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 Revenue Methodology

## 1. Overview

KyberSwap revenue measures the protocol's total revenue from both direct fee collection and trading volume-based revenue sharing across its decentralized exchange and aggregator services. Explicit fee payments captured from blockchain events are combined with calculated revenue derived from trading volumes multiplied by fee tiers and protocol revenue splits. Revenue is captured from multiple product lines including the AMM DEX (V1, V2, V3) and the meta-aggregation router.

## 2. Data sources

- **Blockchain events**: `Fee` events from `MetaAggregationRouterV2` contracts, `FeeDistributed` events from `KyberFeeHandler` contracts, `Swap` events from `Pool`, `ElasticPool`, `KSPool`, and `DMMPool` contracts, `Swapped` events from `MetaAggregationRouter` and `MetaAggregationRouterV2` contracts, `KyberTrade` events from `KyberNetwork` contracts, `ExecuteTrade` events from `KyberNetworkProxyV1` and `KyberNetworkProxyV2` contracts, and `PoolCreated` events from `Factory` and `ElasticFactory` contracts, covering Ethereum, Polygon, Avalanche, BSC, and 12 other chains
- **External data**: End-of-day asset price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Direct fee revenue

- **Purpose**: Explicit fee payments collected by KyberSwap protocols are captured
- **Logic**: Fee amounts are extracted from aggregator `Fee` events and legacy `FeeDistributed` events. Native asset identifiers (`0xeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee`) are replaced with corresponding wrapped asset addresses for proper price lookups. Fee amounts are normalized by decimal precision. Fees are grouped daily by transaction hash and log index to prevent duplicates.
- **Key fields**: `totalFee` from aggregator events, `platformFeeWei` and `rewardWei` from legacy events, `token` addresses for price lookups

### Component B: Trading volume-based revenue
- **Purpose**: Protocol revenue from trading fees is calculated based on volume and fee tiers
- **Logic**: Swap events from all KyberSwap versions are aggregated to calculate trading volumes. For each swap, absolute values of asset amounts are normalized by decimal precision and converted to USD using end-of-day price feeds. Trading volume is determined by taking the lesser USD value between the two assets in each pair to prevent price manipulation. Fee tiers are extracted from trading pair metadata (converted from basis points for V2, directly from `swapFeeUnits` for V3). Revenue is calculated by multiplying trading volume by fee tier and applying time-based protocol splits.
- **Key fields**: `deltaQty0` and `deltaQty1` from V3 swaps, `amount0In`, `amount0Out`, `amount1In`, and `amount1Out` from V2 swaps, `swapFeeUnits` and `feeInPrecision` for fee rates

### Component C: Final aggregation and USD conversion

- **Purpose**: Direct fee revenue and volume-based revenue are combined and normalized to USD
- **Logic**: Direct fee revenue and volume-based revenue are combined, maintaining separate records for each revenue source. All amounts are converted to USD using end-of-day price feeds matched by timestamp, asset address, and chain. Data is aggregated to a daily level using UTC day boundaries. Time-based protocol fee splits are applied to the revenue calculations, where 16% of trading fees are allocated to revenue after August 8, 2023, and 10% before that date for volume-based revenue, while direct fees are captured at 100% of their value.

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

KyberSwapKNC

Revenue

Revenue

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