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 (net) Methodology

## 1. Overview

Treasury (net) measures the total value of non-native assets held in the BMX treasury. This metric excludes the project's native BMX asset to provide a clear view of the protocol's liquid reserves, such as stablecoins and other external assets, which are available to fund operations, development, and growth initiatives. The value is calculated based on onchain balances held in designated treasury addresses on Base.

## 2. Data sources

- **Blockchain events**: ERC-20 token transfers and native asset transfers associated with the BMX treasury address on Base
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Token flow identification

- **Purpose**: Capture all incoming and outgoing asset movements for the protocol treasury
- **Logic**: Daily net flows are extracted from ERC-20 token transfers and native asset transfers for the BMX treasury account (`0xe02fb5c70af32f80aa7f9e8775fe7f12550348ec`) on Base. The native BMX asset (`0x548f93779fbc992010c07467cbaf329dd5f059b7`) is filtered out and excluded from the dataset to ensure only non-native holdings are measured.
- **Key fields**: `account_address`, `token_address`, `value`, `block_timestamp`

### Component B: Cumulative balance calculation and temporal filling

- **Purpose**: Determine the daily quantity of each asset held in the treasury
- **Logic**: Daily net flows are aggregated chronologically to calculate a running cumulative balance for every asset identified in the treasury. To maintain a continuous time series, a fill-forward algorithm is applied to carry the last known balance forward for days where no onchain transfer activity is recorded.
- **Key fields**: `timestamp`, `token_address`, `balance`

### Component C: USD valuation and final aggregation

- **Purpose**: Normalize asset balances to a standardized USD value
- **Logic**: Daily asset balances are normalized by decimal precision and multiplied by end-of-day price feeds. Only records with a balance greater than zero are retained. The individual asset values are then summed to produce the total daily net treasury value.
- **Key fields**: `balance`, `price_usd`, `treasury_net`

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

Total value of a project's treasury excluding its native token.

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Treasury (net)

Treasury (net)

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