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 (net) Methodology

## 1. Overview

Treasury (net) measures the total value of assets held in CoW DAO’s treasury and operational wallets, including the CoW DAO main safe and CoW’s Managed Treasury, excluding its native COW asset. This metric provides a view of the protocol’s non-native reserves, such as stablecoins and other liquid assets, which are available to fund ongoing development, contributor incentives, and operational expenses. By excluding the native asset, the metric reflects the protocol's actual purchasing power and financial runway independent of its own market valuation.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Asset flow identification

- **Purpose**: Identify the daily net movement of assets within designated protocol wallets.
- **Logic**: Net daily flows are calculated for a specific set of account addresses identified as treasury and operational wallets. This process captures both ERC-20 token transfers and native asset transfers. Inflows and outflows are aggregated per asset, per account, and per chain.

### Component B: Balance calculation and native asset exclusion

- **Purpose**: Compute cumulative balances and filter out the protocol's native asset.
- **Logic**: Daily net flows are summed chronologically to determine the running balance of every asset held in the tracked wallets. To satisfy the "net" definition, the protocol's native COW asset is explicitly excluded from the calculation. This exclusion is applied by filtering out specific COW contract addresses across Ethereum, Gnosis, Arbitrum, Avalanche, Base, Blast, BSC, Optimism, and Polygon.

### Component C: USD normalization and temporal smoothing

- **Purpose**: Normalize asset quantities and convert the continuous balance records to USD.
- **Logic**: Asset balances are filled forward for days without onchain activity to ensure a continuous daily record of holdings. The resulting balances are then normalized by decimal precision and multiplied by end-of-day price feeds. The total value is aggregated to provide a daily USD-denominated view of the non-native treasury.

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

Total value of a project's treasury excluding its native token.

CoW ProtocolCOW

Treasury (net)

Treasury (net)

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Chain breakdown