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).

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# BMX Average fees per user (AFPU) Methodology

## 1. Overview

Average fees per user (AFPU) measures the average value of fees paid by an individual active user on a daily basis across the BMX ecosystem. This metric provides insight into the unit economics and user cost-efficiency of the protocol's suite of products, including BMX Classic, BMX Freestyle, Based MediaX, and Deliswap. It is calculated by dividing the total daily fees by the number of active users (daily), reflecting the average daily expenditure per participant for utilizing the project's services.

## 2. Data sources

- **Fees**: Derived from the Fees metric, covering Base
- **Active users (daily)**: Derived from the Active users (daily) metric, covering Base

## 3. Step-by-step calculation

### Component A: Based MediaX activity tracking

- **Purpose**: Captures fees and user interactions from the Based MediaX NFT marketplace.
- **Logic**: Protocol fees are extracted from `FeeTransferred` events emitted by `SudoVRFRouter` contracts, while royalty payments are parsed from `SwapNFTOutPair` events from `LSSVMPairERC721ERC20` contracts. Active users are identified as the buyers in `NFTsBought` events from `SudoVRFRouter` contracts.
- **Key fields**: `amount` (fee value), `royaltyAmount` (royalty value), `buyer` (user identification).

### Component B: BMX Classic activity tracking

- **Purpose**: Captures fees and user interactions from the BMX Classic spot and perpetual exchange.
- **Logic**: Fees are aggregated from multiple sources, including `CollectSwapFees`, `CollectMarginFees`, and `Swap` events from `Vault` contracts. Additionally, fees associated with the minting and burning of the BLT asset are extracted from `BuyUSDG` and `SellUSDG` events from `Vault` contracts. Active users are identified by parsing `IncreasePosition`, `DecreasePosition`, `LiquidatePosition`, `BuyUSDG`, `SellUSDG`, and `Swap` events from `Vault` contracts.
- **Key fields**: `feeUsd` (spot fees), `feeTokens` (margin fees), `usdgAmount` (BLT mint/burn volume), `feeBasisPoints` (fee rate), `account` (user identification).

### Component C: BMX Freestyle activity tracking

- **Purpose**: Captures fees and user interactions from the BMX Freestyle intent-based trading platform.
- **Logic**: Trading fees are calculated from `SendQuote` events from `SymmioDiamond` contracts by multiplying the trade amount by the fee basis points. Active users are identified by parsing `SendQuote`, `RequestToClosePosition`, `LiquidatePartyA`, and `LiquidatePositionsPartyA` events from `SymmioDiamond` contracts.
- **Key fields**: `tradingFee` (fee rate), `quantity` (trade size), `marketPrice` (execution price), `partyA` (user identification).

### Component D: Deliswap activity tracking

- **Purpose**: Captures fees and user interactions from the Deliswap AMM.
- **Logic**: Fees are extracted from `FeeCollected` events from `FeeProcessor` contracts, excluding internal buyback swaps. Active users are identified by parsing `HookSwap` events from `DeliHookConstantProduct` contracts and `Swap` events from `PoolManager` contracts.
- **Key fields**: `totalAmount` (collected fees), `sender` (user identification).

### Component E: Normalization and final calculation

- **Purpose**: Normalize all values to USD and calculate the average daily cost per user.
- **Logic**: All collected fee amounts are normalized by decimal precision and multiplied by end-of-day asset prices to determine the total daily fees in USD. The daily active user count is determined by the number of unique addresses identified across all product components. The final AFPU value is calculated as the total daily fees divided by the total active users (daily). Daily granularity is maintained using UTC day boundaries.

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

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Average fees per user (AFPU)

Average fees per user (AFPU)

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