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 Tradeable pairs Methodology

## 1. Overview

Tradeable pairs measures the total number of unique asset pairs available for trading on BMX Deliswap. This metric represents the breadth of direct swap routes supported by the protocol's liquidity pools and reflects the overall market coverage of the exchange. It is used to assess the growth of the protocol's asset inventory and the diversity of trading options provided to users.

## 2. Data sources

- **Blockchain events**: `Initialize` events from `PoolManager` contracts on Base

## 3. Step-by-step calculation

### Component A: BMX Deliswap pool identification

- **Purpose**: Identify all liquidity pools deployed through the BMX Deliswap infrastructure.
- **Logic**: `Initialize` events are parsed from `PoolManager` contracts. These events are filtered by specific hook addresses to isolate pools belonging to BMX Deliswap. For each identified pool, the unique pool address and the addresses of the two constituent assets are extracted.
- **Key fields**: `pool_address`, `token_address_0`, `token_address_1`, and `hook_address`.

### Component B: Daily new pair discovery

- **Purpose**: Determine the date on which each unique trading pair first became available.
- **Logic**: The earliest block timestamp associated with each unique pool address is identified. These initial appearances are aggregated by day to calculate the number of new trading pairs launched during each 24-hour UTC period.
- **Key fields**: `block_timestamp` and `pool_address`.

### Component C: Cumulative aggregation

- **Purpose**: Calculate the total number of tradeable pairs available on the protocol over time.
- **Logic**: The daily count of new pairs is summed chronologically to create a running total. This cumulative calculation ensures that the metric reflects the total number of unique swap routes available at any point in history. Missing data points for days without new pool initializations are filled with zero values to maintain a continuous daily time series.
- **Key fields**: `tradeable_pairs` (cumulative count).

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

Number of unique token pairs available for trading on the exchange.

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Archived

Tradeable pairs

Tradeable pairs

Competitive landscape

Chain breakdown