CoW Swap is the leading intent-based decentralized exchange (DEX), revolutionizing on-chain trading with superior execution, MEV protection, and gasless transactions. Built on CoW Protocol, it aggregates liquidity across all major DEXs to offer traders the best prices while ensuring fair execution through batch auctions. CoW Swap eliminates the risks of sandwich attacks and slippage while capturing trading surplus for users. With rapid expansion across Ethereum and Layer 2s, CoW Swap is setting new standards for efficiency and transparency in DeFi, solidifying its position as the #1 DEX on Ethereum by market share and a trusted venue for whales, institutions, and everyday traders.

Revenue and User Statistics 2025-03-20

$COW Token Metrics as of 20/03/2025

  • Market Cap: $127,342,480

  • Fully Diluted Market Cap: $306,925,125.

  • Circulating supply: 415,008,617

  • Total Supply: 1,000,000,000

  • Token Holders: 83861

Performance Highlights:

  • Dominating Ethereum: December marked an all-time high in trading volume on Ethereum, hitting $7.8B. As of March 2025, CoW Swap is the #1 DEX on Ethereum with a 43.7% market share—more than double the second-largest DEX at 18.1%.

  • Expansion to Base: Our December launch on Base saw a strong community reception, and we’ve steadily increased our market share to 8%. In the first three months, CoW Swap has processed over $820M in trading volume on Base, establishing itself as one of the most efficient trading platforms on the chain.

  • MEV Protection Leadership: By the end of 2024, MEV Blocker had returned a total of 4,079 ETH in rebates to users since its inception. By March 2025, it has protected over $221B in DEX volume, helping traders keep more of their profits.

  • Trusted by Whales: CoW Swap has become the preferred DEX for high-volume traders, including World Liberty Finance, a project associated with President Trump, regularly choosing CoW Swap for executing large trades

  • Product Innovations Driving Growth: There’s been a growing adoption of limit orders, TWAP orders (which recently sailed past the $1 billion mark) and gasless limit orders, highlighting CoW Swap’s position as the most advanced trading platform in DeFi.

Future Outlook:

  • Sustained Market Share Growth: We anticipate further market share expansion on Ethereum and L2s, aiming to solidify our dominance on Mainnet while breaking into the top 3 DEXs on major L2s like Arbitrum, Base and more

  • Expanding to More L2s: We plan to deploy on additional Layer 2s, bringing CoW Protocol’s best-in-class UX, superior pricing, and MEV protection to more users and driving higher adoption and transaction volume across multiple chains.
    Additionally, new features will be introduced to enhance the trading experience.

  • Major BD and Partnerships: Following the success of recent partnerships, we are ramping up business development efforts to secure more high-impact collaborations. Expect deals with key famous players in the space in the coming months that will further accelerate our growth, expand our ecosystem, and increase brand recognition.

  • CoW AMM Expansion and Liquidity Growth: As CoW AMM adoption grows, we expect to onboard more liquidity providers by emphasizing LVR protection, multi-token pools, and institutional-grade LP tools. We are now building CoW AMM on Balancer V3. This will make capital more efficient and lower the barrier for passive LPs, eliminating the need for constant manual management. These advancements will further solidify CoW AMM as the go-to liquidity source for both retail and institutional LPs.