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 Average trading volume (per user) Methodology

## 1. Overview

Average trading volume (per user) is calculated as the average USD trading volume generated per unique user over a fixed 24-hour window. User engagement intensity is assessed by dividing total daily trading volume by the number of unique users who traded that day. Comprehensive trading volume data from multiple KyberSwap protocol versions is combined with precise active users (daily) counts to provide insight into per-user trading behavior.

## 2. Data sources

- **Blockchain events**: `Swap` events from `Pool`, `ElasticPool`, `KSPool`, and `DMMPool` contracts; `Swapped` events from `MetaAggregationRouter` and `MetaAggregationRouterV2` contracts; `KyberTrade` and `ExecuteTrade` events from legacy contracts; and `PoolCreated` events from factory contracts, covering Ethereum, Arbitrum, Polygon, Base, and 12 other chains
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Trading volume calculation

- **Purpose**: Calculates daily USD trading volume across all KyberSwap activities
- **Logic**: Swap events are extracted from multiple KyberSwap contract versions and chains. For V2 contracts, the difference between `amount0In`/`amount0Out` and `amount1In`/`amount1Out` fields is used. For V3 contracts, absolute values of `deltaQty0` and `deltaQty1` fields are taken. For aggregator contracts, `spentAmount` and `returnAmount` fields are used, with native asset identifiers substituted for wrapped asset addresses. Events are joined with transaction data to identify user addresses and with trading pair metadata to obtain asset decimal specifications. Raw amounts are normalized by decimal precision and multiplied by end-of-day asset prices. Anti-manipulation filtering is applied by taking the lesser USD value between the two assets in a pair. Total USD volume is aggregated by day across all sources.
- **Key fields**: `deltaQty0`, `deltaQty1`, `spentAmount`, `returnAmount`, `amount0In`, `amount0Out`, `amount1In`, and `amount1Out`, converted to trading volume in USD

### Component B: active users (daily) calculation

- **Purpose**: Counts unique active users (daily) across all KyberSwap activities
- **Logic**: User addresses are collected from AMM trades and aggregator trades. The `user_address` is extracted from the transaction `from_address` field for each blockchain interaction. Timestamps are truncated to daily granularity to identify distinct users per day. Users are aggregated across project-level dimensions to determine total active users (daily) across all KyberSwap activities.
- **Key fields**: `user_address` from transaction data, aggregated into active users (daily) counts

### Component C: Final aggregation

- **Purpose**: Combine volume and user data to calculate the final average metric
- **Logic**: Daily trading volume totals are joined with active users (daily) counts on matching timestamp values. All trading volumes are converted to USD using end-of-day price feeds, with the lesser of the two asset values in a pair used to prevent price manipulation. Data is aggregated at daily boundaries using UTC day granularity. Total daily trading volume is divided by the daily active user count using safe division to calculate the final average trading volume (per user).

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

Average trading volume (per user)

Trading volume divided by daily active users.

KyberSwapKNC

Average trading volume (per user)

Average trading volume (per user)

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