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 Tradeable pairs Methodology

## 1. Overview

Tradeable pairs measures the number of unique trading pairs available on the KyberSwap decentralized exchange, categorized by liquidity tiers. This metric reflects the number of direct swap routes available to users and their associated liquidity depth. Trading pairs are identified from pool creation events and classified into liquidity cohorts based on net deposits to provide insights into both pair availability and quality.

## 2. Data sources

- **Blockchain events**: `PoolCreated` events from `Factory`, `KSFactory`, and `ElasticFactory` contracts, `Mint`, `Burn`, `Swap`, and `Flash` events from `Pool` and `ElasticPool` contracts, and `Sync` and `Swap` events from `KSPool` and `DMMPool` contracts, covering Ethereum, Arbitrum, Polygon, BSC, and 4 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Trading pair identification

- **Purpose**: Identifies all unique trading pairs created on KyberSwap
- **Logic**: Pool creation events are parsed from `Factory`, `KSFactory`, and `ElasticFactory` contracts across KyberSwap V2 and V3. Pool addresses, asset addresses, and fee tiers are extracted from `PoolCreated` events. These are joined with asset metadata to obtain decimal precision and symbols. Human-readable pair names are generated, and the first appearance timestamp for each unique pair is recorded to establish when it became tradeable.
- **Key fields**: `pool` address, `token0` and `token1` addresses, `swapFeeUnits` for fee tiers

### Component B: Net deposits calculation

- **Purpose**: Calculates the liquidity depth of each trading pair through net deposit analysis
- **Logic**: For KyberSwap V2 pairs, daily reserve changes are tracked from `Sync` events. For KyberSwap V3 pairs, multiple asset flow types are aggregated, including deposits from `Mint` events, withdrawals from `Burn` events, trading activity from `Swap` events, and flash loan fees from `Flash` events. All asset amounts are normalized by decimal precision.
- **Key fields**: `qty0` and `qty1` for asset amounts, `reserve0` and `reserve1` for V2 reserves, `deltaQty0` and `deltaQty1` for V3 trading amounts

### Component C: Liquidity cohort classification

- **Purpose**: Categories trading pairs by their liquidity depth
- **Logic**: USD-denominated net deposits are calculated for each pair and threshold-based classification is applied. Pairs are assigned to cohorts: "> $1m", "$500k - $1m", "$100k - $500k", "$25k - $100k", "$5k - $25k", and "< $5k".
- **Key fields**: `net_deposits` in USD, `liquidity_cohort` classification labels

### Component D: Aggregation and USD conversion

- **Purpose**: Combine components and normalize to USD
- **Logic**: A multi-step union approach is used to count pairs across cohorts. A cumulative count of all unique pairs is calculated by taking the minimum creation date for each pair and summing new pairs daily. Pairs are counted within each liquidity cohort based on their net deposit classification. A correction is applied by subtracting pairs with positive liquidity from the baseline "< $5k" count to prevent double counting. Asset amounts are multiplied by end-of-day price feeds. KyberSwap V3 data is excluded after November 23, 2023, due to a contract exploit, while V2 pairs continue to be tracked.
- **Key fields**: `tradeable_pairs`, `timestamp`, `price_usd`

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

Number of unique token pairs available for trading on the exchange.

KyberSwapKNC

Tradeable pairs

Tradeable pairs

Competitive landscape

Chain breakdown