Cowl Protocol
Trade unseen. Stay compliant.
Cowl is private trading on Robinhood Chain. You hold and trade tokenized stocks with your positions shielded from the public ledger, and disclose to an auditor only when you choose to. Hide your edge from the crowd — not from the law.
Mainnet · Live
Two ways in
No installOpen
Web app
app.cowlprotocol.com runs the protocol in a browser tab. Proofs built on your machine, keys derived from one wallet signature, nothing to hand over.
Open TerminalCLI
@cowlprotocol/cli — every command, every flag, scriptable, and the same pool underneath.What Cowl gives you
Privacy
Shielded portfolio
Balances, size, and cost basis never hit the public ledger — the explorer sees a commitment, never your book.
Open ExecutionPrivate trading
Your entries, exits, and size stay off the public tape. Accumulate or unwind without broadcasting a move.
Open ProtectionMEV & anti copy-trade
No visible order to front-run, no visible entry to mirror. Private execution removes the bait.
Open ReceivingStealth addresses
Every deposit lands on a fresh address where nothing on-chain ties the funds back to you.
Open AccessGasless relayer
Trade without a gas balance or a doxxed funding wallet — the relayer pays and takes a small fee.
Open ComplianceSelective disclosure
Hand an auditor a view key that shows exactly what they are owed, and nothing else.
Open How a private trade flows
Every action is the same authenticated pipeline — signed locally, verified on-chain.
You · app or CLI
shield · swap · send
ZK proof, built on your machine
Gasless Relayer
pays gas · broadcasts
no wallet points back at you
ZK Shielded Pool
deposit · trade · withdraw
verified on-chain
On-chain Verifier
checks the zero-knowledge proof
receipt
Your view key
balances update privately — nothing public
What Cowl is
Disclosable
Private and provable
Your position stays off the public tape and stays disclosable to the people you owe answers to. Both at once, by design.
Trading
A trading venue
Cowl trades tokenized stocks and tokens, settled in USDG. Private transfers are here to serve the trading.
Compliance
Compliant privacy
Privacy paired with view keys, so you can answer an auditor on your own terms without ever going public.
Protocol properties
Non-custodial
Your keys stay on your device. No service — not the app, the relayer, or governance — can move your funds.
ZK-shielded
Balances and trades live inside zero-knowledge proofs. The block explorer sees commitments and nullifiers, never amounts or addresses.
Permissionless to enter
Shielding, spending, and running a relayer need no account, no allowlist, and nobody's approval. Compliance here is something you prove on your terms, not a gate someone else holds.
Relayer can censor, not seize
A relayer pays gas and may drop a transaction, but can never read amounts, move funds, or deanonymize you. Route around a bad one.
Selective disclosure
View keys are read-only and scoped. There is no switch that makes an account public.
Ships in eras
Capability-gated, not date-gated. Each era opens when the one before it is done — see the roadmap for what is live and what is next.
Robinhood Chain
Cowl settles on Robinhood Chain, an Arbitrum-based L2 where your tokenized stocks already live — fast, cheap, and native to the assets you trade.