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COW to USDT Converter
1 COW = 0.124898 USDT · updated 06:22 UTC
Volume Bubbles Chart (1h)
Each 1-hour candle's volume is signed by its direction (up candles count as net buying, down candles as net selling) and drawn as a bubble at the closing price, green for buying and red for selling. Bubble size and colour intensity show how strong that flow is compared with the last 300 candles: the strongest 30% get full bubbles with their USD value, the rest stay as small dots. Unusually large bubbles flag aggressive buying or selling worth a closer look, often near breakouts, reversals or key levels.Seasonal Chart
Plots one line per calendar year showing the % change since the start of that year, with the current year highlighted against up to four previous years. Lining the years up on the same calendar shows whether the price tends to rise or fall in the same months, helping you spot recurring seasonal patterns. Treat it as context rather than a forecast: past seasonality does not guarantee future moves.CoW Protocol Markets
CoW Protocol Historical Data
About CoW Protocol (COW)
CoW Protocol (COW) is a decentralized trading protocol that uses trade intents and batch auctions to find execution paths across on-chain and off-chain liquidity. Its documentation describes solvers as third parties that compete to execute signed trade intents. COW is the protocol's governance token and is also distributed through solver incentives. FMchart shows a composite USD price from several exchanges.
Trade intents and batch auctions
A trade intent describes the conditions a user wants an order to satisfy rather than prescribing one exact liquidity route. CoW Protocol groups compatible intents into batches. Solvers then compete to find execution paths, including Coincidence of Wants opportunities and liquidity from multiple decentralized exchanges and market makers.
Solvers and MEV protection
Solvers are responsible for finding execution solutions for batches of user intents. The protocol can use Coincidence of Wants, where two users' desired trades can partially match without routing every asset through an external pool. When that is not possible, solvers can search other liquidity sources. This design aims to make execution competitive while reducing some forms of transaction-ordering exposure.
COW and governance
COW is used for governance of the CoW ecosystem. Solver rewards also distribute COW, creating an economic relationship between the token and protocol participants. Governance can change parameters, treasury actions and incentive mechanisms. The CoW DAO forum records ongoing proposals that can modify how the protocol manages its token and treasury.
Buybacks and 2026 changes
CoW DAO began buying back COW with protocol revenue in April 2024 to counter the inflationary effect of solver rewards. A 2026 Core Team framework reported that buybacks had exceeded solver emissions over the period measured and proposed a more flexible mechanism tied to protocol conditions. The forum also records a September 2026 proposal concerning COW held by Balancer DAO, showing that treasury and token-management decisions remain active governance topics.
What can weigh on COW
COW depends on trading activity, solver competition, liquidity access and continued use of its intent-based execution model. Governance can change rewards, buybacks and treasury policy. Competition from other DEX aggregators and intent-based protocols is another factor. The current buyback framework is important because older descriptions may imply a fixed policy even though the DAO has been discussing more flexible mechanisms.
CoW Protocol is built around signed trade intents. Solvers compete to find routes. Batch auctions group related orders. COW connects this system to governance and solver incentives. Buybacks add another token mechanism. The DAO can change these rules through governance. The 2026 forum work shows that token policy is still evolving. Older articles may therefore describe a buyback model that is no longer the full picture.
Last reviewed: Oct 8, 2026
CoW Protocol (COW) FAQ
What is CoW Protocol (COW)?
CoW Protocol is a decentralized trading protocol that uses trade intents, solvers and batch auctions to find execution paths for crypto trades. These roles connect the token to protocol activity and DAO decisions. The CoW DAO forum remains the main place for current token-policy proposals.
How does CoW Protocol work?
Users sign trade intents, which are grouped into batches; competing solvers then search for Coincidence of Wants and other liquidity paths. These roles connect the token to protocol activity and DAO decisions. The CoW DAO forum remains the main place for current token-policy proposals.
What is a solver on CoW Protocol?
A solver is a third party that competes to find an execution solution for a batch of user trade intents. These roles connect the token to protocol activity and DAO decisions. The CoW DAO forum remains the main place for current token-policy proposals.
What is the price of COW today?
COW is priced at $0.1247 on FMchart's composite, with $172.2K traded over 24 hours across the exchanges in FMchart's composite. Individual venues can show different quotes. These roles connect the token to protocol activity and DAO decisions. The CoW DAO forum remains the main place for current token-policy proposals.
How many COW tokens are in circulation?
COW has 574,488,169 circulating, with 1,000,000,000 shown as its maximum supply in current market data. Its market capitalization is $71.63M, and its rank is 340. These roles connect the token to protocol activity and DAO decisions. The CoW DAO forum remains the main place for current token-policy proposals.
What is COW's all-time high?
COW's all-time high is $2.22, reached on Mar 28, 2022. Price Statistics also lists the all-time low and distance from the current level. Historical values depend on the trading venues and calculation methods included by each provider. These roles connect the token to protocol activity and DAO decisions. The CoW DAO forum remains the main place for current token-policy proposals.
How has COW performed since FMchart started tracking it?
In FMchart's composite price history (since November 2024), December 2024 (+109.2%) was COW's strongest month and February 2025 (-39.1%) its weakest. Monthly Returns (USD) shows the monthly series, while Annual Price (USD) Change summarizes calendar years. The composite may not cover the entire trading history.
Does CoW Protocol buy back COW?
Yes. CoW DAO has used protocol revenue for COW buybacks since April 2024, and its 2026 governance work has considered more flexible buyback rules. These roles connect the token to protocol activity and DAO decisions. The CoW DAO forum remains the main place for current token-policy proposals.
What is Coincidence of Wants?
Coincidence of Wants occurs when compatible trade intents can be matched directly within a batch, potentially avoiding a separate external liquidity route. These roles connect the token to protocol activity and DAO decisions. The CoW DAO forum remains the main place for current token-policy proposals.
Is COW a good investment?
FMchart does not rate COW as an investment. Its value depends on trading activity, solver competition, liquidity, governance and the DAO's evolving buyback and incentive policies. Intent-based trading also competes with other decentralized exchange designs. This page explains the protocol and its market history rather than recommending a financial decision.