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.

governance

github

twitter

discord

etherscan

website

DEX aggregators

KyberSwap

# KyberSwap Treasury (net) Methodology

## 1. Overview

Treasury net measures the total USD value of all tokens held across Kyber's treasury addresses on multiple blockchains. This metric provides insight into the protocol's financial reserves by tracking token balances across designated treasury wallets on Ethereum, Arbitrum, BSC, Optimism, and Polygon. The calculation aggregates all token holdings, converts them to USD using end-of-day prices, and excludes native protocol tokens to avoid double-counting.

## 2. Data sources

The treasury net calculation utilizes several key data sources:
- **Blockchain transaction logs**: Ethereum, Arbitrum, BSC, Optimism, and Polygon transaction records containing token transfer information
- **ERC-20 transfer events**: Parsed `Transfer` events from token contracts across all supported chains, tracking token movements into and out of treasury addresses
- **End-of-day price feeds**: Daily token price data in USD for accurate valuation across all supported tokens and chains
- **Token metadata**: Token contract information including symbols and decimal precision for proper amount calculations
- **Treasury address configuration**: Predefined lists of official Kyber treasury wallet addresses for each blockchain

## 3. Step-by-step calculation

### Component A: Treasury balance tracking
- **Purpose**: Tracks token balance changes across all designated Kyber treasury addresses on multiple blockchains
- **Logic**: The system processes `Transfer` events from blockchain transaction logs to identify when tokens flow into or out of specified treasury addresses. For each chain, it monitors a predefined set of treasury addresses (5 addresses on Ethereum, 2 addresses each on Arbitrum, BSC, Optimism, and Polygon). The calculation determines net balance changes by analyzing transfers where treasury addresses appear as either sender or recipient, calculating the net effect on each address's token holdings
- **Key fields**: Balance changes are tracked by `timestamp`, `chain_id`, `account_address`, `token_address`, and `balance` (representing the net change in token amount)

### Component B: Token filtering and exclusions
- **Purpose**: Removes specific native protocol tokens to prevent double-counting in treasury calculations
- **Logic**: Each chain excludes specific KNC-related tokens from the calculation. On Ethereum, the exclusion applies to `0xdefa4e8a7bcba345f687a2f1456f5edd9ce97202`. Similar exclusions exist for BSC (`0xfe56d5892bdffc7bf58f2e84be1b2c32d21c308b`), Arbitrum (`0xe4dddfe67e7164b0fe14e218d80dc4c08edc01cb`), Optimism (`0xa00e3a3511aac35ca78530c85007afcd31753819`), and Polygon (`0x1c954e8fe737f99f68fa1ccda3e51ebdb291948c`). This filtering ensures that native protocol tokens are not included in treasury net calculations
- **Key fields**: Filtering is applied based on `chain_id`, `account_address`, and `token_address` combinations

### Component C: Cumulative balance calculation
- **Purpose**: Maintains running totals of token balances over time for each treasury address and token combination
- **Logic**: Balance changes are converted to cumulative balances using window functions that sum all historical balance changes up to each point in time. This creates a running balance for each token at each treasury address, partitioned by `timestamp_grain`, `chain_id`, `account_address`, and `token_address`, and ordered by timestamp to ensure chronological accuracy
- **Key fields**: The output includes cumulative `balance` values representing total token holdings at each point in time

### Component D: Gap filling and continuity
- **Purpose**: Ensures continuous balance data across all time periods, even when no transactions occur
- **Logic**: The fill forward process propagates the most recent balance for each token and address combination to subsequent days with no activity. This ensures that treasury holdings are accurately represented during periods of inactivity, maintaining continuous time series data for downstream calculations
- **Key fields**: Forward-filled `balance` values are maintained across all dimension combinations

### Component E: USD conversion
- **Purpose**: Converts token balances to USD values using daily price feeds
- **Logic**: Token balances are joined with end-of-day price data based on matching `timestamp`, `chain_id`, and `token_address`. The system multiplies each token balance by its corresponding USD price, applying proper decimal adjustments. Only positive balances are included in the conversion, and the price feed must use daily granularity to ensure consistent valuation timing
- **Key fields**: The calculation produces `amount` values representing the USD value of each token holding

### Final aggregation
- **Combining components**: All USD-converted token values are summed across treasury addresses, tokens, and chains to produce a single daily treasury net value. The aggregation includes all positive token balances across all monitored treasury addresses on all supported blockchains
- **Currency conversion**: USD conversion occurs at the individual token level using end-of-day price feeds, ensuring consistent timing across all assets and chains
- **Time aggregation**: The metric uses daily boundaries, with balance calculations and price conversions aligned to the same daily timestamp
- **Final calculation**: The treasury net value equals the sum of all positive USD-valued token holdings across all treasury addresses and supported blockchains, representing the total value of Kyber's cross-chain treasury reserves

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

Total value of a project's treasury excluding its native token.

KyberSwapKNC

Treasury (net)

Treasury (net)

Competitive landscape

Chain breakdown