CoW DAO Monthly Recap: September 2026

gm gm, dearest CoW herd :cow_face:

September brought TWAP for EOAs, new integrations on Plasma and Gate Web3, two governance votes, and a few quality-of-life upgrades so you can stop refreshing the orders tab.

Here’s what happened :backhand_index_pointing_down:

:bar_chart: Numbers
Monthly Volume: $3.5B
Monthly Trades: 612,679
Active Wallets: 110.2k (83.5k new · 26.7k returning)
Cumulative All-Time Volume: $216.4B
16.1% DEX aggregator market share — #3 across all supported chains

:electric_plug: Integrations

Aave’s asset swaps and position swaps, live on Plasma: Asset swaps and collateral/debt position swaps are now live on the Aave UI on Plasma, powered by CoW Protocol with MEV protection and routing through available liquidity.

Gate Web3: CoW Protocol now powers solver competition and batch-auction execution directly inside the Gate Web3 swap experience.

rTokens on Bitget Wallet: CoW Protocol now supports RealityFi’s rTokens, bringing access to 1,700+ tokenized RWA equities to Bitget Wallet users through the same execution infrastructure that powers every other CoW Swap trade.

:rocket: Launches

TWAP for EOAs launched September 30: TWAP orders, previously Safe-only, are now available to externally owned accounts.

Trade notifications are live via Telegram: currently covering Swap, Limit (including partial fills), and Safe TWAP orders, for both trades and expirations.

Partial approvals landed: now every order type on CoW Swap now lets you approve exactly what you’re trading.

:ballot_box_with_ballot: Governance

CIP-88 - Quote Competition Redesign: replaces the flat reward for winning quotes with a dedicated budget targeting 10% of protocol revenue (roughly triple today’s spend), giving the core team a mandate to design the mechanism that allocates it among solvers. The goal: make quote competition as sharp as solve competition, so the solver that wins on price up front is generally the one that wins the auction. Passed on Snapshot.

CIP-89 - Unwind of the Balancer tokenswap: proposes ending the CIP-69 arrangement with Balancer DAO early, since Balancer DAO itself is winding down. CoW DAO would return 200,000 BAL to Balancer DAO in exchange for the 631,850.82 COW released from its CIP-69 hold. Fully enforceable only if Balancer DAO’s equivalent proposal also passes.

September put TWAP in everyone’s hands and tightened the rest of the product around it.

Full monthly recap → link

Keep milking it,
CoW DAO ::cow_face::

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