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 Treasury Methodology

## 1. Overview

Treasury measures the total value of assets held in the Based MediaX onchain treasury. It reflects the financial resources controlled by the project to fund operations, reward contributors, or invest in ecosystem growth. The metric accounts for the total balance of all supported assets, including native assets, held within identified treasury addresses.

## 2. Data sources

- **Blockchain events**: ERC-20 token transfers and native asset transfers, covering Base
- **External data**: End-of-day price feeds for all held assets

## 3. Step-by-step calculation

### Component A: Daily net flow tracking

- **Purpose**: Identify the daily change in asset holdings for the treasury.
- **Logic**: ERC-20 token transfers and native asset transfers are aggregated for identified Based MediaX treasury addresses. For each asset, the total value of outgoing transfers is subtracted from the total value of incoming transfers to determine the net flow per day.
- **Key fields**: `account_address`, `token_address`, `value`, `block_timestamp`

### Component B: Cumulative balance calculation

- **Purpose**: Determine the total quantity of each asset held by the treasury over time.
- **Logic**: Daily net flows are summed chronologically to calculate a running cumulative balance for every asset held in the treasury. A fill-forward mechanism is applied to ensure that the last known balance is recorded for every day, even when no transfer activity occurs.
- **Key fields**: `timestamp`, `token_address`, `balance`

### Component C: USD valuation and aggregation

- **Purpose**: Convert asset quantities into a standardized USD value for reporting.
- **Logic**: Cumulative asset balances are normalized by decimal precision and multiplied by end-of-day price feeds. The resulting USD values are aggregated across all assets and addresses to calculate the total treasury value. Daily granularity is maintained using UTC day boundaries.
- **Key fields**: `balance`, `price_usd`, `amount`

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

Total value of a project's onchain treasury, including its native token.

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Treasury

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