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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DEX aggregators

KyberSwap

# KyberSwap Active users (monthly) Methodology

## 1. Overview

Active users (monthly) measures the number of unique addresses that interacted with KyberSwap protocols over a 30-day rolling window. This metric captures users across all KyberSwap product lines including direct DEX trading, DEX aggregation services, and flash loan functionality. Unique trader addresses are identified by analyzing blockchain transaction activity across multiple chains and protocol versions, providing a comprehensive view of monthly user engagement with the KyberSwap ecosystem.

## 2. Data sources

- **Blockchain events**: `Flash` and `Swap` events from `Pool` and `ElasticPool` contracts; `Swap` events from `KSPool` and `DMMPool` contracts; `Swapped` events from `MetaAggregationRouter` and `MetaAggregationRouterV2` contracts; `KyberTrade` events from `KyberNetwork` contracts; `ExecuteTrade` events from `KyberNetworkProxyV1` and `KyberNetworkProxyV2` contracts; and transaction records covering Ethereum, Arbitrum, Avalanche, Base, Polygon, and 11 other chains

## 3. Step-by-step calculation

### Component A: Flash loan users

- **Purpose**: Identifies users who utilized KyberSwap's flash loan functionality
- **Logic**: Addresses are extracted from `Flash` events from `Pool` and `ElasticPool` contracts across seven blockchain networks. Events are filtered to include only those occurring before November 23, 2023, when KyberSwap V3 was decommissioned due to a contract exploit. Each flash loan event is joined with transaction records to extract the transaction initiator address as the user identifier.
- **Key fields**: The user address field comes from the transaction initiator address, timestamps are truncated to month granularity, and all users are classified as `Trader` type with `business_segment_id` set to `dex`.

### Component B: Direct DEX trading users

- **Purpose**: Identifies users who traded directly through KyberSwap DEX pools
- **Logic**: Swap events from both KyberSwap V2 and KyberSwap V3 protocols are processed. For KyberSwap V2, addresses are extracted from `Swap` events from `KSPool` and `DMMPool` contracts across eight networks with no date restrictions. For KyberSwap V3, addresses are extracted from `Swap` events from `Pool` and `ElasticPool` contracts across seven networks, filtering to events before the November 23, 2023 decommission date. All events are joined with transaction records to identify user addresses.
- **Key fields**: User identification follows the same pattern as flash loans, with user addresses from the transaction initiator address, month-level timestamps, and `Trader` classification with `business_segment_id` set to `dex`.

### Component C: Aggregator and legacy trading users

- **Purpose**: Identifies users who traded through KyberSwap's aggregation services or legacy Kyber Network contracts
- **Logic**: Three categories of events are processed: `Swapped` events from `MetaAggregationRouter` and `MetaAggregationRouterV2` contracts, and legacy `KyberTrade` and `ExecuteTrade` events on Ethereum. For `MetaAggregationRouterV2` contracts, both the transaction initiator and the sender address specified in the event are captured as active users. The logic includes special handling for native asset addresses, substituting the generic native asset identifier with chain-specific wrapped asset addresses. All events are joined with transaction records to extract user addresses.
- **Key fields**: Users are classified as `Trader` type with `business_segment_id` set to `dex_aggregator` for aggregator events and `dex` for legacy events. The user address field is extracted from the transaction initiator address or the sender address field.

### Monthly aggregation

- **Combining components**: The components are combined and deduplicated, which ensures each unique address is counted only once per 30-day window regardless of how many different KyberSwap services were used.
- **Time aggregation**: All timestamps are truncated to month boundaries to create consistent monthly time periods for user counting.
- **Chain filtering**: A chain availability filter is applied to ensure only data from supported and available chains is included in the final calculation.
- **Final calculation**: The result is a monthly count of unique user addresses that performed any type of trading or flash loan activity across all KyberSwap protocols and chains.

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

Unique revenue-generating users over a rolling 30-day window.

KyberSwapKNC

Active users (monthly)

Active users (monthly)

Competitive landscape

Chain breakdown