Launched on March 29, 2022 CoW is known for being one of the most popular DEX aggregators on Ethereum, yet its token still trades at a market cap of ~$56M and a $241M fully diluted valuation. This contrasts with other DeFi players on Ethereum who are also competing on the DEX and trade aggregation sector, like $UNI ($5.9B market cap and $7.8B FDV) or $1INCH ($521M market cap and $623M FDV).

Source: Coingecko – $COW’s market cap is almost 10 times lower than $1INCH’s

Commonly known as CoWSwap, the protocol has grown significantly since the early days, and has expanded its operations beyond being a simple DEX Aggregator. CoW Protocol is the correct term to refer to this platform, which has become a leading platform pioneering novel mechanism designs in the form of Batch Auctions and “intents”, both crucial for precise and fair price execution.

Source: Coingecko – $COW reached a yearly high of ~$0.48 in March and is down 50% since, which is still more than 3x the price 1 year ago.

Notably, the $COW token is paired versus $ETH on-chain, and it is not listed on any centralized exchange (CEX) yet. Hence, price action has been muted and largely dependent on on-chain liquidity conditions, exhibiting price volatility versus $ETH.