Trump team's "official" DEX CoW Protocol: a large-scale exclusive aggregator, with revenue of $6 million last year but still losing money
Author: Frank, PANews
近期，特朗普家族加密项目World Liberty大量增持以太坊和其他资产，在增持的过程中，几乎所有的操作都是通过CoW Protocol完成，似乎特朗普家族对这个聚合器有着特别的钟爱。此外，以太坊创始人Vitalik和以太坊基金会在资产转移和交易时也都频繁使用CoW Protocol。但是对普通用户来说，CoW Protocol的知名度显然不及Uniswap、1inch等DEX产品。直到近期因特朗普家族的使用，对CoW Protocol的关注才提升一个层次，其代币COW也在特朗普获选后。从11月6日至12月25日期间最高大涨392%。
The "OTC market" in DEX is favored by big investors
CoW ProtocolXiaobai NavigationFounded in 2020, it was incubated by the Ethereum infrastructure builder Gnosis team. Its founder Anna George is also the business director of Gnosis. From 2016 to 2017, Anna George served as a monitoring and evaluation expert for the United Nations.
As of January 23, data showed that the number of daily active users of CoW Protocol has only reached more than 1,000 even after a significant increase. The number of daily users before was only a few hundred people per day. But in terms of cumulative trading volume, the cumulative trading volume of the project has reached 77 billion US dollars, which ranks seventh in the Ethereum ecosystem. In December 2024, CoW set a trading volume of 7.8 billion US dollars. Based on the daily active user volume of about 1,600 in December, the average monthly transaction amount completed by each user on CoW reached 4.87 million US dollars. From this point of view, CoW deserves its reputation as an exclusive trading pool for large households.
CoW Protocol has many technical features. In terms of effect, it mainly eliminates MEV and low transaction friction. The most characteristic core technical principle used is the "demand matching" mechanism. Regarding "demand matching", I will not give too much technical explanation here. In layman's terms, this mechanism is more like a kind of on-chain OTC market, which crosses the demand of AMM liquidity pool and directly matches two large users with the same demand for pricing transactions. In this way, the MEV and transaction wear on the chain are almost zero.
For users who trade millions or even tens of millions of dollars each time, this mechanism directly hits the pain point and can also minimize the impact on market prices. This also explains why the Trump family project World Liberty chose to use the CoW Protocol for asset allocation. At the same time, the Ethereum Foundation and Vitalik are also keen to use this project. The Ethereum Foundation has sold coins many times through CoW.
On the other hand, for ordinary users, the most important considerations may be transaction speed, the number of transaction categories, and flexible transaction pools. In contrast, the matching mechanism of CoW Protocol does not lead in these aspects. But it does not matter. For CoW Protocol, it seems to be designed for large users from the beginning.
The data has indeed improved, and we want to increase our income level
近期CoW Protocol受到World Liberty项目的利好，其治理代币COW从11月6日开始，价格价格一路飙升，由最低的0.25美元，最高涨至1.23美元。涨幅最大达到392%。
The COW token was launched as early as 2022, with the earliest opening price being about $0.8. In the following year, the price fell all the way, falling to a minimum of $0.062. It did not start to rise until 2023, but it hovered below $0.4 most of the time. It was not until September 2024 that Coinbase announced that it would introduce the CoW Protocol into the coin listing route. On November 6,Binance, Bybit and many othersexchange集中上线了COW。有趣的是，这一天也正是特朗普赢得美国2024年大选的当天。看得出来，各个交易所已经将COW加入特朗普系列的相关资产，胜选结果一出，便立刻引发了市场追捧。
However, since Christmas, the price of COW tokens has been falling. As of January 23, its price has fallen to around $0.63. Calculated from the high point, the overall correction is close to 50%.
Apart from the traffic effect brought by the hot spots, the data performance of CoW Protocol itself has seen tremendous growth in recent months. The most obvious is the transaction volume. Since 2024, the monthly transaction volume of CoW Protocol has basically fluctuated between 2 billion and 3 billion US dollars. Starting in November, this figure began to surge to 6.2 billion US dollars, and in December it reached an all-time high of 7.8 billion US dollars. Throughout 2024, CoW Protocol's market share in Ethereum ecosystem aggregators has always been lower than 1inch, ranking second. On January 23, 2025, the data performance of that month has exceeded 1inch for the first time, ranking first. However, the final ranking of the two for that month may not be known until the beginning of next month.
January 22, Cow DAOThe CIP-61 proposal was released on Snapshot, attempting to achieve a better level of income by further standardizing the charging model and ratio of the CoW Protocol. According to the proposal, the CoW Protocol achieved a total revenue of approximately $6 million in 2024, but still failed to break even, with development costs ($4.4 million), grants ($700,000) and solver rewards ($5.2 million) for the year. Therefore, Cow DAOIt is hoped that through this proposal, the transaction execution price of users can be optimized, more additional value can be created to reach break-even sooner, and the need for external funds can be eliminated.
According to the official dashboard of CoW, the cumulative income of CoW DAO is 3,648 Ethereum, which is about 12 million USD at the price of 3,300 USD. In the Ethereum ecosystem, the income level of CoW Protocol ranks about 50th. As an aggregator that has been operating for 4 years and ranks among the top in terms of transaction volume, this income level is indeed low.
Coupled with the overall improvement in recent data, the CoW team obviously hopes to seize the current market opportunities and achieve new milestones. At present, the proposal has been successfully passed, but the discussion on social media is not very hot. The token market has not seen significant price fluctuations as a result. Perhaps, for the CoW team, capturing large users only requires targeted products and designs, but capturing the general public seems to be much more difficult. For ordinary users and token investors, complex proposal expressions seem far less affordable than a simple airdrop.
The article comes from the Internet:Trump team's "official" DEX CoW Protocol: a large-scale exclusive aggregator, with revenue of $6 million last year but still losing money
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