This repository contains the Solidity smart contract code for the CowSwap token.
This repo contains all code related to the deployment of the CowSwap token contract and the tools that manage how the token will be distributed.
Two contracts will be deployed onchain: the CowSwap token contract (COW) and a "virtual" CowSwap token (vCOW). The Cowswap token is a standard ERC20 token that can optionally be minted by the CowDao, up to 3% of the total supply each year. The virtual token manages how the real token is distributed and cannot be transferred.
In the deployment transaction, all existing COW tokens are minted and sent to the CowSwap DAO. Shares of virtual tokens will be assigned to the users in advance based on a Merkle tree that is determined at deployment time. Some claims will be paid (with different currencies), some will be vesting in time, and some will be cancellable. All claims have a deadline, the latest is six weeks after deployment; no claim can be redeemed after its deadline has passed. Claims can be exercised by anyone, but only the claim owner can partially redeem them.
After all shares of virtual token have been distributed, they may be made convertible to COW tokens by the CowDao. To do this, the DAO would have to send to the virtual token contract the exact amount of COW tokens needed to cover all exercised virtual token claims. Then, the claim owner will be able to swap virtual tokens to real tokens, effectively converting virtual tokens to real tokens one to one.
Building the Project
yarn yarn build
The contracts code in this repo is fully covered by unit tests. Test coverage can be checked by running the following command:
A summary of coverage results are printed out to console. More detailed information is presented in the generated file
Contracts that are either vendored from other repositories or only used in tests are not included in coverage.
Gas consumption can be estimated from the tests. Setting the
REPORT_GAS flag when running tests shows details on the gas consumption of each method.
REPORT_GAS=1 yarn test
Contract Code Size
Contract code size can be benched by running:
The contracts are expected to be deployed by the Gnosis DAO using the Zodiac module. A script to create this transaction will be included in this repo.