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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DEX aggregators

CoW Protocol

# CoW Protocol Treasury Methodology

## 1. Overview

Treasury measures the total value of assets held in on-chain addresses controlled by CoW DAO, including the CoW DAO main safe and CoW's Managed Treasury. This metric reflects the financial resources available to the protocol for funding operations, incentivizing contributors, and supporting ecosystem growth. The valuation includes both the protocol's native assets and external assets such as stablecoins and other liquid tokens across all supported networks.

## 2. Data sources

- **Blockchain events**: ERC-20 token transfers and native token transfers involving identified treasury addresses, covering Ethereum, Gnosis, Arbitrum, Avalanche, Base, Blast, BSC, Optimism, and Polygon
- **External data**: End-of-day price feeds for held assets and asset metadata

## 3. Step-by-step calculation

### Component A: Treasury account identification

- **Purpose**: Map the specific on-chain addresses that constitute the CoW Protocol treasury.
- **Logic**: A comprehensive list of treasury and operational addresses is maintained for each supported chain. This includes designated multi-signature wallets and protocol-controlled accounts on Ethereum, Gnosis, Arbitrum, Avalanche, Base, Blast, BSC, Optimism, and Polygon.
- **Key fields**: `account_address` (treasury identifiers) and `chain_id` (network identification).

### Component B: Token balance change tracking

- **Purpose**: Calculate the daily net change in asset holdings for each identified address.
- **Logic**: Daily net flows are determined by parsing ERC-20 token transfers and native token transfers. For every tracked address, the sum of outbound transfer values is subtracted from the sum of inbound transfer values on a per-asset basis. These values are normalized by decimal precision based on asset metadata.
- **Key fields**: `token_address` (asset identification) and `value` (transfer quantities).

### Component C: Cumulative balance aggregation and USD conversion

- **Purpose**: Generate a continuous time series of treasury value in USD.
- **Logic**: Daily net flows are aggregated chronologically to calculate the running cumulative balance for every asset held in the treasury. For days where no on-chain activity occurs, the previous day's balance is carried forward to ensure a continuous dataset. These daily balances are then multiplied by end-of-day price feeds to determine the total USD value of the treasury.
- **Key fields**: `timestamp` (daily granularity) and `price_usd` (valuation).

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

Total value of a project's onchain treasury, including its native token.

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Treasury

Treasury

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Chain breakdown