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 revenue per user (ARPU) Methodology

## 1. Overview

Average revenue per user (ARPU) measures the revenue generated per active user over a fixed 24-hour window. It is calculated as total daily revenue divided by active users (daily) and reflects the protocol's ability to monetize individual user activity across its product suite, including BMX Classic, BMX Freestyle, Based MediaX, and Deliswap. This metric provides insight into the economic efficiency of the protocol's various trading and liquidity products on a per-user basis.

## 2. Data sources

- **Blockchain events**: `CollectMarginFees`, `CollectSwapFees`, `SellUSDG`, `BuyUSDG`, `Swap`, `IncreasePosition`, `DecreasePosition`, and `LiquidatePosition` events from `Vault` contracts; `SendQuote`, `RequestToClosePosition`, `LiquidatePartyA`, and `LiquidatePositionsPartyA` events from `SymmioDiamond` contracts; `FeeTransferred` and `NFTsBought` events from `SudoVRFRouter` contracts; `FeeCollected` events from `FeeProcessor` contracts; `RewardsAdded` events from `DailyEpochGauge` contracts; `HookSwap` events from `DeliHookConstantProduct` contracts; `Swap` and `Initialize` events from `PoolManager` contracts; `ClaimRewards` events from `Gauge` contracts; `Call` events from `MultiAccount` contracts; and `createPair` functions from `SudoFactoryWrapper` contracts, covering Base.
- **External data**: End-of-day price feeds and asset metadata.

## 3. Step-by-step calculation

### Component A: BMX Classic revenue and user tracking

- **Purpose**: Captures revenue and user activity from the perpetual and spot trading platform.
- **Logic**: Fees are extracted from `CollectMarginFees` (perpetual trading), `CollectSwapFees` (spot trading), and `Swap` events from `Vault` contracts. Additionally, mint and burn fees are calculated from `BuyUSDG` and `SellUSDG` events by applying the fee basis points to the transaction amounts. Active users (daily) are identified by tracking unique addresses participating in position management, swaps, and liquidity provision events.

### Component B: BMX Freestyle revenue and user tracking

- **Purpose**: Captures revenue and user activity from the intent-based trading product.
- **Logic**: Trading fees are parsed from `SendQuote` events from `SymmioDiamond` contracts, while liquidation values are extracted from `LiquidatePartyA` events. Protocol revenue is calculated as 60% of the total fees collected, with the remaining portion allocated to the underlying infrastructure provider, SYMMIO. Active users (daily) are identified as the unique addresses initiating quotes or involved in liquidations.

### Component C: Based MediaX revenue and user tracking

- **Purpose**: Captures revenue and user activity from the NFT liquidity product.
- **Logic**: Protocol fee transfers are parsed from `FeeTransferred` events from `SudoVRFRouter` contracts and mapped to specific assets using `createPair` functions from `SudoFactoryWrapper` contracts. Active users (daily) are identified as unique buyers extracted from `NFTsBought` events.

### Component D: Deliswap revenue and user tracking

- **Purpose**: Captures revenue and user activity from the AMM and Uniswap V4 hook-based liquidity product.
- **Logic**: Gross fees are extracted from `FeeCollected` events from `FeeProcessor` contracts. Protocol revenue is determined by subtracting supply-side rewards, which are parsed from `RewardsAdded` events from `DailyEpochGauge` contracts. Active users (daily) are identified by tracking unique senders in `HookSwap` events from `DeliHookConstantProduct` contracts and `Swap` events from `PoolManager` contracts.

### Component E: Treasury management revenue

- **Purpose**: Captures additional protocol revenue generated through external incentives.
- **Logic**: Revenue is identified as AERO emissions recouped by the protocol, parsed from `ClaimRewards` events from `Gauge` contracts for specific protocol-funded addresses.

### Component F: Final ARPU calculation

- **Purpose**: Aggregate all revenue components and normalize by the total active user base.
- **Logic**: All revenue components are normalized by decimal precision and converted to USD using end-of-day price feeds. Total daily revenue is summed across all products and divided by the total number of unique active users (daily) across the entire BMX project. Daily granularity is maintained using UTC day boundaries.

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

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Average revenue per user (ARPU)

Average revenue per user (ARPU)

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