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 Treasury Methodology

## 1. Overview

The Kyber treasury metric measures the total USD value of tokens held across all official Kyber treasury addresses on supported blockchains. This metric provides visibility into the protocol's financial reserves by tracking token balances in designated treasury wallets and converting them to USD values using end-of-day price feeds. The calculation aggregates holdings across Ethereum, Arbitrum, BSC, Optimism, and Polygon chains to provide a comprehensive view of Kyber's treasury position.

## 2. Data sources

- **Parsed ERC-20 Transfer events**: `Transfer` events from Ethereum, Arbitrum, BSC, Optimism, and Polygon blockchains to track token movements into and out of treasury addresses
- **End-of-day token price feeds**: Daily price data for converting token holdings to USD values
- **Token metadata**: Information about token symbols and decimal places for proper balance calculations
- **Transaction traces and logs**: Blockchain transaction data to identify and process token transfer events

## 3. Step-by-step calculation

### Component A: Treasury balance changes tracking
- **Purpose**: Identifies and tracks all token balance changes for designated Kyber treasury addresses across supported blockchains
- **Logic**: The system processes parsed `Transfer` events from blockchain logs to identify when tokens move into or out of specified treasury addresses. Balance changes are calculated by analyzing the `from` and `to` addresses in transfer events - when a treasury address is the recipient, it's recorded as a positive balance change, and when it's the sender, it's recorded as a negative balance change. The process uses chain-specific treasury address configurations: Ethereum monitoring includes five addresses (`0xe6a7338cba0a1070adfb22c07115299605454713`, `0x3eb01b3391ea15ce752d01cf3d3f09dec596f650`, `0x91c9d4373b077ef8082f468c7c97f2c499e36f5b`, `0x76c594e7057f9ec2c19452265eb1dd90ae8274ba`, `0x282f8893d3d9ec120bda898f6d71b33d64ad4a8e`), while Arbitrum, BSC, Optimism, and Polygon each monitor two addresses (`0x91c9d4373b077ef8082f468c7c97f2c499e36f5b`, `0x76c594e7057f9ec2c19452265eb1dd90ae8274ba`)
- **Key fields**: `timestamp` for when the transfer occurred, `chain_id` identifying the blockchain, `account_address` for the treasury wallet, `token_address` for the specific token, and `balance` representing the change amount

### Component B: Cumulative balance calculation
- **Purpose**: Converts individual balance changes into running totals to determine current token holdings for each treasury address
- **Logic**: Balance changes are aggregated using cumulative sum calculations partitioned by timestamp grain, chain, account address, and token address. The system sorts by timestamp and applies a running sum to track how balances evolve over time. This creates a time series showing the total token holdings at each point in time for every treasury address and token combination
- **Key fields**: `balance` becomes the cumulative total rather than individual change amounts, maintaining the same dimensional structure of timestamp, chain, address, and token

### Component C: Data continuity through forward-filling  
- **Purpose**: Ensures complete time series data by filling gaps where no balance changes occurred
- **Logic**: The forward-fill process identifies missing time periods for each combination of chain, account address, and token, then propagates the last known balance forward to fill these gaps. This ensures that treasury holdings are represented for every day in the time series, even when no transactions occurred. The process maintains separate continuity for each unique combination of timestamp grain, chain, account address, and token address
- **Key fields**: All dimensional fields remain the same while `balance` values are carried forward to fill temporal gaps

### Component D: USD conversion
- **Purpose**: Converts token holdings from native units to USD values for aggregation across different tokens
- **Logic**: Token balances are joined with end-of-day price feeds based on matching timestamp, chain, and token address. The system multiplies the token balance by the corresponding USD price using safe multiplication to handle potential null values. Only positive balances and valid price data are included in the conversion process, ensuring accurate USD valuations
- **Key fields**: `amount` replaces the native token `balance` and represents the USD value, while `price_usd` from the price feed provides the conversion rate

### Final aggregation
- **Combining components**: All USD-valued token holdings are aggregated by timestamp, chain, and treasury address to calculate total treasury value
- **Currency conversion**: USD conversion occurs using end-of-day price feeds with safe multiplication handling for edge cases
- **Time aggregation**: Daily time boundaries are maintained throughout the process with forward-filling ensuring continuous coverage
- **Final calculation**: The metric represents the sum of all USD-valued token holdings across all designated treasury addresses for each chain and day, providing a comprehensive measure of Kyber's treasury assets

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

Total value of a project's onchain treasury, including its native token.

KyberSwapKNC

Treasury

Treasury

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