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 Trading volume Methodology

## 1. Overview

Trading volume measures the total value of trades executed on a decentralized spot exchange. Since users have to pay trading fees on their trades, this metric tends to correlate with the DEX project's ability to generate fees and revenue. Overall activity and liquidity of KyberSwap's decentralized exchange (DEX) aggregator and automated market maker (AMM) products are reflected by this metric. Analysis of market share and protocol utilization is enabled by tracking volume across different versions and business lines.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Trading pair and pool initialization

- **Purpose**: Active trading pairs, pools, and their associated fee tiers are identified.
- **Logic**: `PoolCreated` events are parsed from `Factory`, `KSFactory`, and `ElasticFactory` contracts to map pool addresses to their respective underlying assets. For V3 pools, the fee tier is extracted from the swap fee units and normalized, while for other versions, the fee tier is initialized to zero or calculated dynamically during trade execution.
- **Key fields**: `pool`, `token0`, `token1`, `swapFeeUnits`

### Component B: Aggregator and legacy trade extraction

- **Purpose**: Trade details from the DEX aggregator and legacy AMM contracts are captured.
- **Logic**: `Swapped` events are parsed from `MetaAggregationRouter` and `MetaAggregationRouterV2` contracts to capture aggregator trades, where native asset identifiers are replaced with their corresponding wrapped native asset addresses. Legacy AMM trades are extracted from `KyberTrade` events from `KyberNetwork` contracts, as well as `ExecuteTrade` events from `KyberNetworkProxyV1` and `KyberNetworkProxyV2` contracts.
- **Key fields**: `spentAmount`, `returnAmount`, `srcToken`, `dstToken`, `ethWeiValue`, `actualSrcAmount`, `actualDestAmount`

### Component C: AMM trade extraction

- **Purpose**: Trade details from V2 and V3 AMM liquidity pools are captured.
- **Logic**: `Swap` events are parsed from `KSPool` and `DMMPool` contracts for V2 trades, and from `Pool` and `ElasticPool` contracts for V3 trades. For V2 trades, the fee tier is dynamically calculated from the fee precision field. V3 trade extraction is restricted to historical data prior to the contract decommission date following an exploit.
- **Key fields**: `amount0In`, `amount0Out`, `amount1In`, `amount1Out`, `deltaQty0`, `deltaQty1`, `feeInPrecision`

### Component D: Normalization and USD valuation

- **Purpose**: Asset amounts are normalized and trade values are converted to USD.
- **Logic**: Raw trade amounts for both assets in a trading pair are normalized by their respective decimal precisions using asset metadata. Normalized amounts are multiplied by end-of-day asset prices to determine the USD value of each trade leg. To prevent price manipulation, the final trading volume for each transaction is calculated as the minimum USD value between the incoming and outgoing assets. Same-asset wrap transactions, such as native-to-gas asset conversions on specific chains, are filtered out and excluded from the volume.
- **Key fields**: `price_usd`, `decimals`, `trading_volume`

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

Total value of spot trades executed on the exchange.

KyberSwapKNC

Trading volume

Trading volume

Competitive landscape

Chain breakdown