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 Fees Methodology

## 1. Overview

Fees measures the total value paid by users to interact with the BMX ecosystem, which includes BMX Classic, BMX Freestyle, Based MediaX, and Deliswap. These fees are generated through various activities including spot and perpetual trading, liquidity provision (BLT minting and burning), NFT marketplace swaps, and automated market maker interactions. This metric serves as a primary indicator of the economic value generated by the protocol's suite of decentralized finance products.

## 2. Data sources

- **Blockchain events**: `FeeTransferred` events from `SudoVRFRouter` contracts, `SwapNFTOutPair` events from `LSSVMPairERC721ERC20` contracts, `createPair` function calls from `SudoFactoryWrapper` contracts, `SellUSDG`, `BuyUSDG`, `CollectMarginFees`, `CollectSwapFees`, and `Swap` events from `Vault` contracts, `FeeCollected` events from `FeeProcessor` contracts, `Initialize` events from `PoolManager` contracts, and `SendQuote`, `RequestToClosePosition`, and `Call` events from `SymmioDiamond` and `MultiAccount` contracts, covering Base
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Based MediaX fee collection

- **Purpose**: Captures protocol fees and royalties generated from NFT-related activities on Based MediaX.
- **Logic**: Protocol fee transfers are parsed from `FeeTransferred` events. Royalty payments are extracted from `SwapNFTOutPair` events. These events are joined with `createPair` function calls to identify the specific asset addresses associated with each pair.
- **Key fields**: `amount`, `royalty_amount`, `account_address`, `token_address`

### Component B: BMX Classic trading and liquidity fees

- **Purpose**: Captures fees from perpetual trading, spot trading, and liquidity management within BMX Classic.
- **Logic**: Margin fees from leveraged positions are extracted from `CollectMarginFees` events. Spot trading fees are captured from `CollectSwapFees` events. Fees associated with the minting and burning of the protocol's liquidity asset (BLT) are calculated by multiplying the asset amount by the fee basis points extracted from `BuyUSDG` and `SellUSDG` events. Additionally, spot fees are derived by applying fee basis points to the notional trading volume identified in `Swap` events.
- **Key fields**: `amount`, `fee_basis_points`, `usdgAmount`, `feeTokens`, `feeUsd`

### Component C: Deliswap fee extraction

- **Purpose**: Captures fees generated from swaps and liquidity interactions on Deliswap.
- **Logic**: Fees are parsed from `FeeCollected` events emitted by `FeeProcessor` contracts. Internal swaps related to protocol buybacks are excluded to ensure only organic user-generated fees are recorded. Pool metadata, including asset addresses, is identified through `Initialize` events from `PoolManager` contracts.
- **Key fields**: `total_amount`, `pool_address`, `isInternalSwap`

### Component D: BMX Freestyle trade fees

- **Purpose**: Captures fees from intent-based trading on BMX Freestyle.
- **Logic**: Fees are calculated by multiplying the trade quantity by the market price and the fee basis points extracted from `SendQuote` events. These trade events are filtered to include only those associated with successful `Call` events from `MultiAccount` contracts.
- **Key fields**: `quantity`, `market_price`, `tradingFee`, `quoteId`

### Component E: USD conversion and aggregation

- **Purpose**: Normalizes all collected fee components into a single USD-denominated metric.
- **Logic**: All identified fee amounts are normalized by their respective decimal precision. These values are then multiplied by end-of-day price feeds for the corresponding assets. The resulting USD values are aggregated by product and chain on a daily basis using UTC boundaries.
- **Key fields**: `block_timestamp`, `chain_id`, `product_id`, `price_usd`

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

Total value users pay to use a protocol (gross fees, user-paid fees).

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