CoW Protocol Reports Net Negative Token Emissions Since April 2024
CoW Protocol Reports Net Negative Token Emissions Since April 2024
🔥 Burning more than minting
CoW Protocol has disclosed its token buyback performance in response to community inquiries.
Key Metrics Since April 2024:
- 74.6M $COW tokens bought back
- 61.7M $COW distributed as solver emissions
- Net result: -12.9M $COW (negative emissions)
The protocol has maintained net negative emissions throughout this period, with the gap expanding each quarter. The team acknowledged they should have communicated this achievement more prominently earlier.
This buyback program effectively removes more tokens from circulation than are being distributed, creating deflationary pressure on the $COW token supply.
3/ Since April 17, 2024: 🎯 Buybacks executed: 74.6M $COW 📥 Solver emissions: 61.7M $COW 📉 Net emissions: -12.9M $COW Emissions are negative. And the gap has grown every quarter.
4/ The community asked about our buyback program. Fair. Since April 2024: ↑ 74.6M $COW bought back ↓ 61.7M $COW in solver emissions Net emissions: -12.9M $COW We've been running ahead of net zero for a while. We should've said that louder. We are now.
CoW DAO March Recap: New Hires, Open Roles, and Product Updates
CoW DAO has released its monthly recap for March 2026, highlighting key developments across the organization. The update includes: - New team member announcements - Available positions for those interested in joining - A post-mortem analysis of recent events - Product and feature launches from the month The full recap provides detailed information about organizational changes and technical developments that occurred throughout March. Those interested in learning more about CoW DAO's progress can find the complete report on their website. [Read the full March recap](https://cow.fi/learn/cow-dao-monthly-recap-march-2026)
CoW Swap Launches Permissionless Affiliate Program with Weekly USDC Payouts
CoW Swap's affiliate program has officially launched following the approval of CIP-84. The program operates on a **permissionless basis** - anyone can participate without applications or approval processes. Affiliates earn **USDC rewards weekly** based on the trading volume they generate through referrals. Key features: - Volume-based compensation structure - Weekly on-chain USDC distributions - No gatekeeping or application requirements - Open to all participants The program allows users to monetize their CoW Swap recommendations by earning a share of trading fees from referred users. Payments are distributed automatically on-chain each week. [Learn more about the affiliate program](https://cow.fi/affiliate-program)
CoW Protocol Expands with Three New Integrations and Platform Updates
**CoW Protocol announces multiple platform developments:** - **New partnerships**: Integration with ArcadiaFi, Bitget Wallet, and Edel Finance - **Explorer enhancement**: Solvers page now live, allowing users to discover solver teams and supported networks - **Documentation upgrade**: Docs optimized for LLM compatibility - **Technical update**: CoW Swap v3.0.5 released The protocol continues its expansion with these infrastructure improvements and strategic integrations. The new Solvers page provides transparency into the teams powering CoW Protocol's trading execution across different networks. Explore the Solvers page: [explorer.cow.fi/solvers](https://explorer.cow.fi/solvers)
PropAMM Operators Extract $500k Monthly Through Quote Manipulation
**A concerning pattern has emerged in DeFi trading infrastructure.** One PropAMM (Proprietary Automated Market Maker) is delivering execution prices that average **6 basis points worse** than initially quoted to traders, with some outliers reaching as high as 40 basis points. **The mechanics of the extraction:** - Aggregators scan for best available prices - PropAMM displays attractive quote to win the routing - Before transaction settles, operator reprices to worse terms - Trader's slippage tolerance absorbs the difference - Operator captures the gap as profit **The scale:** At $1 billion in monthly trading volume, this single source is extracting approximately **$500,000 per month** from traders through this practice. This represents a form of value extraction that occurs between quote and execution, exploiting the slippage tolerance settings that traders use to ensure their transactions complete.