The DeFi Revolution: From Broken Banks to FairFlow

How we got here, and where Kyber fits in

Part 1: The Old World

The Bank is Closed

It’s 3 AM. You need to transfer money. Your bank app shows the balance, but there’s a notice: “Transfers processed between 9 AM and 5 PM, Monday to Friday.”

Welcome to traditional finance. Banks keep office hours, take weekends off, and charge you for the privilege of holding your money. They want your ID, your address, your social security number. They can freeze your account if something looks off. They can just say no.

For most of history, this was the only game in town. Trust the bank or stuff cash in your mattress.

The Global Divide

Maria lives in the Philippines. Her daughter sends money home from California every month. For every $100 sent, $7 vanishes into Western Union’s fees, currency conversion, and “processing charges.” That’s $84 gone every year.

Now multiply that by 1.7 billion people worldwide who don’t have bank accounts at all. Banks weren’t built for them. They were built for people with stable addresses, government IDs, and credit histories. If you’re a refugee or migrant worker, you’re locked out.

The 2008 Moment

Then came 2008. Lehman Brothers collapsed. Turned out banks had been gambling with deposits, packaging junk mortgages as safe investments. Trillions evaporated. Governments bailed out the banks. Bankers kept their bonuses.

Trust broke. People started asking: why do we need these guys again?

The Bitcoin Experiment

On October 31, 2008, someone called Satoshi Nakamoto published a nine-page paper: “Bitcoin: A Peer-to-Peer Electronic Cash System.”

The pitch was simple: money without banks. A network of computers would collectively track who owns what. No single entity controls it. Nobody can freeze your account. The rules are written in code, visible to everyone.

Bitcoin worked. You could store and transfer value without trusting a middleman. But it was limited. All it could do was move bitcoin around. You couldn’t build anything on top of it.

Ethereum’s Promise

In 2015, Vitalik Buterin launched Ethereum. If Bitcoin was a calculator, Ethereum was a full computer.

Ethereum added smart contracts: programs that live on the blockchain and run automatically. Not just “send money from A to B,” but “if X happens, do Y, otherwise do Z.” The code runs exactly as written. Nobody can stop it or change it.

Now you could build things. Lending without credit checks. Trading without brokers. Insurance without claims adjusters. All running on code that anyone can inspect.

That’s when DeFi started.

Part 2: The DeFi Revolution

Alice’s First Swap

Alice has been hearing about DeFi. She’s skeptical but figures she’ll try it.

She downloads MetaMask, a wallet that holds her private key (basically a master password for her crypto). She writes down the 12-word recovery phrase and puts it somewhere safe. If she loses that phrase, her funds are gone. No customer support to call.

She buys some ETH on Coinbase, sends it to her wallet, and finds Uniswap. No signup. No email verification. She connects her wallet and sees a simple interface for swapping tokens.

She trades 0.1 ETH for USDC. It confirms in about 30 seconds. No bank approved this. No broker took a cut. The smart contract just ran.

That’s usually when it clicks for people.

The Magic Pool

But wait. How did that swap work? There’s no order book. No buyer on the other side. Where did the USDC come from?

The answer is a liquidity pool. Here’s the simplest way to think about it:

Picture a swimming pool split in half. One side has ETH, the other has USDC. When Alice swaps ETH for USDC, she’s tossing ETH into one side and the pool spits out USDC from the other.

The ratio between the two sides determines the price. More ETH than USDC? ETH is cheap. More USDC than ETH? USDC is cheap. A simple formula keeps everything balanced.

This is called an Automated Market Maker (AMM). No humans setting prices. Just math.

Becoming the Bank

So who fills these pools? Regular people.

Anyone can deposit tokens into a pool and become a liquidity provider (LP). You put in equal value of both tokens, and you earn a cut of every trade. Usually 0.3%, split among all LPs based on how much of the pool they own.

Here’s what that looks like:

Your deposit:     $20,000 (half ETH, half USDC)
Total pool:       $2,000,000
Your share:       1%
Monthly volume:   $50,000,000
Fee rate:         0.3%
Monthly fees:     $50M × 0.3% = $150,000
Your cut:         $150,000 × 1% = $1,500
Monthly return:   $1,500 / $20,000 = 7.5%
Annualized:       ~90% APR

High-volume pools are where the money is. More trades mean more fees.

For the first time, regular people can earn what banks and market makers used to keep for themselves.

The Hidden Costs

But it’s not free money. There are catches.

Impermanent Loss: The pool auto-rebalances. If ETH doubles while your money sits in the pool, the smart contract sells some ETH to keep the ratio balanced. When you pull out, you might have less ETH than you started with. Even if you made money overall, you’d have made more just holding.

Here’s a real example:

You deposit: $5,000 in ETH (2.5 ETH at $2,000) + $5,000 USDC
Total: $10,000

ETH doubles to $4,000.

If you'd just held:
- 2.5 ETH × $4,000 = $10,000
- 5,000 USDC = $5,000
- Total: $15,000

What the pool gives you back:
- 1.77 ETH + 7,071 USDC
- Value: $14,151

You made money ($14,151 vs $10,000). But you made $849 less than holding.

It’s called “impermanent” because if prices go back to where they started, the loss disappears. But if you withdraw while prices are off, you’re stuck with it.

Slippage: You click swap at $100 per token. By the time your transaction confirms, someone else traded and the price moved to $102. That gap is slippage.

Gas Fees: Every action on Ethereum costs gas. When the network is busy, a simple swap can cost $50. Sometimes more than the trade itself.

The Lending Circle

DeFi isn’t just swapping. You can borrow without a credit check.

Deposit crypto as collateral. Borrow against it. No paperwork. The smart contract doesn’t know or care who you are.

The catch is you have to over-collateralize. Want to borrow $1,000? Lock up $1,500 in crypto first. If your collateral drops too much, the protocol sells it automatically to cover the loan.

Protocols like Aave have $20 billion locked up this way.

The Stablecoin Safety Net

Crypto swings wildly. Bitcoin can move 10% in a day. That’s a problem if you’re trying to actually use it.

Stablecoins fix this. They’re tokens pegged to $1.

Fiat-backed like USDC: A company (Circle) holds actual dollars in a bank. One real dollar for every USDC. Centralized, but simple.

Crypto-backed like DAI: You lock up more than $1 in crypto to mint $1 of DAI. Decentralized, but complicated.

Algorithmic like UST: No real backing, just code trying to maintain the peg. UST collapsed in May 2022, wiping out $40 billion in three days. Turns out “algorithmic” doesn’t mean “stable.”

Why this matters for LPs: If you want to provide liquidity but hate volatility, you can deposit into a USDC/USDT pool. Both are $1. Price never moves. Zero impermanent loss. Lower yield than volatile pairs, but predictable.

Part 3: The Dark Forest

DeFi works. Millions of people use it daily. But there are predators.

The Fragmentation Problem

Alice wants to swap tokens. Which exchange has the best price? There are hundreds of DEXs across dozens of blockchains. Uniswap, Curve, SushiSwap, Balancer. Each with different liquidity. Each with different prices.

Checking them all is exhausting. Missing the best price costs real money. It’s like having to visit 50 stores to find the best deal on the same product.

The Invisible Tax

Picture a deli counter. You order a sandwich. But the guy behind you slips the cashier $5 to serve him first. He buys your sandwich, then sells it to you at a markup.

This happens in DeFi constantly.

Validators can see your transaction before it goes through. They can reorder things, insert their own trades ahead of yours, and profit at your expense.

This is MEV: Maximal Extractable Value. It’s basically a hidden tax on everything you do.

The Sandwich Attack

The most common attack looks like this:

Alice submits a swap to buy ETH. A bot spots her pending transaction and instantly:

1. Buys ETH first (pushing the price up)
2. Lets Alice’s trade go through (at the higher price)
3. Sells immediately (pocketing the difference)

Alice got squeezed from both sides. She doesn’t even know it happened.

The math:

Alice wants: 5 ETH at $2,000 = $10,000

What happens:
1. Bot buys 2 ETH at $2,000
2. Price bumps to $2,020
3. Alice's $10,000 now buys only 4.95 ETH
4. Bot sells 2 ETH at $2,020
5. Bot profit: $40. Alice lost 0.05 ETH (~$100)

Since 2020, over $7 billion has been extracted this way. That’s $10-20 million every day, sometimes $50 million during volatile periods.

The LP’s Dilemma

For liquidity providers, it gets worse. There’s something called LVR: Loss Versus Rebalancing.

Every time the external price of ETH moves, arbitrage bots race to rebalance your pool. They buy the cheap asset, sell the expensive one, pocket the difference. This happens hundreds of times per day.

You provide the liquidity. Bots take the profits.

Here’s how bad it can get:

Your position: $100,000 in an ETH/USDC pool
Displayed APY: 20%
Expected return: $20,000/year

What actually happens:
- Every time ETH price moves, bots arbitrage your pool
- Binance shows ETH at $2,010
- Your pool still has it at $2,000
- Bot buys cheap from your pool, sells on Binance
- This repeats hundreds of times daily

LVR extracted by bots: $25,000/year

Your actual return: $20,000 - $25,000 = -$5,000

You lost money despite the “20% APY” on the dashboard.

This is why FairFlow exists.

LVR ≈ (volatility² * liquidity * time) / 2

The Complexity Trap

Bridge tokens from Ethereum to Arbitrum. Swap on Curve. Move to a lending protocol. Stake. Compound. Repeat.

Every step costs gas. Every step has risks. Every step is a new interface to learn. What started as “earning yield” becomes a full-time job.

In 2022, bridge hacks alone took $2 billion. Wormhole: $320 million. Ronin: $620 million. Complexity creates attack surface.

Part 4: The Aggregator Solution

The Travel Agent Arrives

Remember the fragmentation problem? Hundreds of exchanges, different prices everywhere?

Aggregators solve this.

Think of a travel agent. You want to fly from New York to Tokyo. Instead of checking every airline, the agent scans everything and finds the best route. Maybe United to LA, then Singapore Airlines onward. You just say where you want to go.

DEX aggregators do the same thing. You say “swap 10 ETH for USDC.” The aggregator checks every liquidity source and finds the best path. Maybe it splits your trade: 60% through Uniswap, 30% through Curve, 10% through a private market maker.

One click. Best price.

Why splitting matters:

You want to swap $100,000 USDC for ETH

Using just Uniswap:
- Big order moves the price 0.8%
- You get 49.6 ETH

Aggregator splits it:
- $40K through Uniswap V3 → 19.96 ETH
- $30K through Curve → 14.99 ETH
- $20K through Balancer → 9.97 ETH
- $10K through a market maker → 5.00 ETH
- Total: 49.92 ETH

You saved 0.32 ETH ($640)

You’d never find that path manually.

Kyber: The Travel Agent for DeFi

This is where Kyber fits in.

Kyber launched in 2017. Today, KyberSwap is one of the major DEX aggregators. It connects to 420+ liquidity sources across 17 blockchains. Over $100 billion in cumulative volume. More than 200 projects use Kyber’s infrastructure.

When you swap on KyberSwap, you’re not using one exchange. The aggregator might route part through Uniswap, part through Curve, part through off-chain market makers. Whatever gets you the best outcome.

Everything happens on-chain. Your funds stay in your control. You can verify every step.

One Click, 420 Sources

In milliseconds, KyberSwap’s routing:

• Checks 420+ liquidity sources
• Calculates optimal splits
• Accounts for gas costs
• Estimates slippage
• Builds your transaction

Recent upgrades cut gas by 13%, with another 20% from smart contract improvements. That’s money staying in your pocket.

The Widget

Kyber isn’t just for end users. The KyberSwap Widget lets any app embed swapping.

Portfolio tracker wants to let users rebalance? Drop in the widget. NFT marketplace needs users to swap before buying? Drop in the widget. Wallet app wants native swaps? Widget.

How it works in practice:

NFT marketplace "ArtBlock" adds the widget

User wants to buy an NFT priced at 2 ETH
User only has USDC

Without widget:
1. Leave ArtBlock
2. Go to a DEX
3. Swap USDC for ETH
4. Come back to ArtBlock
5. Buy NFT
(5 steps, user might not return)

With widget:
1. Click "Buy with any token"
2. Widget handles the swap
3. NFT purchased
(1 step, done)

ArtBlock gets better conversion
User gets convenience
Kyber gets volume

This is infrastructure. The invisible layer powering hundreds of products.

Crossing Borders

Different blockchains are like different countries with different currencies. Moving between them normally requires bridges: lock tokens on one chain, mint equivalents on another.

Bridges are risky. They hold tons of crypto in smart contracts. Hackers love them.

KyberSwap offers cross-chain swaps that hide this complexity. Want to swap USDC on Arbitrum for SOL on Solana? One transaction from your end. The aggregator handles the bridge, the swap, and the delivery.

Partners like Across, deBridge, and LI.FI power these routes across 23 networks.

Set Your Price

Not every trade needs to happen now. Sometimes you want a better price.

KyberSwap’s limit orders let you set your price and walk away. The order waits until the market hits your level. No gas until it fills. Cancel free anytime.

The clever part: these orders connect to multiple networks. UniswapX, 1inch Fusion, CowSwap, PancakeSwap. More solvers competing to fill your order means better execution odds.

Part 4.5: The Flywheel

This part connects everything. Pay attention.

Why Integrations Matter

Why does Kyber push for 200+ integrations? Why court more wallets and DEXs?

Because: More integrations → More volume → More fees → Higher LP yields → More LPs → Better prices → More integrations.

It’s a flywheel. Let’s trace it with real numbers.

How One Integration Creates LP Value

Step 1: A wallet adds Kyber’s API

Say Trust Wallet (50 million users) wants in-app swapping. Building their own DEX is hard. Instead, they plug in KyberSwap’s API. Now all Trust Wallet users swap through Kyber.

Step 2: That drives volume

Trust Wallet users make 10,000 swaps/day averaging $500 each.

• Daily volume: $5,000,000
• Monthly: $150,000,000

Step 3: Volume flows through pools

That $150M gets routed through various pools. Say 20% goes through a FairFlow ETH/USDC pool.

• Pool volume: $30M/month

Step 4: Volume creates fees

At 0.05% fee tier:

• Monthly fees: $30M × 0.05% = $15,000
• If pool has $1M TVL: 1.5%/month = 18% APR

Step 5: FairFlow adds more

With FairFlow, bots can’t extract value. The captured arbitrage becomes Equilibrium Gains:

• Estimated EG: ~$10,000/month
• 70% to LPs: $7,000
• Additional: 0.7%/month = 8.4% APR

Total: 26.4% APR from this one integration.

The Difference Integrations Make

Without integrations:

• Pool has $1M but only $5M monthly volume from direct users
• Fee APR: 3%
• EG APR: 1.4%
• Total: 4.4%
• LPs leave for better yields

With integrations:

• Same $1M pool gets $30M monthly volume
• Fee APR: 18%
• EG APR: 8.4%
• Total: 26.4%
• LPs stay, more join

The flywheel:

More integrations → More volume → Higher LP yields
       ↑                              ↓
Better prices ← More liquidity ← More LPs

The Resolver Game

Here’s something most users never see.

KyberSwap acts as a “resolver” on other platforms. When someone places an order on UniswapX, KyberSwap competes to fill it.

• UniswapX user swaps $10,000 ETH for USDC
• KyberSwap finds a better route than other resolvers
• KyberSwap fills the order
• Volume flows through Kyber-connected pools
• Fees go to LPs

That UniswapX user never visited KyberSwap. But their trade still generated fees for LPs, created EG for FairFlow participants, and earned revenue for KNC stakers.

B2B matters as much as B2C.

Part 5: FairFlow and Real Yield

The Problem Again

Remember LVR? Bots extracting value every time your pool rebalances?

FairFlow fixes this.

Catching the Bots

FairFlow is a custom hook for Uniswap V4 pools. It does one thing: restricts who can trade with the pool.

Normal pools let anyone arbitrage. Bots watch prices 24/7 and pounce the moment external prices move.

FairFlow pools only let the KyberSwap Aggregator be the “taker.” External bots are blocked.

But prices still need to stay accurate. So the aggregator does the rebalancing. The difference: instead of keeping the arbitrage profit, it captures that value and returns it to LPs.

The money that used to go to bots now goes to you.

Equilibrium Gains

The captured value is called Equilibrium Gains (EG).

Simple version: Bots used to profit every time prices moved in your pool. That profit should’ve been yours. EG catches it and gives it back.

The split:

• 70% to LPs
• 15% to KyberDAO
• 15% to the dev team

Regular pool vs FairFlow:

Your deposit: $50,000 in ETH/USDC
Monthly volume: $10M
Fee rate: 0.05%

REGULAR POOL:
- Fees: $5,000
- LVR lost to bots: $3,500
- Net: $1,500/month
- APR: 36%

FAIRFLOW:
- Fees: $5,000
- LVR captured as EG: $3,500
- Your 70%: $2,450
- Net: $7,450/month
- APR: 179%

Same liquidity. 5x better outcome.

And you don’t have to stake anything. Your LP tokens stay in your wallet. Use them as collateral elsewhere if you want. You still earn EG automatically.

Your EG = (Your Liquidity / Total Pool) × 0.70 × Total EG Captured

Quantifying the Difference

Real data from FairFlow pools on Base (ETH-cbBTC pair): about 21% APR vs 16% for equivalent Uniswap pools. That 5% gap is mostly recaptured LVR.

Five percent sounds small. Compound it over years, across billions in liquidity, and it’s massive value that was going to bots.

Real Yield vs Fake Yield

This distinction matters.

Fake yield: Protocol prints governance tokens, calls them “rewards.” Everyone dumps. Token tanks. Your 100% APY becomes worthless because you’re getting paid in something that keeps losing value.

Real yield: Actual revenue from fees and captured arbitrage. No printing. If the protocol makes money, you make money.

FairFlow’s EG is real yield. It comes from actual arbitrage profits. Not printed tokens.

Quick comparison:

• Protocol A: 50% APY in tokens. Token drops 80%. You really earned ~10%.
• Protocol B: 15% APY in fees + EG. You really earned 15%.

Real yield compounds. Fake yield disappears.

Part 6: The Kyber Ecosystem

KyberZap

Managing LP positions is annoying. Balance tokens, add liquidity, remove liquidity. Each step is a separate transaction with its own gas.

KyberZap fixes this.

You want to add liquidity to ETH/USDC but only have WBTC? One click. Zap converts and deposits in a single transaction.

Want to change your price range? Normally that’s three transactions: remove, swap, re-add. With Zap, it’s one.

Zap-as-a-Service (ZaaS) lets other protocols use this. PancakeSwap already does.

Developer Tools

Behind the scenes, Kyber is infrastructure.

Aggregator API: Same routing engine that powers KyberSwap, available to anyone building.

Limit Order API: Create and fill orders programmatically.

Price API: Real-time token prices from DEX liquidity.

Over 200 projects integrate with Kyber. Most of their users have no idea.

KNC and KyberDAO

KNC (Kyber Network Crystal) is the governance token. Launched 2017.

Stake KNC, vote on proposals, earn from protocol fees. No minimum or maximum stake. Your voting power matches your holdings.

Vote on all proposals during an epoch, and you get rewards. More volume means more fees means more rewards.

KNC holders are incentivized to make decisions that grow volume. Alignment built in.

The Resolver Network

KyberSwap’s aggregator acts as a resolver on other platforms:

• UniswapX
• 1inch Fusion
• CowSwap
• PancakeSwap

When users on those platforms place orders, KyberSwap competes to fill them. Revenue flows to KyberDAO (50%) and the dev team (50%).

Users who never touch KyberSwap directly still contribute to the ecosystem.

The 2023 Incident

Worth addressing directly.

On November 22, 2023, an attacker exploited KyberSwap Elastic. A rounding error in price calculations let them drain about $47 million across four chains.

KyberSwap told users to withdraw. Negotiations with the attacker went nowhere (they demanded control of the company). About $4.7 million was recovered. The team committed to compensating affected users.

In December 2023, Kyber cut half its workforce and refocused on core products: aggregation and FairFlow. Elastic and Classic pools were discontinued.

It was bad. But it also forced clarity on what matters. Today Kyber is leaner and building products like FairFlow that tackle real problems in DeFi.

The 2023 incident is part of the story. Not the end of it.

Part 7: Getting Started

First Steps

Start small. Buy $50 of ETH on Coinbase. Send it to a wallet you control (MetaMask, Rabby, whatever). Write down your seed phrase. Store it safely.

Go to KyberSwap. Connect your wallet. Swap a small amount, like $20 ETH for USDC. Watch what happens. Notice the gas estimate. See where the aggregator routed you.

That’s it. You just used DeFi.

Level Up

Once swapping feels normal, try providing liquidity.

Start with a stablecoin pair. Lower risk while you learn. Use KyberZap to add liquidity from whatever token you have. Watch fees accumulate.

Then check out FairFlow pools. Compare the APR to regular pools. Understand where that extra yield comes from.

Join the DAO

Consider staking KNC in KyberDAO. Vote on proposals. See how protocol decisions get made.

Read the actual proposals, not just summaries. This is how you develop a real sense of where things are going.

What’s Next

DeFi is still early. Ethereum handles fewer transactions per second than Visa does in a day. Interfaces are getting better but still rough. Smart contract risks are real.

But every year, the infrastructure improves. Layer 2s make things cheaper. Account abstraction makes wallets easier. Aggregation and FairFlow capture more value for users instead of bots.

The old financial system isn’t going away tomorrow. But there’s an alternative now. Open 24/7. No permission needed. Code you can verify.

It’s already here. You can use it.

Part 8: Who Gets What

Let’s be specific about who benefits and how.

Traders

Problem: Finding the best price across 100 DEXs is impossible.

What Kyber does: Aggregates 420+ sources, finds the optimal route, one click.

Swapping $10,000 USDC for ETH

Without aggregator:
- Check Uniswap: 4.95 ETH
- Miss that Curve has better rates for part of it
- Get 4.95 ETH

With KyberSwap:
- Routes $5K through Curve, $5K through Uniswap
- Get 4.98 ETH
- Saved $60

Plus limit orders with zero gas until filled.

Liquidity Providers

Problem: Bots extract your value. Displayed APY is fake.

What Kyber does: FairFlow blocks bots, captures arbitrage, returns 70% to you.

$100,000 LP position, 1 year

Regular pool:
- Displayed: 25% APY
- LVR loss: 20%
- Real return: $5,000

FairFlow:
- Fees: 25%
- EG from captured LVR: 14%
- Real return: $39,000

Difference: $34,000/year

Developers

Problem: Building swap infrastructure is hard. Multi-chain is harder.

What Kyber does: One API. 420+ sources. 17 chains. Optimal routing.

Building a DeFi dashboard with swaps

Without Kyber:
- Uniswap SDK: 2 weeks
- Curve: 1 week
- 5 more DEXs: 2 weeks
- Multi-chain: 4 weeks
- Maintenance: forever
Total: 9+ weeks

With Kyber API:
- Integration: 3 days
- All sources included
- All chains included
- Kyber maintains it
Total: 3 days

KNC Holders

Problem: Want yield and governance participation.

What Kyber does: Stake, vote, earn from protocol revenue.

Stake 10,000 KNC

Revenue sources:
1. Trading fees from volume
2. 15% of FairFlow EG
3. 50% of resolver revenue

If monthly protocol revenue = $500,000
Your share (at 1% of staked supply): $5,000/month

You have to vote on all proposals to get full rewards.

How It Connects

┌─────────────────────────────────────────────────────────────┐
│                    THE KYBER FLYWHEEL                       │
├─────────────────────────────────────────────────────────────┤
│                                                             │
│    Developers integrate API                                 │
│           ↓                                                 │
│    More users access Kyber routing                          │
│           ↓                                                 │
│    Volume increases                                         │
│           ↓                                                 │
│    More fees generated                                      │
│           ↓                                                 │
│    LP yields go up                                          │
│           ↓                                                 │
│    More LPs provide liquidity                               │
│           ↓                                                 │
│    Deeper liquidity = better prices                         │
│           ↓                                                 │
│    Aggregator finds better routes                           │
│           ↓                                                 │
│    More developers want to integrate ←──────────────────┘   │
│                                                             │
│    KNC stakers earn from all of it                          │
│                                                             │
└─────────────────────────────────────────────────────────────┘

Everyone’s benefit depends on volume. Volume comes from integrations. That’s why those 200+ integrations matter.

Quick Reference

Key Terms

Kyber Products

FairFlow Math

Your EG = (Your Liquidity / Pool Total) × 0.70 × Total EG Captured

EG typically runs:
- Low volatility: ~25% of fees
- Normal: ~100% of fees
- High volatility: ~200% of fees

Real Yield Checklist

Before putting money anywhere, ask:

1. Where does the yield actually come from?
2. Is it real revenue or printed tokens?
3. What happens if the reward token drops 80%?
4. What are the hidden costs (IL, LVR, gas)?
5. What’s the net APR after everything?

If you can’t answer these, you don’t understand what you’re buying.

Sources

• KyberSwap Docs
• KyberSwap Blog on FairFlow
• Uniswap Foundation - FairFlow Hook Design Lab
• Ethereum.org on MEV
• a16z on MEV
• LVR Paper by Milionis et al.
• DefiLlama