Decentralized exchange CowSwap, which is based on Gnosis Protocol v2 (GPv2), has recently airdropped about $100 million in COW governance token among its users.
As a result of the move, the price of the asset has collapsed by 20%.
GPv2 offers MEV protection and has a Coincidence of Wants (CoWs) order matching engine that works the same way as a DEX aggregator.
Last March 28, CoWDAO members completed the application period and voted for a 1:1 exchange of vCOW for the COW token. Users can use the token for farming and getting discounts on trading fees when they interact with the exchange.
The early adopters of CowSwap received vCOW in February as part of another airdrop. Prior to this, the asset was used for project management and was not subject to sale.