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 Trading volume Methodology

## 1. Overview

Trading volume measures the total value of trades executed on BMX, specifically across the Based MediaX and Deliswap products. This metric provides insight into the protocol's liquidity and its capacity to generate fees and revenue from decentralized spot exchange activity. Trading volume is calculated by aggregating the value of all successful swap and purchase events across supported liquidity pools and conversion mechanisms.

## 2. Data sources

- **Blockchain events**: `NFTsBought` events from `SudoVRFRouter` contracts, `createPair` function calls from `SudoFactoryWrapper` contracts, `HookSwap` events from `DeliHookConstantProduct` contracts, `Initialize` and `Swap` events from `PoolManager` contracts, and `FeeCollected` events from `FeeProcessor` contracts, covering Base
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Based MediaX trade extraction

- **Purpose**: Captures the value of trades executed through Based MediaX.
- **Logic**: `createPair` function calls from `SudoFactoryWrapper` contracts are parsed to identify pair addresses and their associated assets. `NFTsBought` events from `SudoVRFRouter` contracts are then extracted to capture trade amounts based on the final price field. These amounts are mapped to the corresponding assets identified during pair creation.
- **Key fields**: `finalPrice` (trade amount), `pair` (account identification), `token` (asset identification).

### Component B: Deliswap pool identification

- **Purpose**: Identifies active liquidity pools specifically associated with Deliswap.
- **Logic**: `Initialize` events from `PoolManager` contracts are monitored to detect the creation of new liquidity pools. These pools are filtered by specific hook addresses to isolate Deliswap-related activity from general Uniswap V4 events. This mapping ensures that only trades occurring within Deliswap-managed pools are included in the metric.
- **Key fields**: `hooks` (hook identification), `id` (pool address), `currency0` and `currency1` (asset identification).

### Component C: Deliswap trade extraction

- **Purpose**: Captures swap activity across Deliswap AMM and V4 hooks.
- **Logic**: `HookSwap` events from `DeliHookConstantProduct` contracts and `Swap` events from `PoolManager` contracts are parsed to extract trade volumes. These events are joined with `FeeCollected` events from `FeeProcessor` contracts to verify trade validity and exclude internal protocol buybacks. For V4 hook trades, the perspective is adjusted to reflect the total volume of assets exchanged.
- **Key fields**: `amount0` and `amount1` (asset quantities), `id` (pool identification).

### Component D: Normalization and USD conversion

- **Purpose**: Normalizes raw trade data and converts values to USD for standardized reporting.
- **Logic**: All trade amounts are normalized by their respective decimal precision. For Based MediaX, the normalized amount is multiplied by the end-of-day price of the asset. For Deliswap, the USD value is calculated for both assets in the swap, and the lower of the two values is selected to mitigate the impact of potential price manipulation. Daily totals are aggregated using UTC day boundaries.

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

Total value of spot trades executed on the exchange.

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