diff --git a/src/custom/components/CowBalanceButton/index.tsx b/src/custom/components/CowBalanceButton/index.tsx
index d90af3b36f..4265972b37 100644
--- a/src/custom/components/CowBalanceButton/index.tsx
+++ b/src/custom/components/CowBalanceButton/index.tsx
@@ -1,5 +1,5 @@
 import { Trans } from '@lingui/macro'
-import styled from 'styled-components/macro'
+import styled, { css } from 'styled-components/macro'
 import CowProtocolLogo from 'components/CowProtocolLogo'
 import { useCombinedBalance } from 'state/cowToken/hooks'
 import { ChainId } from 'state/lists/actions/actionsMod'
@@ -7,7 +7,7 @@ import { formatMax, formatSmartLocaleAware } from 'utils/format'
 import { AMOUNT_PRECISION } from 'constants/index'
 import { COW } from 'constants/tokens'
 
-export const Wrapper = styled.div`
+export const Wrapper = styled.div<{ isLoading: boolean }>`
   ${({ theme }) => theme.card.boxShadow};
   color: ${({ theme }) => theme.text1};
   padding: 0 12px;
@@ -20,6 +20,35 @@ export const Wrapper = styled.div`
   border-radius: 12px;
   pointer-events: auto;
 
+  ${({ theme, isLoading }) =>
+    isLoading &&
+    css`
+      overflow: hidden;
+      &::after {
+        position: absolute;
+        top: 0;
+        right: 0;
+        bottom: 0;
+        left: 0;
+        transform: translateX(-100%);
+        background-image: linear-gradient(
+          90deg,
+          rgba(255, 255, 255, 0) 0,
+          ${theme.shimmer1} 20%,
+          ${theme.shimmer2} 60%,
+          rgba(255, 255, 255, 0)
+        );
+        animation: shimmer 2s infinite;
+        content: '';
+      }
+
+      @keyframes shimmer {
+        100% {
+          transform: translateX(100%);
+        }
+      }
+    `}
+
   > b {
     margin: 0 0 0 5px;
     color: inherit;
@@ -48,13 +77,13 @@ interface CowBalanceButtonProps {
 const COW_DECIMALS = COW[ChainId.MAINNET].decimals
 
 export default function CowBalanceButton({ onClick }: CowBalanceButtonProps) {
-  const combinedBalance = useCombinedBalance()
+  const { balance, isLoading } = useCombinedBalance()
 
-  const formattedBalance = formatSmartLocaleAware(combinedBalance, AMOUNT_PRECISION)
-  const formattedMaxBalance = formatMax(combinedBalance, COW_DECIMALS)
+  const formattedBalance = formatSmartLocaleAware(balance, AMOUNT_PRECISION)
+  const formattedMaxBalance = formatMax(balance, COW_DECIMALS)
 
   return (
-    <Wrapper onClick={onClick}>
+    <Wrapper isLoading={isLoading} onClick={onClick}>
       <CowProtocolLogo />
       <b title={formattedMaxBalance && `${formattedMaxBalance} (v)COW`}>
         <Trans>{formattedBalance || 0}</Trans>
diff --git a/src/custom/hooks/useCowBalanceAndSubsidy.ts b/src/custom/hooks/useCowBalanceAndSubsidy.ts
index c2e8da086f..1cf835d428 100644
--- a/src/custom/hooks/useCowBalanceAndSubsidy.ts
+++ b/src/custom/hooks/useCowBalanceAndSubsidy.ts
@@ -1,37 +1,13 @@
 import { useMemo } from 'react'
 import { BigNumber } from 'bignumber.js'
-import { JSBI } from '@uniswap/sdk'
-import { CurrencyAmount } from '@uniswap/sdk-core'
-
 import { getDiscountFromBalance } from 'components/CowSubsidyModal/utils'
-import { useVCowData } from 'state/cowToken/hooks'
-import { useTokenBalance } from 'state/wallet/hooks'
-import { useActiveWeb3React } from 'hooks/web3'
-
-import { COW } from 'constants/tokens'
-import { SupportedChainId } from 'constants/chains'
+import { useCombinedBalance } from 'state/cowToken/hooks'
 import { COW_SUBSIDY_DATA } from 'components/CowSubsidyModal/constants'
 
 const ZERO_BALANCE_SUBSIDY = { subsidy: { tier: 0, discount: COW_SUBSIDY_DATA[0][1] }, balance: undefined }
 
 export default function useCowBalanceAndSubsidy() {
-  const { account, chainId } = useActiveWeb3React()
-  // vcow balance
-  const { total: vCowBalance } = useVCowData()
-  // Cow balanc
-  const cowBalance = useTokenBalance(account || undefined, chainId ? COW[chainId] : undefined)
-
-  const balance = useMemo(() => {
-    if (vCowBalance && cowBalance) {
-      const totalBalance = JSBI.add(vCowBalance.quotient, cowBalance.quotient)
-
-      // COW and vCOW safely have the same identifying properties: decimals
-      // so we make JSBI maths and create a new currency as adding vCow and Cow throws and exception
-      return CurrencyAmount.fromRawAmount(COW[chainId || SupportedChainId.MAINNET], totalBalance)
-    } else {
-      return cowBalance || vCowBalance
-    }
-  }, [chainId, cowBalance, vCowBalance])
+  const { balance } = useCombinedBalance()
 
   return useMemo(() => {
     if (!balance || balance?.equalTo('0')) return ZERO_BALANCE_SUBSIDY
diff --git a/src/custom/state/cowToken/hooks.ts b/src/custom/state/cowToken/hooks.ts
index 9fb46c13ba..ab87dcab01 100644
--- a/src/custom/state/cowToken/hooks.ts
+++ b/src/custom/state/cowToken/hooks.ts
@@ -15,6 +15,8 @@ import { OperationType } from 'components/TransactionConfirmationModal'
 import { APPROVE_GAS_LIMIT_DEFAULT } from 'hooks/useApproveCallback/useApproveCallbackMod'
 import { useTokenBalance } from 'state/wallet/hooks'
 import { useAllocation } from 'pages/Profile/LockedGnoVesting/hooks'
+import { SupportedChainId } from 'constants/chains'
+import JSBI from 'jsbi'
 
 export type SetSwapVCowStatusCallback = (payload: SwapVCowStatus) => void
 
@@ -166,16 +168,26 @@ export function useCowBalance() {
  * Hook that returns combined vCOW + COW balance + vCow from locked GNO
  */
 export function useCombinedBalance() {
+  const { chainId, account } = useActiveWeb3React()
   const { total: vCowBalance } = useVCowData()
   const lockedGnoBalance = useAllocation()
   const cowBalance = useCowBalance()
 
   return useMemo(() => {
-    if (!vCowBalance || !cowBalance || !lockedGnoBalance) {
-      return
+    let tmpBalance = JSBI.BigInt(0)
+
+    const isLoading = account && (!vCowBalance || !lockedGnoBalance || !cowBalance) ? true : false
+
+    const cow = COW[chainId || SupportedChainId.MAINNET]
+
+    if (account) {
+      if (vCowBalance) tmpBalance = JSBI.add(tmpBalance, vCowBalance.quotient)
+      if (lockedGnoBalance) tmpBalance = JSBI.add(tmpBalance, lockedGnoBalance.quotient)
+      if (cowBalance) tmpBalance = JSBI.add(tmpBalance, cowBalance.quotient)
     }
 
-    const sum = vCowBalance.asFraction.add(cowBalance.asFraction).add(lockedGnoBalance.asFraction)
-    return CurrencyAmount.fromRawAmount(cowBalance.currency, sum.quotient)
-  }, [cowBalance, vCowBalance, lockedGnoBalance])
+    const balance = CurrencyAmount.fromRawAmount(cow, tmpBalance)
+
+    return { balance, isLoading }
+  }, [vCowBalance, lockedGnoBalance, cowBalance, chainId, account])
 }