# CoW Protocol (COW) — crypto price, market cap and strength versus Bitcoin

> CoW Protocol trades at $0.1187 with a market capitalisation of $85.6M (rank 292). Its 90-day reading against Bitcoin is unavailable, so relative strength is not called here. DEX as a theme is +11.3% against Bitcoin over 13 weeks. Price readings run through 2026-07-31.

## Agent research brief

- What this coin is: CoW Protocol (COW), a DEX token of $85.6M at market-cap rank 292. On-chain activity is sourced from protocol.
- What the tape says: No 90-day Bitcoin-relative reading is available; no 200-day average on file. DEX as a theme is +11.3% against Bitcoin over 13 weeks.
- What the evidence supports: 56.5/100 inside DEX on 48% evidence (72% of it native activity). Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
- What is missing: There is no valuation band for any coin on this site: historical market capitalisation is not held, so no PE-style range can be built. CoW Protocol does publish network fees, protocol revenue.

Theme: DEX (/mla/crypto/sector/dex). Price 2026-07-31; market-cap snapshot 2026-07-04.

## Price, returns and risk

CoW Protocol's one-year return is withheld because the series is incomplete. Its deepest fall from a high inside the last 90 days is 27%.

- Price: $0.1187
- Market cap: $85.6M (rank 292)
- Returns: 7d —; 30d —; 90d —; 180d —; 1y —
- RS versus Bitcoin, 90d: —
- 30-day volatility: unavailable; deepest 90-day fall 27%
- 200-day average: unavailable

## Protocol economics

CoW Protocol publishes 2 of the six network-economics series this site tracks: network fees, protocol revenue. Network fees over the last four complete quarters is $42M. Network activity is evidence about the protocol, not earnings owed to the token. Readings run to the Q2 2026 quarter.

- Network fees: trailing four quarters $42.0M; change +118%; covered 14/20 quarters
- Protocol revenue: trailing four quarters $26.6M; change +79%; covered 14/20 quarters

## Research score

CoW Protocol: 56.5/100 — Illiquid · research only; 17.5 + 21.1 + 12.6 + 5.3 = 56.5; evidence 48%; native evidence 72%; rank 5 of 33 rated DEX coins
Decision use: Evidence is mixed. Keep normal research priority and wait for two pillars to agree.
This weakens if: The read weakens if 90-day RS versus BTC falls below zero with two weekly closes below the 200-DMA, or native activity contracts for two complete calendar quarters.

No valuation band exists for any coin on this site: historical market capitalisation is not held, so no company-style valuation range can be built.

## DEX scorecard

CoW Protocol is one of 48 DEX coins here, 33 of which carry enough evidence to be rated and ranked. CoW Protocol ranks 5 of those 33 on 48% evidence. The table below is the theme's own scorecard, in its own order, with this coin marked.

- 1. PancakeSwap (CAKE): score 76.6; evidence 95%; Priority research · market gate closed
- 2. Curve DAO (CRV): score 65.6; evidence 95%; Constructive watch · market gate closed
- 3. DODO (DODO): score 57.3; evidence 50%; Tape-led · on-chain proof incomplete
- 4. Hydration (HDX): score 57; evidence 95%; Illiquid · research only
- 5. CoW Protocol (COW) [this coin]: score 56.5; evidence 48%; Illiquid · research only
- 6. Velodrome Finance (VELO): score 56.4; evidence 50%; Illiquid · research only
- 7. Frax (prev. FXS) (FRAX): score 54.8; evidence 50%; Illiquid · research only
- 8. Magma Finance (MAGMA): score 54.4; evidence 50%; Illiquid · research only
- 9. 1INCH (1INCH): score 54.2; evidence 55%; Tape-led · on-chain proof incomplete
- 10. Aster (ASTER): score 51; evidence 12%; Illiquid · research only
- 11. VVS Finance (VVS): score 50.6; evidence 42%; Illiquid · research only
- 12. Uniswap (UNI): score 49.6; evidence 51%; Mixed · market gate closed
- 13. Bancor Network (BNT): score 49; evidence 50%; Illiquid · research only
- 14. Sushi (SUSHI): score 48.2; evidence 95%; Mixed · market gate closed
- 15. Falcon Finance (FF): score 47.1; evidence 12%; Illiquid · research only
- 16. Pendle (PENDLE): score 46.4; evidence 95%; Mixed · market gate closed
- 17. Orca (ORCA): score 45.6; evidence 75%; Mixed · market gate closed
- 18. Momentum (MMT): score 44.5; evidence 33%; Illiquid · research only
- 19. Meteora (MET): score 44.3; evidence 65%; Illiquid · research only
- 20. Synthetix (SNX): score 43.3; evidence 50%; Tape-led · on-chain proof incomplete
- 21. 0x Protocol (ZRX): score 43.2; evidence 50%; Illiquid · research only
- 22. HumidiFi (WET): score 43.2; evidence 50%; Tape-led · on-chain proof incomplete
- 23. Raydium (RAY): score 42.1; evidence 95%; Lagging · market gate closed
- 24. Gnosis (GNO): score 41.4; evidence 55%; Illiquid · research only
- 25. dYdX (DYDX): score 41; evidence 55%; Tape-led · on-chain proof incomplete
- 26. Kyber Network Crystal (KNC): score 37.7; evidence 50%; Illiquid · research only
- 27. THORChain (RUNE): score 36.9; evidence 95%; Illiquid · research only
- 28. Baseline (B): score 36.8; evidence 55%; Tape-led · on-chain proof incomplete
- 29. WOO (WOO): score 36.1; evidence 50%; Illiquid · research only
- 30. Cetus Protocol (CETUS): score 35.7; evidence 50%; Illiquid · research only
- 31. Tokenlon (LON): score 35.1; evidence 50%; Illiquid · research only
- 32. CoinEx (CET): score 30.9; evidence 55%; Illiquid · research only
- 33. Osmosis (OSMO): score 26; evidence 95%; Illiquid · research only

## Limitations

- Crypto network activity is not company earnings. Protocol revenue does not automatically accrue to token holders.
- Market capitalisation is a dated snapshot, not a point-in-time historical supply series, so yields computed against it inherit that lag.
- No valuation band exists for any coin: historical market capitalisation is not held at all.
- Funding rates, open interest, liquidations, exchange flows, unlock schedules and developer activity are not held and are not inferred.
- The research score is relative to this coin's own theme only. It is not comparable across themes and is not an entry signal.

## FAQs

### What is CoW Protocol (COW)?

CoW Protocol is a DEX cryptocurrency tracked here by price, market capitalisation and strength against Bitcoin, with on-chain activity from protocol. It is one of 48 DEX coins on this site. Readings are as of 2026-07-31.

### What is the market cap of CoW Protocol?

CoW Protocol's market capitalisation is $85.6M, ranking it 292 in the top-1,000 crypto universe. That figure is a dated snapshot from 2026-07-04, refreshed separately from the daily price series, so it can lag the price shown above.

### Is CoW Protocol beating Bitcoin?

CoW Protocol has no usable 90-day reading against Bitcoin at present, so this page does not call its relative strength. DEX as a whole is +11.3% against Bitcoin over 13 weeks.

### Does CoW Protocol have a P/E ratio?

No. There is no company-style P/E or PEG for a crypto token, and no valuation band is shown on this page because the data to build one honestly does not exist: historical market capitalisation is not held, only a current snapshot. Where a protocol publishes fees or revenue, this page shows the yield against that dated snapshot instead.

### What is CoW Protocol's research score?

56.5/100 within DEX, ranked 5 of 33 rated DEX coins, on 48% evidence: 17.5 + 21.1 + 12.6 + 5.3 = 56.5. It is labelled “Illiquid · research only”. The score ranks research attention inside one theme, never portfolio action.

### How much CoW Protocol history does this page show?

Five years of weekly closes where they exist, plus 20 complete calendar quarters of on-chain activity for the metrics CoW Protocol actually publishes. Here that is network fees, protocol revenue.

### Does CoW Protocol generate network fees?

CoW Protocol's trailing twelve-month network fees is $42M, up 117.5% on the year-earlier period. Network activity is not token-holder earnings: whether it accrues to the token depends on the protocol's own burn, buyback and distribution rules.