Ploughshare, previously known as CowDAO, is a New Zealand farm-finance project built on the SRWA real-world-asset protocol. SRWA’s site describes it as a registered financial service provider in New Zealand for which SRWA supplies the technology behind tokenised lending and borrowing, with dairy-farming finance as the use case.
The 2023 plan
Ploughshare pitched itself to the Radix community in 2023 as an alternative lender for New Zealand farmers, at a time when it said banks were tightening terms and pulling back from agricultural technology. It concentrated on organic, non-GMO, pasture-based animal farming. The plan had three steps: start with DeFi-style lending and borrowing; add longer-term, mortgage-style loans at fixed rates with monthly instalments, the product most of its farmer clients already used; and hand decisions to a DAO.
SRWA co-founder Nikola Sologub published a Ploughshare demo on YouTube in November 2023.
$MOO token
The plan gave its token, $MOO, three jobs: raising money in a token sale, rewarding contributors and people using certain features, and carrying voting power in the DAO. Its supply and distribution were never finalised. SRWA’s lending design named $XRD and $MOO as the deposit tokens, but the market SRWA deployed on Radix mainnet runs $XRD and $xUSDC and pays no incentive token (SRWA records what the ledger holds).
Status
ploughshare.nz has served a page titled “Ploughshare is under maintenance” since at least 3 August 2026, and still did on 14 September 2026. The project’s earlier site, ploughshare.srwa.io, no longer resolves. SRWA still lists Ploughshare as its New Zealand product and links ploughshare.nz, while SRWA’s own lending market on Radix has locked new deposits and borrows and stays open only for withdrawals and repayments.