Fee structure
Cowl runs on a handful of small, predictable fees. Every one of them exists to pay someone who keeps the network private and running — no hidden spread, no rent.
The fees
Three fees can apply, depending on what you do:
| Fee | When it applies | Indicative rate | Goes to |
|---|---|---|---|
| Protocol fee | On each private trade settled in the shielded pool | ~0.10% of trade size | Fee collector |
| Relayer fee | When a relayer submits your transaction for you | Gas cost + small margin | The relayer |
| Unshield fee | When you move funds out of the shielded pool | ~0.05% of amount | Fee collector |
Protocol fee
The protocol fee is the core one. It is a small percentage of each private trade, taken at settlement inside the shielded pool, and it is the only fee that feeds the token. Everything the protocol fee collects flows to the fee collector, which splits it between stakers, buyback & burn, and the treasury.
Relayer fee
If you use a gasless relayer so you never touch the chain in the clear, the relayer pays gas on your behalf and takes a small margin for the service. This fee goes to the relayer, not the protocol. Relayers are independent and compete on price — if one is too expensive, route through another.
Unshield fee
Moving value out of the shielded pool can carry a small fee. Holding, trading, and re-shielding inside the pool is where you spend most of your time; the unshield fee only applies at the exit.
Paying in $COWL
Pay protocol and relayer fees in $COWL and settle at a reduced rate. The more you route through the shield, the more that discount is worth. See $COWLfor the token’s full role.
Who sets the rates
Fee rates are protocol parameters governed by $COWL holders. They can be tuned over time as the network grows.