Borrow against COW
Teller pools accept COW as collateral on Ethereum at up to 20% LTV, lending USDC at 25% APR. Every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral.
| Collateral | Network | LTV | APR |
|---|---|---|---|
| COW | Ethereum | 20% | 25% |
Pool data read . Rates and LTVs are set per pool and change when operators change them.
A protocol built to remove a surprise, and a loan that does the same
CoW Protocol settles trades in batches through competing solvers rather than sending each one straight to a pool, which is how it protects users from being picked off between submitting an order and it landing. The pitch is that the price you expect is the price you get.
A fixed-term loan carries the same shape of promise on a longer timescale. Teller pools take COW at 20% LTV and 25% APR, and what you owe on the due date is settled the moment you sign rather than discovered later.
The contract, which is worth a second look
COW sits at 0xdef1ca1fb7fbcdc777520aa7f396b4e015f497ab on Ethereum, a vanity address beginning with the protocol’s own prefix. Several unrelated projects have used similar leading characters over the years, so match the whole string rather than the first few when you check what you are depositing.
Voting weight and locked balances
COW governs the DAO that funds and directs the protocol. Locked or vested balances are separate positions and cannot be deposited, and the protocol holds your tokens for the term, so arrange any vote before you borrow rather than during.
Why the ceiling is conservative
20% is at the lower end for a governance token here. Thinner spot liquidity than the largest names means a forfeited position takes longer to clear, and operators price that in the buffer rather than only in the rate.
The loan
Deposit COW, receive USDC, repay or roll on the due date. Every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral. Miss the due date and the collateral is forfeit.
See the DeFi collateral page for the rest.
Frequently asked questions
No. Those are separate positions. The pool takes a free COW balance at the address it names.
It is a vanity address beginning with the protocol's own prefix. Several unrelated projects have used similar leading characters, so match the whole string rather than the first few.
The protocol holds the tokens for the term, so arrange any vote you want to influence before you borrow rather than during.
Thinner spot liquidity means a forfeited position takes longer to clear, and operators price that in the buffer as well as the rate.
Nothing happens to the loan. There is no liquidation threshold during the term, so the obligation on the due date is unchanged.
Open a loan
Connect a wallet, deposit your collateral, and borrow a stablecoin. No credit check, no application.
Go to the borrow tab →No collateral to pledge? Check whether you pre-qualify for a no-collateral personal loan. Soft check, no hard pull.