🔒 CoW Swap Expands Multi-Chain Coverage

CoW Protocol has introduced a dedicated **Solvers page** on their explorer platform, providing transparency into the solver teams that power the protocol. The new page allows users to: - View information about individual solver teams - Check which networks each solver supports - Better understand the infrastructure behind CoW Protocol's trade execution Solvers are the backbone of CoW Protocol, competing to find the best prices across multiple exchanges and aggregators while protecting users from MEV (Maximal Extractable Value). [Explore the Solvers page](https://explorer.cow.fi/solvers)

**Treasury Transparency Update** CoW Protocol's Treasury Committee has shared details on their allocation management process: - Treasury allocation targets are overseen by the Treasury Committee - Current targets are published in KPK communications - **A comprehensive value distribution framework will be released in the coming weeks** This follows the Ethereum Foundation's treasury policy update from June 2025, which established standards for token sales, fiat purchases, and transparency reporting.

**CoW Protocol has achieved negative net token emissions** since implementing its buyback program in April 2024. **Key Metrics:** - Buybacks executed: 74.6M $COW - Solver emissions: 61.7M $COW - Net emissions: **-12.9M $COW** (negative) The protocol converts fees into $COW tokens through weekly TWAP buybacks, successfully offsetting solver emissions. **The gap between buybacks and emissions continues to grow each quarter**, exceeding the original net-zero target set by CIP-38.

CoW Protocol has successfully implemented **CIP-38**, converting protocol fees into $COW tokens to offset solver emissions with a net-zero target. **Key Implementation Details:** - Treasury Team set target at weekly emissions + 20% buffer - Strategy designed to reliably hit or exceed neutral emissions - Uses weekly TWAP (Time-Weighted Average Price) buybacks **Results Since April 2024:** - 30.65M $COW bought back - 27.14M $COW in solver emissions - **-3.51M $COW net emissions** (negative = deflationary) The protocol has exceeded its net-zero goal, achieving *negative emissions* through systematic fee conversion and buyback execution.

CoW Protocol has addressed community questions about their buyback program and its alignment with public statements. The team acknowledged the concerns as fair and committed to providing clarity on how the program operates. **Key Points:** - Response to community inquiries about buyback program transparency - Reference to their market-aware buyback model - Commitment to explaining program mechanics The protocol previously shared details on how their market-aware buyback model functions, suggesting a systematic approach to token repurchases.