Token
Governance
$COWL holders steer the protocol. Governance decides the parameters that shape how Cowl runs — without ever being able to reach into a private balance.
What governance controls
| Parameter | Examples |
|---|---|
| Fees | Protocol and unshield rates; the fee split |
| Network set | Relayer and prover requirements, and the terms they operate under |
| Disclosure tooling | What a scoped view key can be cut to, and how it is revoked |
| Treasury | Grants, audits, and how governed reserves are spent |
What governance cannot do
- Read, move, or freeze any shielded balance.
- Deanonymize a user or force an account public.
- Bypass the ZK verifier or a user’s keys.
Privacy is not up for a vote
Governance tunes economics and policy — never the guarantee that your book stays yours.