CowSwap distributed a $100m COW airdrop to early users

The decentralised exchange CowSwap, based on Gnosis Protocol v2 (GPv2), distributed the governance token COW, worth about $100 million, among users. Over 24 hours the asset’s price fell by about 20%.

COW becomes transferable! 🐮🥳

CIP3/CIP4/CIP5 have successfully passed, unleashing the full power behind COW token 🐮🦾

— vCOW will be swappable for COW
— COW will have LP incentives & a Trading fee discount program

Find out more👇https://t.co/qttJjDVJsV

— CowSwap — MevProtectedTrades (@MEVprotection) March 28, 2022

GPv2 is designed to protect against MEV and includes an order-matching mechanism, Coincidence of Wants (CoWs), which operates as a DEX aggregator.

On March 28, CoWDAO members completed the funding round and проголосовали to swap vCOW at a 1:1 ratio for the COW token. The asset can be used for farming and to obtain discounts on trading fees when interacting with the exchange.

Early adopters of CowSwap received vCOW in February as part of the airdrop. Previously, the asset was used to govern the project and was not tradable.

As of this writing, COW was trading at $1.03, according to CoinGecko. At its peak, its price reached $2.29.

On March 29, CoWDAO closed a $23 million investment round, with participation from 5,000 community members, as well as 57 venture firms and angel investors.

📢Breaking News 📰

CoWDAO is proud to announce that it closed a $23M private & CoWmunity investment round. The investment round contains 57 participants from the private round (VCs, Angel Investors, etc) & > 5000 CoWmunity participants.

Find out more 👇https://t.co/Tpe9hXhBiB

— CowSwap — MevProtectedTrades (@MEVprotection) March 29, 2022

The funds will be used to grow the ecosystem and broaden the list of assets traded on EVM-compatible blockchains.

CoWDAO was created through a spin-off from Gnosis DAO. Prior to that, four years of work had gone into the protocol. The proposal included code used to deploy CoWDAO and the vCOW airdrop.

Earlier in January, the DeFi project 1inch Network deployed liquidity-aggregation protocols for DEXs and limit-order operations on the Avalanche and Gnosis Chain.

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