CoW Protocol COW

Commentary versus actual token vesting

CoW Protocol’s tokenomics model initially capped total supply at 1,000,000,000 $COW at TGE in February 2022. Original allocations - Team - Gnsosi DAO - CoWmunity Investment - Investment Round - CoW Advisory were minted as non-transferable vCOW subject to a 4-year linear vest starting February 2022. With the schedule concluding on 12 February 2026, the entirety of above allocations has completed its vesting schedule. CoWmunity Airdrop were all unlocked at TGE, while CoW DAO Treasury spending is subject to governance. Consequently, as of now, no locked tokens remain from the initial 2022 TGE. To maintain long-term alignment for core development following the spinout, the DAO enacted CIP-83, introducing post-TGE grants that represent the primary active emission streams: 1) Core Team Retention Grant (50,000,000 $COW): A dedicated 50M $COW grant allocated to core contributors, vesting linearly over a 4-year term with zero cliff (releasing ~12.5M $COW per year). 2) Performance-Linked Incentive Tier (Up to 100,000,000 $COW): An additional performance-based allocation capped at up to 100M $COW, tied directly to milestone-based execution metrics (such as protocol volume, surplus generation, and operational KPIs). Combined Impact: Together, CIP-83 expanded potential post-TGE allocations to core contributors by up to 15% of the original supply, with tokens streaming out of the DAO Treasury as milestones and vesting timelines are met.