Cow Protocol

About Cow Protocol

CoW Protocol (COW) is a decentralized exchange aggregator and trading protocol built on Ethereum. It uses a unique batch auction mechanism and Coincidence of Wants (CoW) matching, which finds overlapping trades between users to settle them directly without needing liquidity pools, reducing costs and minimizing MEV exposure. Trades that cannot be matched peer-to-peer are routed through external solvers competing for the best execution. COW token holders participate in governance through CowDAO and receive fee discounts on CowSwap, the protocol's native trading interface.