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.

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.

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

governance

github

twitter

discord

etherscan

website

DEX aggregators

CoW Protocol

# Active addresses (daily) Methodology

## Overview

Active addresses (daily) measures the number of unique addresses that make a transaction with a project, i.e. An application or a blockchain. Daily active addresses are measured over a fixed 24-hour window.

## Data sources

- Raw blockchain transaction records and metadata
- Smart contract events and program instructions
- Asset metadata for address and project identification

## Common calculation approaches

### Transaction-level identification
Unique addresses are extracted from the sender field of raw transaction records on blockchains such as Tron and Aptos. For networks including Solana, signer addresses are tracked from both successful and failed transactions—specifically from program instructions—to represent total daily demand.

### Event-based activity tracking
Activity is identified from specific smart contract interactions to measure engagement for individual applications or assets. For example, recipient addresses are extracted from ERC-20 `Transfer` events from World Mobile Token contracts on World Mobile Chain to proxy for active service subscribers.

### Multi-layer ecosystem aggregation
Daily user activity is combined across primary networks and their respective scaling solutions to provide an ecosystem-wide view. Transaction data is aggregated across multiple layers within the BNB Chain ecosystem to capture the total number of unique addresses interacting with the network.

**Note:** The calculation approaches and protocol examples above are representative patterns. Individual protocol implementations may vary.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique active addresses over a fixed 24-hour window.

CoW ProtocolCOW

Active addresses (daily)

Active addresses (daily)

Competitive landscape

Chain breakdown