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Affiliate Program FAQ

Overview​

What is the CoW Swap Affiliate Program?​

A 6-month pilot program that rewards affiliates who refer new retail traders when those referred wallets generate qualifying CoW Swap trading volume. The program operates within a governance-approved parameter envelope and hard budget cap. It is not an investment scheme or brokerage arrangement. Rewards are provided solely for marketing and referral services.

Who can participate?​

Anyone can participate by generating a referral code tied to their wallet and sharing it. Traders who use these codes or links and meet eligibility and jurisdiction requirements can be attributed as referred users.

How do I apply?​

The Affiliate Program is open and permissionless.

To participate, generate your referral link from the CoW Swap interface and start sharing it. There is no approval process required.

You may join our Discord server for support, updates, and community discussions. Participation in Discord is optional.

How long will the program run?​

6 months from launch date. Renewal or material expansion requires a new CIP.

How It Works​

Affiliates generate unique links or codes. A trader becomes attributed when they access CoW Swap via that link or code.

No. Once a code/link is created, it cannot be changed.

When does a trader become attributed to me?​

A trader is "bound" to an affiliate for a maximum of 90 days from the first trade after clicking a link or entering a code manually and executing their first qualifying trade.

How long does attribution last?​

Up to 90 days per wallet.

Can one trader be referred by multiple Affiliates?​

No. Once a trader uses a referral link or code and completes their first qualifying trade, that wallet becomes attributed (or "bound") to that affiliate for up to 90 days. During that attribution window, the trader cannot be referred by another affiliate.

When do rewards start counting?​

When the referred trader wallet reaches cumulative qualifying volume milestones.

Rewards​

How are rewards calculated?​

Rewards are paid in USDC when eligible referred trader wallets reach cumulative qualifying volume milestones. The current setting is 10 USDC per 250,000 USD in cumulative qualifying volume generated.

Reward parameters, including milestone thresholds and amounts, may be adjusted within the governance-approved parameter envelope with public disclosure.

What is a milestone?​

A cumulative qualifying volume threshold that, once reached, triggers a reward payout.

What are the current reward settings?​

10 USDC per 250,000 USD in cumulative qualifying volume generated.

Who earns rewards?​

Both the affiliate and the referred trader receive the reward amount of 10 USDC per milestone.

Is there a maximum reward per wallet?​

Yes. Rewards cease once a referred wallet exceeds 50,000,000 USD in volume.

Can reward parameters change?​

Yes, within the governance-approved "Parameter Envelope," with public disclosure and reporting requirements.

Eligibility​

What qualifies as a "new wallet"?​

A "new wallet" is a wallet that has never executed a trade via the CoW Swap UI before activating a referral link. Only these wallets are eligible to be attributed to an affiliate.

If a wallet has already traded via the CoW Swap UI in the past, it will not qualify as a referred trader.

Do trades on partner integrations affect "new wallet" eligibility?​

No. A wallet is still considered "new" if it has not traded directly on CoW Swap, even if it has executed trades via partner integrations that use CoW Protocol in the background.

Are there jurisdiction restrictions?​

Yes. Participation is prohibited if you are located in, or a citizen of, any jurisdiction prohibited by the CoW Swap Terms.

What counts as a qualifying volume?​

Volume counted under a defined methodology and subject to exclusions (e.g., low-fee pairs, disallowed categories, suspected wash-trading).

Are all swaps eligible?​

No. Swaps that are economically non-meaningful, below minimum protocol-fee thresholds, or excluded categories (e.g., suspected self-trading, certain stable-stable swaps, farming patterns) may not qualify.

Is the Affiliate Program available on all chains?​

The program applies to all supported CoW Swap chains, except Ink and Sepolia.

Payouts & Tracking​

How and when are rewards paid?​

Rewards are paid in USDC on a weekly basis, typically by Friday. Payouts are distributed via batch transfers, with Ethereum Mainnet as the default payout chain.

Are payouts transparent?​

Yes. Transactions are recorded on a public blockchain and visible to the community.

Is there a minimum payout threshold?​

The minimum threshold to payout is 10 USDC. Balances below this amount will roll over to the next payout period.

Can I change my payout wallet?​

No. The payout wallet is fixed and cannot be changed under any circumstances.

What happens if I lose access to my wallet?​

Rewards are distributed on-chain to the registered wallet. If you lose access to your wallet, the program cannot recover previously distributed rewards.

If access is lost before payout, please contact the team immediately. While we may attempt to review the situation, recovery or changes are not guaranteed.

What if I believe my rewards are incorrect?​

  1. Share your wallet address, never private keys.
  2. Share your referral code.
  3. Provide relevant transaction hashes.

Post this in the Affiliate Discord channel so the team can review.

Volume & Rewards Nuances​

Is volume counted gross or net of fees?​

Volume is counted gross of fees.

Is volume calculated in USD at time of trade?​

Yes. Volume is calculated based on the USD value of swaps at execution time.

Are partially filled orders counted?​

Yes. Only the filled portion of the order counts toward volume.

Do limit orders count?​

Yes. Limit orders are eligible and count toward volume when filled.

Do cross-chain swaps count?​

Yes. Cross-chain swaps are included in qualifying volume.

Are failed or reverted transactions counted?​

No. Only successful trades executed on-chain count toward qualifying volume. Failed, reverted, or canceled transactions do not count.

What if a trade is later canceled?​

Canceled trades do not count. Only successfully executed swaps are included in qualifying volume calculations.

Abuse & Disqualification​

What counts as self-referral?​

Self-referral includes referring a wallet that you directly or indirectly control, or participating in circular referral schemes designed to generate rewards from your own trading activity.

Can I refer wallets I control?​

No. That would classify as "self-referral" and is not allowed.

What happens if I'm flagged for abuse?​

The program reserves the right to:

  • Disqualify participants
  • Deny unpaid rewards
  • Pause payouts
  • Restrict or terminate participation

A forum notice may be published in case of material program changes or pauses.

Will unpaid rewards be clawed back?​

If abuse or fraud is suspected, unpaid rewards may be denied.

Can rewards be retroactively revoked?​

Once rewards have been distributed on-chain, they cannot be reversed due to the nature of blockchain transactions.

However, the program reserves the right to disqualify participants and deny any unpaid rewards in cases of fraud, abuse, or violation of the Terms. Future participation and payouts may also be restricted.

Dashboard and Reporting​

Is there an affiliate dashboard?​

Yes. You can see the affiliate dashboard here: swap.cow.fi/#/account/affiliate.

What can I track as an affiliate or trader?​

Traders: Go to swap.cow.fi/#/account/my-rewards to see your all-time earnings.

Affiliates: Go to swap.cow.fi/#/account/affiliate to see your referred volume, referred traders, and all-time earnings.

How often does the rewards data update?​

Rewards data updates every 24 hours at 02:00 UTC. Data may be delayed and should not be considered real-time.

Where can I see my expected rewards?​

Traders: Visit swap.cow.fi/#/account/my-rewards to see:

Expected rewards for the next payout cycle
Past payout amounts

Affiliates: Visit swap.cow.fi/#/account/affiliate to see:

Expected rewards for the next payout cycle
Past payout amounts

Where can I see my payout history?​

Payout history will be visible in your account page. All payouts are recorded on-chain.

Communication & Support​

Where will affiliate updates be shared?​

All official Affiliate Program updates will be shared in the Affiliate Discord channel.

Is support available?​

If you have questions about:

  • Tracking
  • Rewards
  • Attribution
  • Payouts

Please post in the dedicated Affiliate Discord channel.

How do I request support?​

When contacting support, please provide:

  • Your wallet address
  • The referral code you are using, if relevant
  • A transaction hash, if reporting a specific issue

This allows us to locate your referral data and investigate efficiently. Requests without a wallet address may not be reviewed.

What materials are available to me as an Affiliate?​

Affiliates can access to a dedicated Discord channel (#affiliate-program) where they'll be able to find:

  • Brand kit (logos, approved assets)
  • Launch assets
  • Program updates and parameter changes

Materials are updated periodically.

Affiliates must comply with the program's conduct rules.

Misleading claims, spam, or "guaranteed income" language are strictly prohibited. Paid advertising may be subject to additional review and compliance requirements depending on jurisdiction and platform rules.