CoW ProtocolCOW

Supply-side fees measures the total value paid to third parties who facilitate CoW Protocol operations, primarily solvers who execute user trades and partners who contribute order flow. Four distinct cost streams are captured: solver gas reimbursements (native token outflows compensating solvers for on-chain settlement costs), partner payouts (weekly distributions to fee-sharing partners), MEV blocker fees (50% allocation of MEV protection revenue until October 2025), and MEV Blocker asset sale (50% allocation of one-off MEV capture events). Gas reimbursements and partner payouts are recorded on a cash basis when payments occur, creating timing differences from the accrual-based fees metric that records revenue when orders settle. **Known data gaps**: Protocol fee splits are unavailable for January–September 2024 due to API data limitations. Ethereum is missing approximately 6,500 orders from July–September 2024, and Gnosis is missing approximately 94,000 orders from July–October 2024.Learn more