CoW Protocol

The fee growth and revenue growth figures, both measured over the trailing 30 days, are worth monitoring because sharp moves in either direction would indicate whether the recent acceleration in activity is persisting or reverting. The take rate of 62.07 percent describes how much of gross fees the protocol retains versus what it pays out, so changes there would reveal shifts in the economics between the protocol and its solvers. The dilution overhang of approximately 74.07 percent — representing the share of max supply not yet in circulation relative to current circulating supply — is relevant because a large portion of tokens remain to be issued, and the pace of new issuance affects the relationship between circulating and fully diluted measures. The ratio of fully diluted valuation to annualized fees, currently 7.18, and the equivalent market-cap-to-fees ratio of 4.12, are worth tracking together since divergence between them would reflect how the market is pricing the yet-to-be-issued supply.

Written by an AI language model from the figures listed below, on 23 Sep 2026 09:30 UTC.