# Based MediaX Trading volume Methodology

## 1. Overview

Trading volume measures the total value of trades executed on Based MediaX. This metric captures activity across the project's core products, including the NFT marketplace (Based MediaX) and the decentralized exchange (Deliswap). Trading volume serves as a key indicator of protocol adoption and its capacity to generate fees from swap and trade activity.

## 2. Data sources

- **Blockchain events**: `NFTsBought` events from `SudoVRFRouter` contracts, `HookSwap` events from `DeliHookConstantProduct` contracts, `Swap` and `Initialize` events from `PoolManager` contracts, `FeeCollected` events from `FeeProcessor` contracts, and `createPair` function calls from `SudoFactoryWrapper` contracts, covering Base.
- **External data**: End-of-day price feeds for traded assets and asset metadata.

## 3. Step-by-step calculation

### Component A: Based MediaX NFT trade tracking

- **Purpose**: Captures trading activity from the Based MediaX NFT marketplace.
- **Logic**: `NFTsBought` events are parsed from `SudoVRFRouter` contracts to extract the final price of each trade. To identify the underlying assets involved, these events are joined with pair metadata derived from `createPair` function calls from `SudoFactoryWrapper` contracts. This ensures that trade amounts are associated with the correct asset addresses for subsequent valuation.
- **Key fields**: `finalPrice` (trade value), `pair` (contract address), `token` (asset identification).

### Component B: Deliswap AMM and V4 hook trade tracking

- **Purpose**: Captures swap activity from the Deliswap decentralized exchange.
- **Logic**: Trade data is extracted from two distinct sources to cover different hook implementations. First, `HookSwap` events are parsed from `DeliHookConstantProduct` contracts. Second, `Swap` events are parsed from `PoolManager` contracts. To ensure only valid protocol trades are included and to exclude internal buybacks, these events are joined with `FeeCollected` events from `FeeProcessor` contracts using the transaction hash and pool identification. Pool configurations, including the specific assets in each pair, are identified via `Initialize` events from `PoolManager` contracts.
- **Key fields**: `amount0` (first asset quantity), `amount1` (second asset quantity), `poolId` (pool identification).

### Component C: USD conversion and price manipulation filtering

- **Purpose**: Normalizes trade values to USD while mitigating the impact of price manipulation.
- **Logic**: All trade amounts are normalized by decimal precision. For Based MediaX NFT trades, the normalized amount is multiplied by the end-of-day price of the underlying asset. For Deliswap trades, the USD value is calculated for both assets in the swap pair. To prevent data distortion from price manipulation or low-liquidity price spikes, the final trading volume is recorded as the lesser of the two calculated USD values (asset in vs. Asset out). All values are aggregated to daily granularity using UTC day boundaries.
- **Key fields**: `price_usd` (asset price), `decimals` (asset precision).

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

Total value of spot trades executed on the exchange.

Trading volume

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

Trading volume

Trading volume

Chain breakdown