Liquidity providers deposit funds into Zyberswap and receive trading fees from traders (supply-side fees).

Zyberswap is a non-custodial exchange protocol built on Arbitrum. Zyberswap was founded by anonymous team and launched in 2023.

ZYB tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue).

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Zyberswap

# Zyberswap Flash loan volume Methodology

## 1. Overview

This metric measures the total USD value of flash loans executed on the Zyberswap decentralized exchange across both v2 and v3 protocol versions on Arbitrum. Flash loans are uncollateralized loans that must be repaid within the same transaction block. The metric aggregates daily flash loan volumes, applying different calculation methodologies for v2 and v3 to account for their distinct architectures and fee structures. For v2, the methodology uses the lesser of two token values to mitigate price manipulation risks, while v3 sums both token amounts as it has more robust price protection mechanisms.

## 2. Data sources

- **Flash loan events**: Parsed Arbitrum `AlgebraPool_Flash` events from Zyberswap v3 contracts and `SwapFlashLoan_TokenSwap` events from Zyberswap v2 contracts
- **Transaction data**: Arbitrum transaction records containing user address information and timestamp data
- **Fee tier events**: Parsed Arbitrum `AlgebraPool_Fee` events from Zyberswap v3 contracts for dynamic fee updates
- **Trading pair creation events**: Parsed `SwapDeployer_NewSwapPool` and `Factory_PairCreated` events from Zyberswap v2, and `AlgebraFactory_Pool` events from Zyberswap v3 for trading pair mapping
- **External data**: End-of-day token price feeds for USD conversion and token metadata including decimals and symbols for normalization

## 3. Step-by-step calculation

### Component A: Flash loan event extraction
- **Purpose**: Collect all flash loan events from both Zyberswap protocol versions
- **Logic**: Extract flash loan events from Arbitrum blockchain starting from January 23, 2023. For v3, capture `AlgebraPool_Flash` events containing `amount0` and `amount1` fields representing the two token amounts borrowed. For v2, capture `SwapFlashLoan_TokenSwap` events with `tokensSold` and `tokensBought` representing the flash loan amounts. Join each flash loan event with Arbitrum transaction records to obtain the actual user address from the transaction `from_address` field, distinguishing it from the contract user address in the event
- **Key fields**: `block_timestamp`, `transaction_hash`, `account_address` (pool contract), `amount0`/`amount1` (v3) or `tokensSold`/`tokensBought` (v2), `sender`/`buyer` (contract user), and user addresses from transaction records

### Component B: Trading pair dimensions
- **Purpose**: Map pool contract addresses to their underlying token pairs and metadata
- **Logic**: Process trading pair creation events from both protocol versions to build a comprehensive mapping. For v2, extract data from `SwapDeployer_NewSwapPool` events (handling multi-token pools with up to 3 tokens) and `Factory_PairCreated` events. For v3, process `AlgebraFactory_Pool` events. Create bidirectional token pair mappings to handle flash loans in either direction. Join with token metadata to obtain decimals for normalization and symbols for naming conventions
- **Key fields**: `account_address` (pool contract), `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, `account_name` (symbol pair), and version information

### Component C: Fee tier tracking
- **Purpose**: Determine the applicable fee percentage for each flash loan
- **Logic**: For v3 flash loans, join with `AlgebraPool_Fee` events on the same block to capture dynamic fee changes, using the `fee` field divided by 10^6 to normalize the percentage. For v2 flash loans, apply a hardcoded fee tier of 0.05% (0.0005) as v2 uses fixed fees. Also assign protocol fee tiers: 0.025% for v2 and 0% for v3
- **Key fields**: `fee_tier` (trading fee percentage), `protocol_fee_tier`, and `block_number` for temporal matching

### Component D: Volume calculation and USD conversion
- **Purpose**: Calculate daily flash loan volumes in USD terms
- **Logic**: Aggregate flash loans daily by truncating timestamps to day boundaries. Normalize token amounts by dividing raw values by 10^token_decimals to account for different token decimal places. Join with end-of-day token price feeds for both tokens in each pair to convert amounts to USD values. Apply version-specific volume calculation logic: for v3, sum the USD values of both token amounts (`token0_amount * price0 + token1_amount * price1`); for v2, use the minimum USD value between the two tokens (`minimum(token0_amount * price0, token1_amount * price1)`) to reduce susceptibility to price manipulation attacks
- **Key fields**: `timestamp` (daily), `token0_amount`, `token1_amount`, `flash_loan_volume` (USD), and price data from external feeds

### Final aggregation
- **Combining components**: Join flash loan events with trading pair dimensions using pool contract address, chain, version, and token ID matching. Combine with fee tier data using block-level temporal joins for v3 or apply hardcoded rates for v2
- **Currency conversion**: Convert token amounts to USD using end-of-day price feeds joined on timestamp, chain, and token address. Handle missing price data by defaulting volumes to zero
- **Time aggregation**: Aggregate all flash loans within each calendar day using timestamp truncation to day boundaries, summing volumes across all pools and transactions
- **Final calculation**: Apply the `finalize_metric_flash_loan_volume` macro to standardize output format with proper chain ID migration, zero-filling for missing days, and chain availability filtering to ensure consistent time series data across all supported chains

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

Total value of assets borrowed and repaid within the same transaction.

ZyberswapZYB

Flash loan volume

Flash loan volume

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