Home › Crypto › DEXs › KyberSwap

KyberSwap: score, security record and what it is for

63/100SCORE · CCaution Grade C, fair

KyberSwap lost around 47 million dollars from its Elastic pools in November 2023 through a precision exploit in audited contracts, and that product was subsequently wound down. The aggregator continues to operate across many chains.

The facts

LIVE SINCE: 2018
TYPE: AMM and aggregator
CHAINS: Ethereum, Arbitrum, Polygon, BNB Chain and more
SWAP FEE: Aggregated routing, no protocol fee on most swaps.
AUDITS: Audited repeatedly, which did not prevent the 2023 exploit.
WHO CAN CHANGE IT: KNC token governance.

How the score breaks down

security12/30

liquidity13/25

chains14/15

costs13/15

decentralisation11/15

Where it is strong and where it is not

✓ Strengths

Long established aggregator with wide chain coverage
No protocol fee on most swaps

✗ Weaknesses

Around 47 million dollars lost in 2023 from audited contracts
The affected Elastic product was discontinued
Liquidity has not recovered

Exploit history

2023

Around 47 million dollars was drained from Elastic pools in November 2023 through a precision and tick boundary exploit. The protocol had been audited. Recovery negotiations followed and the Elastic product was wound down.

Our read

Another case of repeatedly audited contracts failing on a subtle maths error. The aggregator remains usable, and the concentrated liquidity product that failed is gone.

BEFORE YOU SWAP

Swap keeps failingSlippage, approvals, taxes and thin liquidity. Revoke approvalsEvery swap leaves a permission behind. Clear them. Gas tokensWhy you need the chain's native coin first. Pick a walletYou need self custody before you can use any DEX.

RISK WARNING Crypto assets are highly volatile and largely unregulated. You can lose everything you put in. Nothing on this page is financial, investment or tax advice, and nothing here is a recommendation to buy or sell any asset. Do your own research and never commit money you cannot afford to lose.