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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Derivative exchanges

# BMX Notional trading volume Methodology

## 1. Overview

Notional trading volume measures the total value of derivative contracts and spot trades executed across BMX Classic and BMX Freestyle. This metric represents the gross economic activity on the platform, serving as a primary indicator of the protocol's market share and its capacity to generate trading fees. All volume is captured on the Base network and converted to USD to ensure comparability across different asset classes and time periods.

## 2. Data sources

- **Blockchain events**: `IncreasePosition`, `DecreasePosition`, `LiquidatePosition`, `Swap`, `BuyUSDG`, and `SellUSDG` events from `Vault` contracts, plus `SendQuote`, `RequestToClosePosition`, `LiquidatePartyA`, and `LiquidatePositionsPartyA` events from `SymmioDiamond` contracts, and `Call` events from `MultiAccount` contracts, covering Base
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: BMX Classic perpetual trading and liquidations

- **Purpose**: Captures the volume of leveraged trades and forced liquidations within the BMX Classic product.
- **Logic**: `IncreasePosition` and `DecreasePosition` events are parsed from `Vault` contracts to identify changes in position size. For liquidations, `LiquidatePosition` events are extracted. The absolute change in position size is captured and normalized by the standard 30-decimal precision used by the vault infrastructure.
- **Key fields**: `sizeDelta` (trade size), `size` (liquidation size)

### Component B: BMX Classic spot trading

- **Purpose**: Measures the volume of non-leveraged asset swaps.
- **Logic**: `Swap` events are parsed from `Vault` contracts. To mitigate the impact of potential price manipulation or extreme volatility, the notional value is determined by taking the lesser USD value between the input asset and the output asset. Amounts are normalized based on the specific decimal precision of each asset involved in the swap.
- **Key fields**: `amountIn`, `amountOut`, `tokenIn`, `tokenOut`

### Component C: BMX Classic BLT minting and burning

- **Purpose**: Tracks the volume associated with users entering or exiting the BMX Liquidity Token (BLT) pool.
- **Logic**: `BuyUSDG` (mints) and `SellUSDG` (burns) events are parsed from `Vault` contracts. These events represent the provision or removal of liquidity, which is treated as notional volume within the BMX ecosystem. Amounts are normalized by 18-decimal precision.
- **Key fields**: `usdgAmount`

### Component D: BMX Freestyle trading and liquidations

- **Purpose**: Captures the volume of intent-based derivative trades and liquidations on BMX Freestyle.
- **Logic**: `SendQuote` and `RequestToClosePosition` events are parsed from `SymmioDiamond` contracts to identify position openings and closings. Volume is calculated by multiplying the trade quantity by the execution price. These events are filtered to include only those associated with valid `Call` events from `MultiAccount` contracts. Liquidations are captured via `LiquidatePartyA` and `LiquidatePositionsPartyA` events, mapped to specific quotes to determine the affected volume. All values are normalized by 18-decimal precision.
- **Key fields**: `quantity`, `marketPrice`, `closePrice`, `allocatedBalance`

### Component E: USD conversion and aggregation

- **Purpose**: Normalizes all captured volume to a common currency and time interval.
- **Logic**: All calculated amounts are multiplied by end-of-day price feeds for the respective assets. The resulting USD values from all components (BMX Classic perps, spot, BLT, and BMX Freestyle) are aggregated by day. Daily granularity is maintained using UTC day boundaries.

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

Total USD value of derivative contracts executed on the protocol.

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Notional trading volume

Notional trading volume

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