Our CoW Protocol Thesis

CoW Protocol, a critical infrastructure provider for open finance, is re-evaluating their fee structures, business models, and tokenomics with the goal of earning a larger share of the market and increasing revenues. These changes could result in significant growth of revenue as the protocol continues to gain more of the market share across their two products: CoW Swap and MEV Blocker.

Kerve Capital believes these shifts may, over time, push CoW Protocol to achieve over $80M in annual revenue, resulting in a $1.2B market capitalization outcome. Deeper insights on the protocol, expected shifts, and market conditions are discussed.