Gnosis (GNO) price rallies 50%+ after CowSwap users claim COW airdrop
This week Gnosis (GNO) price notched a swift 50%+ rally after the project took another step forward in its transition to the Coincidence of Wants Procotol, or CoW, an interface that offers traders protection from miner extracted value (MEV).
Data from Cointelegraph Markets Pro and TradingView shows that the price of GNO has gained 86% over the past seven days, rising from a low of $308 on March 21 to an intraday high at $574 on March 28.
Three reasons for the rapid price increase for GNO include the release of the CowSwap (COW) token which was airdropped to Gnosis holders, traders' appreciation of the MEV-protection offered by the protocol and the potential for GNO holders to receive additional airdrops in the future.
The most recent price surge appears primarily connected to the official release of COW, the native token of the CowSwap protocol which offers traders MEV-protection.
$COW token is finally expected to unlock around 3pm UTC today.This will kick off a 12 week $COW liquidity mining program on @ethereum & @gnosis chain aginst $ETH and $GNO pairs.On Ethereum $COW pool will be on @BalancerLabs & on gnosis chain it will be on @SwaprEth.
COW tokens were airdropped to GNO holders based on the number of tokens held or staked during a snapshot that was taken back in early January, with 5% of COW tokens going to GNO holders who could receive an extra 5% if they had locked their GNO tokens on the protocol for a period of one year.
At the time of writing, COW has been listed on Uniswap and is trading at a price of $1.35.
The main draw of the CowSwap protocol is the MEV-protections offered that can help traders get better terms on swaps and avoid being front run or the victim of a sandwich attack.
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