Liquidity providers deposit funds into KyberSwap and receive trading fees from traders (supply-side fees).

KyberSwap is a non-custodial exchange protocol & aggregator built on Ethereum and other adjacent blockchains. KyberSwap was founded by Loi Luu and Victor Tran in 2017.

KNC tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). Kyber Network raised $52 million in an ICO in 2017.

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KyberSwap

# KyberSwap Fees Methodology

## 1. Overview

Fees measure the total USD value generated across all KyberSwap products and versions on multiple blockchain networks. This includes fees from KyberSwap DEX Aggregator, legacy KyberNetwork exchange, active trading on KyberSwap AMM pools, and flash loan services. Fees are aggregated from three distinct sources: explicit fee events from aggregator and legacy contracts, flash loan fees from lending activities, and implicit trading fees calculated as a percentage of trading volume based on pool fee tiers.

## 2. Data sources

- **Blockchain events**: `Fee` events from `MetaAggregationRouterV2` contracts, `FeeDistributed` events from `KyberFeeHandler` contracts, `Flash` events from `Pool` and `ElasticPool` contracts, `Swap` events from `KSPool`, `DMMPool`, `Pool`, and `ElasticPool` contracts, and `PoolCreated` events from `Factory`, `KSFactory`, and `ElasticFactory` contracts, covering Ethereum, Polygon, Arbitrum, Base, and 12 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Aggregator and legacy fees

- **Purpose**: Captures explicit fee payments from KyberSwap DEX Aggregator and legacy KyberNetwork operations
- **Logic**: Fee amounts are extracted from `Fee` events on aggregator contracts and `FeeDistributed` events from legacy contracts. Native asset addresses (represented as `0xeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee`) are substituted with corresponding wrapped asset addresses for consistent tracking. Fee amounts are normalized by decimal precision. Fees are grouped by transaction and asset on a daily basis, then converted to USD using end-of-day price feeds.
- **Key fields**: `totalFee` (aggregator fee amount), `platformFeeWei` and `rewardWei` (legacy fee components), `token` address, block timestamp

### Component B: Flash loan fees

- **Purpose**: Calculates fees generated from flash loan services on KyberSwap V3 protocols
- **Logic**: `Flash` events are processed from KyberSwap V3 pool contracts, with flash loan amounts and associated fees extracted for both assets in each pair. Events are joined with trading pair metadata to obtain asset decimals and symbols. Data is filtered to exclude transactions after November 23, 2023, when V3 contracts were decommissioned due to a security exploit. Both flash loan amounts and fees are normalized by decimal precision and converted to USD, with the final fee amount calculated as the sum of asset0 and asset1 fees.
- **Key fields**: `qty0` and `qty1` (flash loan amounts), `paid0` and `paid1` (flash loan fees), pool addresses, asset addresses

### Component C: Trading volume fees

- **Purpose**: Calculates implicit trading fees based on trading volume and pool fee tiers
- **Logic**: Trading data is combined from multiple sources including V2 swap events with explicit fee tiers and V3/aggregator swaps. For V2 pools, fee tiers are extracted from `feeInPrecision` fields in swap events. For V3 pools, fee tiers are retrieved from pool creation events using `swapFeeUnits` values. Trading volumes are calculated using the lesser USD value between asset pairs to prevent price manipulation. Amounts are normalized by decimal precision and aggregated daily. Final trading fees are calculated by multiplying trading volume by the applicable fee tier.
- **Key fields**: `deltaQty0` and `deltaQty1` (V3 swap amounts), `amount0In/Out` and `amount1In/Out` (V2 swap amounts), `feeInPrecision` (V2 fee rates), `swapFeeUnits` (V3 fee rates)

### Component D: Final aggregation and USD conversion

- **Purpose**: Combine all fee components into a standardized daily output
- **Logic**: All three fee components are combined using a UNION ALL operation, with separate records maintained for each fee source while standardizing the output schema with consistent timestamp, chain, business line, and amount fields. USD conversion is performed at the component level using end-of-day asset price feeds matched by timestamp, asset address, and blockchain network. Fees are aggregated to daily boundaries using timestamp truncation to the day level, with the final output providing daily fee totals across all KyberSwap products. Total KyberSwap fees are calculated as the sum of aggregator fees, flash loan fees, and trading volume multiplied by fee tiers, with zero-filling applied for complete time series coverage.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value users pay to use a protocol (gross fees, user-paid fees).

KyberSwapKNC

Fees

Fees

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