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 Flash loan volume Methodology

## 1. Overview

The KyberSwap flash loan volume metric measures the total USD value of flash loans borrowed from KyberSwap v3 liquidity pools. Flash loans are uncollateralized loans that must be repaid within the same transaction, commonly used for arbitrage, liquidations, and other DeFi strategies. The metric calculates the sum of both tokens' USD values in each flash loan event, aggregated daily across all supported chains. Due to a contract exploit, KyberSwap v3 was decommissioned on November 23, 2023, so the metric only covers activity through that date.

## 2. Data sources

The calculation relies on several blockchain and external data sources:
- **Flash loan events**: Parsed `Flash` events from KyberSwap v3 `Pool` and `ElasticPool` contracts across Ethereum, Arbitrum, Avalanche, BSC, Fantom, Optimism, and Polygon chains
- **Transaction data**: Blockchain transaction records from all supported chains to identify user addresses initiating flash loans
- **Pool metadata**: Parsed `PoolCreated` events from KyberSwap `Factory` and `ElasticFactory` contracts to understand trading pair structures and fee tiers
- **Token metadata**: Token information including decimal places and symbols for proper amount calculations and pair naming
- **External price data**: End-of-day token price feeds for USD conversion of flash loan amounts

## 3. Step-by-step calculation

### Component A: Flash loan event extraction
- **Purpose**: Extracts raw flash loan events from KyberSwap v3 contracts with user identification
- **Logic**: Queries `Flash` events from both `Pool` and `ElasticPool` contracts across seven supported chains. Each flash loan event contains quantities borrowed (`qty0`, `qty1`) and fees paid (`paid0`, `paid1`) for both tokens in the liquidity pool. The component joins flash loan events with transaction records to identify the user address (`from_address`) who initiated the flash loan. Events are filtered to only include activity before November 23, 2023, when KyberSwap v3 was decommissioned due to a contract exploit. Business metadata is assigned with "Exchange AMM" as business line, "exchanges" as market sector, and "dex" as business segment.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, `address` (pool contract), `qty0` and `qty1` (borrowed amounts), `paid0` and `paid1` (fees), and user `from_address` from transaction data

### Component B: Trading pair metadata enrichment
- **Purpose**: Provides trading pair information including token addresses, decimals, and fee tiers
- **Logic**: Extracts trading pair data from `PoolCreated` events emitted by KyberSwap `Factory` and `ElasticFactory` contracts. For each pool, captures the two token addresses (`token0`, `token1`) and fee tier information. KyberSwap v2 pools use a default fee tier of 0, while v3 pools use the `swapFeeUnits` field divided by 100,000 to get the fee percentage. Token metadata is joined to get decimal places for both tokens and create human-readable pair names by concatenating token symbols with a hyphen.
- **Key fields**: Pool `account_address`, `token0_address`, `token1_address`, `fee_tier`, `token0_decimals`, `token1_decimals`, and `account_name` (e.g., "USDC-WETH")

### Component C: Volume calculation with USD conversion
- **Purpose**: Processes flash loan amounts, corrects for token decimals, and converts to USD values
- **Logic**: Aggregates flash loan events by day while joining with trading pair metadata to access token decimal information. Raw token amounts (`token0_amount`, `token1_amount`) are corrected by dividing by 10 raised to the power of each token's decimal places. The same decimal correction is applied to fee amounts. Corrected amounts are then converted to USD by multiplying with end-of-day token prices for both tokens in the pair. The total flash loan volume is calculated by summing the USD values of both token amounts in each flash loan event.
- **Key fields**: Daily aggregated `token0_amount` and `token1_amount` (decimal-corrected), corresponding USD `prices` for both tokens, and calculated `flash_loan_volume` as the sum of both tokens' USD values

### Final aggregation
- **Combining components**: Flash loan events are joined with trading pair metadata on chain and pool address, then joined with price data on timestamp, chain, and token address for both tokens in each pair
- **Currency conversion**: USD conversion uses end-of-day token prices multiplied by decimal-corrected token amounts, with separate conversions for both tokens in each flash loan pair
- **Time aggregation**: Flash loan events are aggregated to daily boundaries using timestamp truncation to day level, maintaining transaction and log-level granularity within each day
- **Final calculation**: The flash loan volume for each event equals the sum of (token0_amount × token0_price_usd) + (token1_amount × token1_price_usd), where amounts are decimal-corrected and prices are end-of-day USD values. The metric is finalized using Token Terminal's standardization process with zero-filling for missing data points and chain availability filtering.

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

Total value of assets borrowed and repaid within the same transaction.

KyberSwapKNC

Flash loan volume

Flash loan volume

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Chain breakdown