{
 "id": "cow-protocol",
 "symbol": "COW",
 "name": "CoW Protocol",
 "archetype": "DeFi / Protocol",
 "archetype_reason": "category match: 'decentralized finance (defi)'",
 "contract": {
  "chain": "ethereum",
  "address": "0xdef1ca1fb7fbcdc777520aa7f396b4e015f497ab"
 },
 "price": {
  "price_usd": 0.138007,
  "ath_usd": 2.22,
  "ath_date": "2022-03-28T16:24:17.921Z",
  "market_cap": 79836885,
  "volume_24h": 2528131,
  "price_chg_30d_pct": -5.5331,
  "price_chg_60d_pct": -25.0254,
  "price_chg_200d_pct": -37.99117,
  "coingecko_url": "https://www.coingecko.com/en/coins/cow-protocol"
 },
 "provenance": {
  "batch_date": "2026-07-14",
  "bagcheck_version": "0.17.1",
  "snapshot_id": "2026-07-14 v16",
  "label": "scored monthly \u00b7 batch of 2026-07-14"
 },
 "refused": false,
 "reclaim": {
  "severity": "SEVERE",
  "line": "Down 94% from ATH \u2014 reclaiming it needs 16.1\u00d7 from here. Historically ~8% of assets this deep reclaim ATH within 3y.",
  "drawdown_pct": 93.8,
  "reclaim_multiple": 16.1,
  "base_rate_label": "down 85-95%",
  "base_rate": 0.08,
  "base_rate_provisional": true,
  "break_even_note": "Break-even to ATH needs 16.1\u00d7. (Pass --entry for break-even to your cost basis.)"
 },
 "structure": {
  "alive_score": 58.1,
  "aliveness": "WEAKENING",
  "aliveness_note": "Multiple systems weakening; the project is in decline.",
  "mechanical_aliveness": "STRAINED",
  "band_capped": true,
  "confidence": "HIGH",
  "confidence_detail": "measuring 6 of 6 factors (100% of the weight that matters for a DeFi / Protocol asset)"
 },
 "bottom_line": "Down 94%, aliveness reads WEAKENING. Being functional is not recovery \u2014 the reclaim base rate is ~8%.",
 "factors": [
  {
   "factor": "solvency",
   "label": "Structural solvency / liveness",
   "weight": 0.22,
   "status": "measured",
   "score": 61.1,
   "detail": "0 commits/4wk, 5 contributors, last commit 0d ago \u2014 actively developed.",
   "note": ""
  },
  {
   "factor": "conviction",
   "label": "Holder conviction & overhead supply",
   "weight": 0.18,
   "status": "measured",
   "score": 66.8,
   "detail": "holders +89/30d (+1.3%, Bin 8/10 vs 278 DeFi / Protocol peers), concentration HHI 0.164 (Bin 5/10 vs 123 DeFi / Protocol peers) \u2014 holders are accumulating against the drawdown. [DeFi / Protocol bins, provisional]",
   "note": ""
  },
  {
   "factor": "liquidity",
   "label": "Liquidity / exitability",
   "weight": 0.18,
   "status": "measured",
   "score": 67.0,
   "detail": "$2,528,131/24h (Bin 8/10 vs 358 DeFi / Protocol peers), 3.17% turnover (Bin 6/10) \u2014 tradeable.",
   "note": ""
  },
  {
   "factor": "usage",
   "label": "Usage / demand",
   "weight": 0.2,
   "status": "measured",
   "score": 51.0,
   "detail": "92 active addresses/day (Bin 6/10 vs 113 DeFi / Protocol peers), 30d trend -17.1% (Bin 5/10 vs 72 DeFi / Protocol peers), data lagged 31d (provider tier) \u2014 usage is holding. [DeFi / Protocol bins, provisional]",
   "note": ""
  },
  {
   "factor": "supply",
   "label": "Supply overhang & emissions",
   "weight": 0.12,
   "status": "measured",
   "score": 45.0,
   "detail": "58% of supply circulating (Bin 5/10 vs 360 DeFi / Protocol peers), FDV/MC 1.7x (Bin 5/10) \u2014 meaningful dilution still to come.",
   "note": ""
  },
  {
   "factor": "strength",
   "label": "Relative strength / narrative",
   "weight": 0.1,
   "status": "measured",
   "score": 50.0,
   "detail": "30d -6% (Bin 5/10 vs 360 DeFi / Protocol peers), 200d -38% (Bin 6/10) \u2014 middle of its peer pack.",
   "note": ""
  }
 ],
 "warnings": [
  "Base rate is PROVISIONAL (placeholder, not yet calibrated). Directional only."
 ]
}