# Based MediaX Revenue Methodology

## 1. Overview

Revenue is measured as the portion of fees that Based MediaX retains, as determined by its take rate. The remaining fees are distributed to supply-side participants, such as lenders or liquidity providers. Earnings from the sale of products or services are reflected in this metric before the deduction of cost of revenue, token incentives, and operating expenses. Cross-product aggregation details are documented in the project-level methodology.

## 2. Data sources

- **Blockchain events**: `FeeTransferred` events from `SudoVRFRouter` contracts and `createPair` function calls from `SudoFactoryWrapper` contracts on Base
- **External data**: End-of-day price feeds for assets associated with liquidity pairs

## 3. Step-by-step calculation

### Component A: Based MediaX pair identification

- **Purpose**: Identify liquidity pairs and associated assets
- **Logic**: `createPair` function calls from `SudoFactoryWrapper` contracts are parsed to identify active liquidity pairs and their corresponding assets. Successful function calls are filtered to ensure only valid pair addresses and asset mappings are included. This metadata is utilized to link subsequent fee events to specific assets for valuation.
- **Key fields**: `pairAddress` (pair identification), `token` (asset identification)

### Component B: Based MediaX protocol fee extraction

- **Purpose**: Extract protocol fee transfers
- **Logic**: `FeeTransferred` events from `SudoVRFRouter` contracts are captured to identify protocol-level revenue. These events provide the raw fee amounts and the specific pair addresses from which the fees originated.
- **Key fields**: `pair` (pair identification), `amount` (fee quantity)

### Component C: USD conversion and aggregation

- **Purpose**: Normalize and convert values to USD
- **Logic**: Fee amounts are joined with pair metadata and normalized by decimal precision. Values are multiplied by end-of-day price feeds to calculate USD equivalents. Data is aggregated to a daily granularity using UTC day boundaries.
- **Key fields**: `block_timestamp` (timing), `amount` (fee quantities)

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Revenue

NFT marketplaces

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

BMX is a non-custodial exchange for spot and perpetual contracts built on Base. BMX has three product lines: Classic, Freestyle, and Based MediaX

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

Based MediaX

Archived

Revenue

Revenue

Chain breakdown