Moo & Earn: Introducing the CoW Swap Affiliate Program
You already tell your friends about CoW Swap. Now you can get paid for it.
CoW Swap has always been about better outcomes for traders - best prices, MEV protection, no surprises. Today, we're extending that same logic to the people who spread the word. Meet the CoW Swap Affiliate Program: a 6-month pilot that rewards you for bringing new traders into the herd.
So, how does it work?
Simple. You generate a unique referral link from the CoW Swap interface and share it with whoever you think would benefit from trading on CoW Swap. When someone clicks your link and starts trading, they become your referred trader. When their trading volume hits certain milestones, you both earn USDC rewards. Yep. Both you and the trader you referred, get rewarded. No winner-takes-all. No one left out.
There's no application process, no gatekeeping, no approval committee. The program is completely permissionless - generate your code, share your link and go.
What do I actually earn?
Here's the breakdown:
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10 USDC for every $250,000 in cumulative qualifying volume generated by your referred traders
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Rewards are paid in USDC, weekly, directly on-chain
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Both you (the Affiliate) and the trader you referred split the reward - 10 USDC each at every milestone
Rewards are calculated based on the USD value of trades at the time of execution and are distributed automatically via batch transfer. No chasing, no waiting on manual payouts. The minimum payout threshold is 10 USDC - anything below that rolls over to the next weekly cycle.
Attribution
Once someone clicks your referral link and completes their first qualifying trade, their wallet is bound to you for up to 90 days. During that window, all qualifying volume they generate counts toward your milestones.
A few things to keep in mind:
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A trader can only be attributed to one Affiliate at a time
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Once attributed, they can't be re-referred by someone else during the 90-day window
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Rewards stop counting once a referred wallet exceeds $50,000,000 in cumulative volume (a high bar, but worth knowing)
Where can I track everything?
You get a dedicated dashboard to monitor your performance:
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Affiliates: Head to swap.cow.fi/#/account/affiliate to see your referred volume, referred traders, and all-time earnings.
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Traders: Head to swap.cow.fi/#/account/my-rewards to see your all-time earnings.
Rewards data refreshes every 24 hours, so you won't be left in the dark.
A few ground rules
The program is built on fairness - the same principle behind everything CoW Swap does. That means a few things are off the table:
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No self-referrals: You can't refer wallets you control. The system is designed to detect and disqualify circular or fraudulent referral patterns.
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Not all swaps qualify: Trades that are economically non-meaningful, suspected wash trades, or fall below minimum protocol-fee thresholds won't count toward volume. Quality matters.
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Honesty in marketing: Misleading claims, spam, or "guaranteed income" language aren't allowed. If you're running paid ads with your referral link, make sure they comply with local regulations and platform rules.
Rewards that have already been distributed on-chain can't be reversed - that's just how blockchains work. But unpaid rewards can be withheld if abuse is detected, so play it straight.
Which chains are supported?
The Affiliate Program runs on all supported CoW Swap chains, with the exception of Ink and Sepolia. Payouts default to Ethereum Mainnet, with additional chains added as operationally feasible.
How long does this run?
This is a 6-month pilot program, governed by CoW DAO. Any renewal or material expansion will require a new governance proposal (CIP) - because in CoW's world, the community has a seat at the table.
Ready to start?
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Go to swap.cow.fi
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Generate your unique referral code
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Share it - in posts, threads, group chats, wherever you live online
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Watch the rewards roll in as your referred traders hit milestones
For support, updates, and community discussion, join the dedicated Affiliate Discord channel. All official program updates will be shared there, and the team handles support publicly so everyone benefits from the answers.
When reaching out for help, have your referral wallet address, referral link, and any relevant transaction hashes ready - it helps the team investigate quickly.
The CoW Swap Affiliate Program is a straightforward, on-chain, community-first rewards program. No smoke, no mirrors - just real USDC for real referrals.
You believe in better DeFi. Now there's a way to grow it and get rewarded for doing so.
Generate your link. Share the herd. Earn together.
