [Fully diluted market cap](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/market-cap-fully-diluted)
- [Circulating market cap](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/market-cap-circulating)
- [Token trading volume](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/token-trading-volume)
- [Token turnover (fully diluted)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/token-turnover-fully-diluted)
- [Token turnover (circulating)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/token-turnover-circulating)
- [Token holders](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/tokenholders)
- [Circulating supply](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/token-supply-circulating)
- [Maximum token supply](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/token-supply-maximum)
- [Trading volume](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/trading-volume)
- [Fees](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/fees)
- [Supply-side fees](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/fees-supply-side)
- [Revenue](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/revenue)
- [Cost of revenue](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/cost-of-revenue)
- [Token incentives](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/token-incentives)
- [Gross profit](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/gross-profit)
- [P/F ratio (fully diluted)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/pf-fully-diluted)
- [P/F ratio (circulating)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/pf-circulating)
- [P/S ratio (fully diluted)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/ps-fully-diluted)
- [P/S ratio (circulating)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/ps-circulating)
- [Treasury](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/treasury)
- [Treasury (net)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/treasury-net)
- [Active users (daily)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/user-dau)
- [Active users (weekly)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/user-wau)
- [Active users (monthly)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/user-mau)
- [Active addresses (daily)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/active-addresses-daily)
- [Active addresses (weekly)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/active-addresses-weekly)
- [Active addresses (monthly)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/active-addresses-monthly)
- [Core developers](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/active-developers)
- [Code commits](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/code-commits)
- [Trade count](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/trade-count)
- [Transaction count (contracts)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/transaction-count-contracts)
- [Gas used](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/gas-used)
- [Average fees per user (AFPU)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/afpu)
- [Average revenue per user (ARPU)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/arpu)
- [Average trading volume (per trade)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/trading-volume-avg-per-trade-count)
- [Average trading volume (per user)](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/trading-volume-avg-per-user)
- [Take rate](https://tokenterminal.com/explorer/projects/cow-protocol/metrics/take-rate)

## Links

- [governance](https://forum.cow.fi/)
- [github](https://github.com/cowprotocol/)
- [twitter](https://twitter.com/CoWSwap)
- [discord](https://discord.com/invite/cowprotocol)
- [etherscan](https://etherscan.io/token/0xdef1ca1fb7fbcdc777520aa7f396b4e015f497ab)
- [website](https://cow.fi/)