Cowl Protocol

We just rewrote the Cowl roadmap. Seven eras. From a shielded pool on Robinhood Chain to private markets in every pocket. You will not find a single date on it, because an era opens when the one before it is finished, not when a quarter rolls over. Era 00 already landed. The shielded pool foundation is deployed to testnet with deposits proven end to end, the note cryptography is locked on Poseidon2 and UltraHonk, and $COWL trades on mainnet. The CLI is there if you want to touch it today. The flagship arrives with Era 01. Private send and receive, private revenue-split, hidden balances. Value that lives inside Cowl goes private for the very first user rather than the thousandth. Then it opens up. Compliant disclosure with auditor-scoped view keys. A gasless relayer network. Shielded execution with front-run protection. An SDK so any app can embed Cowl privacy. Then Cowl in every pocket. Read the whole thing. cowlprotocol.com/roadmap

Your shielded balance is not a number in a slot. It is a set of encrypted notes, and their shape decides what you can move in one payment. Each note is a Poseidon2 commitment with the value sealed inside the hash, shipped as a ciphertext addressed to a view key. Yours opens yours. Nothing else does, not the relayer that carried it, not the indexer, not whoever reads the block next year. One spend reads two notes and writes two. So your ceiling is the sum of your two largest, never your balance, and 750,000 spread across eight of them still moves 200,000 at a time. Merging reshapes it. Two largest, never the two smallest, because combining the bottom of a pile can leave the top untouched for an entire round while you pay for the privilege. Each round is a payment to yourself, proven in your browser, and the spent notes retire as nullifiers derived from your nullifying key, which burns them without ever naming the leaves they came from. n notes settle in n minus 2 rounds. Every round rides a gasless relayer. That works because a merge spends notes already sitting in the pool, so the relayer gets paid from inside it too, its address and its fee bound into the proof as public inputs. It submits or it reverts. Your wallet holds no ETH and is never asked to confirm a round. Which matters most exactly here. Merging is what happens in the minutes before you pay someone, and rounds paid from your own wallet would stamp your address on chain right ahead of that payment. Relaying the preparation keeps the preparation silent. From outside, a merge and a payment are identical. Value zero, recipient zero, two nullifiers, two commitments. I read a stretch of pool transactions on $COWL today and could not tell you which were which.

Gasless private send is live too. The wallet above just paid someone. Zero ETH, nonce zero, and the address it paid has no history at all. Both of these settled this morning, submitted by the relayer. One is the payment. Nothing on chain tells you which. robinhoodchain.blockscout.com/tx/0x2c3484bba… robinhoodchain.blockscout.com/tx/0x678b07688… Value zero, recipient zero, and the only token movement in either one is the relayer collecting the fee it charged for paying your gas.

Gasless private send is live. You do not need a single wei of ETH to pay someone on Cowl. In the video, $COWL leaves a wallet holding zero ETH, lands in a wallet holding zero ETH, and the payment never asks for a signature. Type an amount, hit send, done. The relayer carries the spend and pays the gas for you, and the fee comes out of the notes you are already spending, so an empty wallet stops being a reason you cannot pay someone. Then look up the address that got paid. The explorer hands you an empty page. No transactions, no transfers, no balance, nothing there to read. That is the whole point of building this. Value moving from one shielded balance to another never touches an address, so the only token movement in the entire transaction is the relayer collecting its fee. Every send in the app goes out this way from today, at app.cowlprotocol.com.

@ProofOfEly Great questions. We’ll be covering all of those in an upcoming update. Please stay tuned - we’ll share the complete security and audit details soon.

@cowlprotocoll Questions: Who is performing the audits? How many independent audits will there be? Will the zk circuits themselves be audited? Will there be a bug bounty? Has the trusted setup (if any) been independently reviewed? How are the proving keys generated and secured?

Time to talk about audits. Here is what $COWL already enforces on chain. Every spend clears 14 public inputs before the pool releases a token. The proof pins the fee, the recipient and the relayer before it leaves your machine, so a relayer carries your spend exactly as built or it carries nothing. It folds in the chain id too, so a proof built for one chain is worthless on another. The pool caps every withdrawal at what that token actually holds, so nothing leaves that did not go in first. That floor already shipped. Cowl builds in public, so the audit plan ships in public too, and every report lands with the commit hash it ran against.

Nothing on chain says you own your shielded portfolio on $COWL. The chain holds a commitment tree and one ciphertext per leaf. The pool keys none of its mappings by an account, so no balance exists anywhere to look up. Your browser tries your view key against every ciphertext, and each time one opens it recomputes the commitment and checks it against the leaf on chain. What survives that, still unspent, is your balance. Wipe the tab and you lose nothing. One signature derives the keys again, the notes come back out of the ciphertexts, and recomputing each nullifier against the chain marks what you already spent. Tokenized stocks sit in there like everything else.

Where gasless stands on $COWL today. Everyone reads gas as a fee. It is also what puts your address in the block as the sender. So Cowl stopped asking you to pay it. A gasless relayer takes the spend you already proved, submits it from its own wallet, and settles the fee out of the same notes instead of your pocket. Everything a relayer could tamper with is already fixed inside the proof, so it carries your spend exactly as built or it carries nothing. Withdrawals work this way in the app and the CLI today. Private send and swap already do the same in the CLI. The rest is on the board. Gasless note merge and gasless send inside the app are what we build next.

Unshielded 500,000 COWL into a wallet holding zero ETH. It has never signed a transaction. It still has not. The relayer submits the spend and pays the gas, so the account that built it never touches the chain, and the fee comes out of the same notes instead of your pocket. On the explorer you see a balance arrive at an address that has done nothing else, ever. Gasless unshield is live in the beta at app.cowlprotocol.com.

The team behind $COWL is building the gasless relayer right now. When it lands you shield into the pool, send to another shielded address and unshield back out without holding a single wei of ETH. Every leg is a ZK proof, so the explorer sees no amount and no counterparty, and the relayer is the one broadcasting it and paying the gas. Empty wallet. Full shielded balance.

$COWL Receive is live. Your payment address is bech32m, the same encoding Bitcoin and Zcash addresses use, so a mistyped character fails its checksum instead of quietly paying keys nobody holds. Inside it sit two things: the key that owns your notes, and the key that decrypts them. Your wallet address appears in neither. Scan the QR or hand over the string. One address, reusable, every payment. #CowlProtocol #Cowl

Shield bug fixed. Large amounts ran past the denomination cap and could not cross in shared tiers at all. The ladder now reaches from thousandths up to millions, so a million tokens shields in a handful of deposits instead of stalling at the boundary. Every 1,000,000 looks like every other 1,000,000. #Cowl

🪶 Robinhood Daily Recap what happened on Robinhood Chain last 24 hours Infra - Stablecoin supply crossed $400M, up 340% since early July. - Robinhood Chain generated $350K in network fees in 24h, ranking #4 across all chains. - @arkham covered Robinhood Chain’s growth to $315M DeFi TVL. - @opensea recorded 125K swaps, 50K mints, and 80K NFT secondary sales from Robinhood Chain users. - @Uniswap positioned itself as the venue for tokenized value. - Ripple processed $250M in stock token volume. - @RamsesExchange announced Robinhood Chain as its next expansion. - @shufflecom added Robinhood Chain support. Trading - Trading bots generated $155M volume in 24h, led by GMGN, FOMO, BasedBot, and Axiom. - @bankrbot crossed $158.9M real volume on Robinhood tokens and $1.04M paid to teams. - @longdotxyz grew total RWA volume from $43M to $73M. - @flapdotsh launched stock-paired memes with stock dividends. - @TheArena launched its Robinhood launchpad for app and terminal trading. - @isBacked_ introduced native prediction markets with binary markets and ETH settlement. - @strike_xyz launched a decentralized prediction market with confidence-based scoring. - @tradeongtr launched a trading aggregator terminal for crypto, perps, stocks, and onchain tokens. - @GameStopOnChain hit nearly $50M trading volume on tokenized GME stock. Ecosystem - @centrifuge tracked 200K+ new tokenized asset holders in one week. - @IdleProtocol added Robinhood Chain data for AI agents tracking tokenized equities. - @Veildotcash added one-click private deposits from Robinhood Chain. - @cowlprotocoll showed private tokenized Apple transfers on mainnet. - @WizzHQ launched Wizz Earns for Robinhood Chain campaigns and bounties. - @ProjectDinoHood showed verified stock tokens, live Uniswap quotes, and wallet-controlled approvals.

We hope our amazing Cowl community enjoys their weekend! While you relax, know that we’re getting busy. Update soon

Earn is where Cowl is heading, and the plan is public before the program is. Season one is not open. Not close. The app finishes the full set first. Private send, private receive, then swaps through the shielded pool, each one shipping when the code earns it, and only when the whole protocol runs in the app does Earn open on top of it. The design is set. A fixed pot of COWL each season, every transaction through the pool growing your share of it, and a slice reserved for whoever is still holding COWL when the season closes. Move more, take more. Payouts will land inside the pool, straight to your shielded book, with the chain recording only that a distribution happened. Who earned what stays unreadable. The shape of it is up at app.cowlprotocol.com/earn. Nothing counts yet. The pool is open today, and Earn arrives when the rest of the protocol does.

Watch 0.02 tokenized Apple go private on Robinhood Chain mainnet. Shielded straight from app.cowlprotocol.com, with no terminal anywhere in this. The ZK proof is built inside the browser tab on your own machine, the keys come from one wallet signature, and the only thing your wallet does is confirm. It goes in as two deposits on purpose. The pool takes fixed denominations, so an odd amount cannot turn into your fingerprint, and the second part waits a random gap so the pair does not read as one move cut in half. Then the app shows both books at once. The public one is what the explorer already knows about that wallet. The private one is what only the keys in that browser can open, and there is no query anyone can run to reproduce it. The explorer will show you two deposits landing in the pool. What it cannot show you is the book they landed in, or what those notes do next. Both transactions, real Apple, real mainnet: robinhoodchain.blockscout.com/tx/0x38431d2f2… robinhoodchain.blockscout.com/tx/0x30727f731… The wallet in the video, public side, readable by anyone: robinhoodchain.blockscout.com/address/0x0f02… Open it and shield something yourself at app.cowlprotocol.com

Robinhood Chain - Daily Recap Official News 🟩 @RobinhoodApp added $BILL from Billions Network to Robinhood Crypto. Stats 🟩 $PUSS recorded $192K in volume, leading all @flaunchgg tokens during its first 24 hours on Robinhood Chain. Ecosystem News 🟩 @memecoin_fun_ raised $3.5M in strategic funding to expand its Robinhood Chain launchpad, cross-chain bridges, and all-chain memecoin platform. 🟩 @virtuals_io highlighted the growing activity of AI agents trading on Robinhood Chain. 🟩 @TheIndexFi is expanding beyond its original reflection model with a new product designed to build a broader RWA hub on Robinhood Chain. 🟩 @arcus_xyz added seamless USDG bridging to Robinhood Chain through Stargate and LayerZero. 🟩 @AlphaBlockAI teased a unified cross-chain balance feature, starting with Robinhood Chain on July 27. 🟩 @vladtenev confirmed that Robinhood has not issued an official token and warned users to stay alert following an apparent account compromise. Launches & Integrations 🟩 @RamsesExchange launched DLMM-style pools on Robinhood Chain, giving liquidity providers 95% of trading fees with no $RAM emissions. 🟩 @Robiance_ launched its fully onchain orderbook with limit and market orders, permissionless listings, and tokenized stock markets paired with USDG. 🟩 @cowlprotocoll launched its mainnet shielded pool for private transfers and private trading through Uniswap V3. 🟩 @phantom added native support for Robinhood Chain across its wallet. 🟩 @HeyElsaAI added Robinhood Chain to its x402 Facilitator with USDG payments, gasless transactions, and V1 and V2 support. 🟩 @BloomTrading added full trading and automated copy trading for Robinhood Chain assets. 🟩 @xplaceapp enabled direct ETH and USDG deposits from Robinhood Chain. 🟩 @myrad_hq now anchors contribution data proofs on Robinhood Chain. 🟩 @LABtrade_ added Robinhood Chain trading, $LAB staking, rewards, boosts, and debit card deposits. 🟩 @otto_data launched its real-time intelligence layer for Robinhood agents, combining market research with execution through Robinhood’s Trading MCP. 🟩 @rialto_xyz launched Rialto Analytics for tracking liquidity, market depth, tokenization activity, and mint and burn data. 🟩 @RocketXexchange integrated cross-chain swaps into Stoxes.fun, connecting assets from more than 200 networks to Robinhood Chain.

$COWL holders own the fastest shipping team on Robinhood Chain. More than a commit an hour, 24 hours straight. Shield, unshield and your shielded portfolio now run from the app itself, and the ZK proof that makes any of it private is built inside your own browser, which means your keys never leave the tab and there is no terminal standing between you and the pool anymore. #Robinhood Mainnet went live yesterday. The app runs the protocol today.

Tokenized stocks are the whole pitch right now. TSLA, NVDA, SPY, live as tokens on Robinhood Chain, tradable any hour you want. Here is the part the RWA pitch skips. Tokenizing a stock puts your equity book on a public explorer. Your size in NVDA, the price you entered, the day you rotated out, all of it readable by anyone who cares to look. RWA did not just bring stocks on chain. It brought your portfolio into the open. That is the exact rail we are building. Cowl shields your tokenized stocks into a ZK shielded pool and lets you trade them with your size and timing never touching the explorer. The pool is live on Robinhood Chain today. Your broker never posted your book to the street, and on chain it should not either. Right now that privacy runs from the terminal. Soon it runs from a screen, shield, unshield, and trade privately straight from the Cowl app at app.cowlprotocol.com.

Smoke test passed. Every leg of the private flow ran on mainnet with real ETH and settled on chain. Shielded the first note into the pool. Sent it privately between two independent wallets. Traded it for an exact 0.1 USDG through the chain's live Uniswap V3 without the wallet ever touching the venue. Unshielded back out. Value conserved to the wei at every step, and the pool's balance agrees with every live note. The full log is public, every check and every tx hash: github.com/Cowl-Protocol/…