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 Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of assets deposited into BMX Classic and BMX Freestyle. This metric serves as a leading indicator for the protocol's trading liquidity and overall platform adoption. TVL is calculated by aggregating the value of assets held in the BMX Classic vault and the cumulative net deposits made into BMX Freestyle, with all values converted to USD using end-of-day price feeds.

## 2. Data sources

- **Blockchain events**: `DepositForAccount` and `WithdrawFromAccount` events from `MultiAccount` contracts, plus ERC-20 token transfers and native asset transfers for vault accounts, covering Base
- **External data**: End-of-day price feeds for deposited assets and asset metadata

## 3. Step-by-step calculation

### Component A: BMX Classic balance tracking

- **Purpose**: Captures the value of assets held within the BMX Classic liquidity pool.
- **Logic**: Historical balances are calculated for the BMX Classic vault account on Base. Daily token and native asset flows are aggregated to determine the ending balance for every asset held by the vault. These balances represent the underlying liquidity available to the BMX Classic product.
- **Key fields**: `account_address` (vault identification), `token_address` (asset identification), `amount` (asset quantities)

### Component B: BMX Freestyle net deposit tracking

- **Purpose**: Measures the cumulative value of user deposits and withdrawals within BMX Freestyle.
- **Logic**: `DepositForAccount` and `WithdrawFromAccount` events are parsed from `MultiAccount` contracts. Deposit amounts are categorized as positive inflows, while withdrawal amounts are categorized as negative outflows. A cumulative sum of these net flows is calculated over time to determine the total net deposits residing in the product.
- **Key fields**: `amount` (deposit or withdrawal quantity), `account_address` (user identification)

### Component C: USD conversion and final aggregation

- **Purpose**: Normalizes all asset values to USD and aggregates data across BMX products.
- **Logic**: Asset amounts from both BMX Classic and BMX Freestyle are normalized by decimal precision. These quantities are multiplied by end-of-day price feeds to determine their USD value. The values from both products are summed to calculate the total TVL. A fill-forward strategy is applied to ensure data continuity across all days, and a zero-fill strategy is utilized for periods with no recorded activity.
- **Key fields**: `price_usd` (asset valuation), `timestamp` (daily granularity)

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

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