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).

twitter

discord

website

github

Derivative exchanges

# BMX Revenue Methodology

## 1. Overview

Revenue measures the portion of fees retained by BMX across its product suite, which includes BMX Classic, BMX Freestyle, Based MediaX, and Deliswap. This metric represents the protocol's share of trading fees, mint/burn fees, and recouped incentives after distributions are made to supply-side participants. For BMX Freestyle, revenue is calculated based on a 60% take rate of total fees, with the remainder allocated to the infrastructure partner SYMMIO. Revenue also accounts for treasury management earnings derived from AERO emissions recouped from Aerodrome.

## 2. Data sources

- **Blockchain events**: `FeeTransferred` events from `SudoVRFRouter` contracts, `CollectMarginFees`, `CollectSwapFees`, `BuyUSDG`, `SellUSDG`, and `Swap` events from `Vault` contracts, `SendQuote` and `RequestToClosePosition` events from `SymmioDiamond` contracts, `FeeCollected` events from `FeeProcessor` contracts, `RewardsAdded` events from `DailyEpochGauge` contracts, and `ClaimRewards` events from `Gauge` contracts on Base
- **External data**: End-of-day price feeds for assets

## 3. Step-by-step calculation

### Component A: Based MediaX revenue extraction

- **Purpose**: Capture protocol fees generated by the Based MediaX product
- **Logic**: Revenue is extracted from `FeeTransferred` events emitted by `SudoVRFRouter` contracts. Pairs are identified by parsing `createPair` function calls from `SudoFactoryWrapper` contracts. The transferred amounts are aggregated to determine the total protocol revenue for this product.

### Component B: BMX Classic fee calculation

- **Purpose**: Calculate fees from perpetual trading, spot trading, and BLT asset management
- **Logic**: Fees are derived from multiple sources within the `Vault` contracts. Perpetual trading fees are captured from `CollectMarginFees` events, while spot trading fees are extracted from `CollectSwapFees` events. Fees associated with the minting and burning of BLT are calculated from `BuyUSDG` and `SellUSDG` events by applying the recorded fee basis points to the transaction amounts. Additionally, fees from spot trades are calculated by applying fee basis points from `Swap` events to the notional trading volume. To prevent price manipulation, notional volume is determined using the lower USD value of the input and output assets.

### Component C: BMX Freestyle revenue allocation

- **Purpose**: Determine the protocol's share of fees from the BMX Freestyle product
- **Logic**: Revenue is calculated by applying a 60% take rate to the total fees generated by the product. Fees are extracted from `SendQuote` and `RequestToClosePosition` events emitted by `SymmioDiamond` contracts. These events are filtered to include only those associated with a corresponding `Call` event from `MultiAccount` contracts. The remaining 40% of fees are allocated to the infrastructure partner SYMMIO and are excluded from protocol revenue.

### Component D: Deliswap revenue calculation

- **Purpose**: Calculate net protocol revenue from the Deliswap AMM
- **Logic**: Revenue is determined by subtracting supply-side rewards from the total fees collected. Fees are extracted from `FeeCollected` events emitted by `FeeProcessor` contracts, excluding internal swaps. Supply-side rewards are captured from `RewardsAdded` events from `DailyEpochGauge` contracts. Pools are identified using `Initialize` events from `PoolManager` contracts where specific hook addresses are present.

### Component E: Treasury management revenue

- **Purpose**: Capture incentives recouped from external protocol interactions
- **Logic**: Revenue is derived from AERO emissions recouped from Aerodrome. These emissions are captured from `ClaimRewards` events emitted by `Gauge` contracts. Only claims made by specific BMX-funded addresses are included. Gauges are identified by filtering for pools containing the BMX asset.

### Component F: USD conversion and aggregation

- **Purpose**: Normalize all revenue components to USD and aggregate by day
- **Logic**: All revenue components are normalized by decimal precision and converted to USD using end-of-day price feeds. Daily values are aggregated across all products and chains using UTC day boundaries.

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

BMXBMX

Archived

Revenue

Revenue

Competitive landscape

Chain breakdown