$COWL

$COWL is the token that secures the network and routes its value back to the people who use and defend it.

Utility

• Staking. Stake $COWL to back relayers and provers and earn a share of protocol fees. See gasless relayer for the role stakers secure.
• Fee discounts. Pay protocol and relayer fees in $COWL for a reduced rate.
• Governance. Vote on fee parameters, the relayer set, and treasury use.

Buyback & burn

A share of every protocol fee is used for buyback & burn: the treasury buys $COWL on the market and burns it. More private volume, more fees, more supply permanently removed. Usage feeds the token directly.

Fees, not allocations

There is no allocation chart here. $COWL earns its value from usage: every private trade pays a small fee, and that fee is what pays stakers, funds the burn, and backs the treasury.

See fee structure for what each fee is and how it is charged, and fee collector for exactly where every fee goes.