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 Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total USD value of assets deposited in KyberSwap automated market maker (AMM) pools. The metric is calculated as the cumulative sum of net deposits to protocol pools, where net deposits represent the net change in pool assets over time. Total liquidity available for trading in the KyberSwap ecosystem is captured, and user confidence in the protocol is reflected.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: KyberSwap V2 asset flows

- **Purpose**: Calculate net liquidity changes in V2 AMM pools from reserve balance tracking
- **Logic**: Daily reserve balances for each pool are extracted from `Sync` events. For each pool and day, the last recorded reserve amounts are identified and the change from the previous day is calculated. If no previous day exists, the full reserve amount is used as the initial deposit. Net deposits, withdrawals, and trading effects on pool reserves are captured through balance changes rather than individual transaction tracking.
- **Key fields**: `reserve0_amount` and `reserve1_amount`

### Component B: KyberSwap V3 asset flows

- **Purpose**: Calculate net asset flows in V3 pools from individual liquidity and trading events
- **Logic**: Four types of events are combined to track asset flows. Deposit amounts from `Mint` events are added as positive flows. Withdrawal amounts from `Burn` events are subtracted as negative flows. Net trading effects from `Swap` events are included using `deltaQty0` and `deltaQty1` fields. Flash loan fees collected from `Flash` events are added using `paid0` and `paid1` fee amounts. All flows are aggregated daily by pool address to determine total net asset changes.
- **Key fields**: `qty0` and `qty1`, `deltaQty0` and `deltaQty1`, `paid0` and `paid1`

### Component C: Trading pair enrichment

- **Purpose**: Add asset metadata and pool information for decimal corrections and identification
- **Logic**: Asset flow data is joined with trading pair dimensions created from pool creation events. Asset addresses, decimal precision, and symbols are extracted for both assets in each pair. Human-readable pool names are created by concatenating asset symbols. This enables decimal correction and USD conversion for each asset type.
- **Key fields**: `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name`

### Component D: USD conversion and aggregation

- **Purpose**: Convert asset amounts to USD values and aggregate across all pools
- **Logic**: Decimal corrections are applied by dividing raw asset amounts by decimal precision. Corrected amounts are joined with end-of-day price feeds to obtain USD prices. Dollar values are calculated by multiplying corrected asset amounts by USD prices. USD values for both assets in each pool are summed to determine total pool value changes. Protocol-wide net deposits are aggregated across all pools and chains.
- **Key fields**: `token0_amount`, `token1_amount`, `price_usd`

### Component E: Final TVL aggregation

- **Purpose**: Combine components and derive running TVL balances
- **Logic**: V2 and V3 asset flows are unioned, and a cumulative summation of daily asset changes is performed to derive running TVL balances. All asset amounts are converted to USD using end-of-day price feeds matched by asset address, chain, and date. Daily boundaries are established using timestamp truncation. TVL is calculated as the cumulative sum of daily net deposits across all KyberSwap pools.

**Special considerations**: KyberSwap V3 pools are decommissioned after November 23, 2023, due to a contract exploit. V3 data is filtered to exclude dates after this cutoff, while V2 pools continue to be operated normally.

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

KyberSwapKNC

Total value locked

Total value locked

Competitive landscape

Chain breakdown