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).

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CoW Protocol

# CoW Protocol Maximum token supply Methodology

## 1. Overview

Maximum token supply measures the total number of COW assets that can ever be issued under the current tokenomics of CoW Protocol. All assets currently in circulation are included in this metric, alongside those that are locked, unvested, or reserved for future issuance through protocol governance or community incentive programs. A fixed cap of 1 billion assets is established for the CoW Protocol ecosystem to provide transparency regarding the maximum potential dilution of the asset.

## 2. Data sources

- **None**: This metric is set to a constant value and does not consume blockchain events.

## 3. Step-by-step calculation

### Component A: Fixed supply definition

- **Purpose**: To establish the terminal supply cap for the COW asset.
- **Logic**: A constant value of 1,000,000,000 is assigned to the COW asset starting from the token launch date of March 28, 2022. This value represents the maximum supply as defined by the protocol's economic parameters.

### Component B: Time-series extrapolation

- **Purpose**: To maintain a continuous daily record of the maximum supply.
- **Logic**: The fixed supply value is propagated forward for every daily interval following the initial launch timestamp. A fill-forward strategy is applied to ensure the metric remains consistent across the entire time series from the launch date to the present day.

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

Maximum number of tokens that can exist under the current token economics.

CoW ProtocolCOW

Maximum token supply

Maximum token supply

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