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 Token incentives Methodology

## 1. Overview

Token incentives measures the daily USD value of KNC tokens distributed by Kyber as liquidity mining rewards across multiple blockchain networks. This metric tracks incentive payments from Kyber's reward distribution contracts to liquidity providers, capturing both vested rewards from v2 RewardLocker contracts and claimed rewards from v3 RewardsDistributor contracts. The calculation aggregates daily KNC distributions, converts them to USD using end-of-day price feeds, and presents them as a time series metric for analyzing Kyber's incentive spending patterns.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Blockchain events**: Parsed Kyber protocol events including `RewardLocker_Vested` events from Ethereum, BSC, Avalanche, and Polygon networks, and `RewardsDistributor_Claimed` events from Ethereum
- **Token price feeds**: End-of-day KNC token price feeds across all supported chains for USD conversion
- **Token metadata**: KNC token contract metadata including decimal precision information for amount normalization
- **External data**: Chain-specific KNC token contract addresses and Kyber reward distribution contract addresses

## 3. Step-by-step calculation

### Component A: Raw incentive events extraction
- **Purpose**: Identifies and extracts KNC token distribution events from Kyber reward contracts across multiple chains and protocol versions
- **Logic**: Scans blockchain event logs for specific Kyber reward distribution events. For Kyber v2, extracts `RewardLocker_Vested` events from Ethereum, BSC, Avalanche, and Polygon networks, capturing the `vestedQuantity` field and `token` address. For Kyber v3, extracts `RewardsDistributor_Claimed` events from Ethereum, capturing the first element of `claimAmounts` array and `tokens` array. Filters each event to only include transactions where the token address matches the chain-specific KNC token contract address. Records the contract address, recipient, timestamp, transaction hash, and reward amount for each valid event.
- **Key fields**: Contract `address` (reward distributor), `vestedQuantity` or `claimAmounts[0]` (KNC amount), `token` or `tokens[0]` (token address), `block_timestamp`, `transaction_hash`, `log_index`

### Component B: Account metadata enrichment
- **Purpose**: Maps Kyber reward distribution contract addresses to human-readable account names for better metric categorization
- **Logic**: Joins the raw incentive events with a predefined mapping of contract addresses to account names. Maps addresses like `0xfab5186a194588f5ad5074bd52659302906b4522` to "Reward Locker" and `0x5ec0dcf4f6f55f28550c70b854082993fdc0d3b2` to "Rewards Distributor" based on chain-specific contract deployments. This enrichment provides context about which specific Kyber mechanism distributed each incentive payment.
- **Key fields**: `account_address` (contract address), `account_name` (human-readable name), `chain` (blockchain network)

### Component C: USD conversion and decimal correction
- **Purpose**: Normalizes KNC amounts using proper decimal precision and converts daily totals to USD values
- **Logic**: Applies decimal correction to raw KNC amounts using token metadata to ensure proper numerical representation (typically dividing by 10^18 for KNC). Groups events by day, chain, contract, and token address to calculate daily distribution totals. Joins with end-of-day KNC price feeds to convert token amounts to USD values using the closing price for each day. Handles multi-chain scenarios by using chain-specific price feeds where available.
- **Key fields**: `token_incentives` (corrected KNC amount), daily timestamp, USD conversion rate

### Final aggregation
- **Combining components**: Aggregates all processed incentive events by daily timestamps, summing USD values across all Kyber reward contracts and chains for each day
- **Currency conversion**: Uses end-of-day KNC token prices to convert daily token amounts to USD equivalent values
- **Time aggregation**: Groups all events by calendar day (UTC), truncating timestamps to day precision to ensure consistent daily boundaries
- **Final calculation**: Sums the USD value of all KNC tokens distributed as incentives per day, applying business dimension labels (Exchange AMM business line, dex segment) and using a zero-fill strategy to ensure continuous time series data with no gaps

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

Value of native tokens distributed as incentives.

KyberSwapKNC

Token incentives

Token incentives

Competitive landscape

Chain breakdown