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 Active users (daily) Methodology

## 1. Overview

Active users (daily) is defined as the number of unique addresses that execute revenue-generating transactions on BMX. This metric is used to evaluate the scale of the user base and the level of engagement across the protocol's suite of products, including BMX Classic, BMX Freestyle, Based MediaX, and Deliswap. User activity is captured from spot trading, perpetual futures trading, NFT purchases, and automated market maker interactions.

## 2. Data sources

- **Blockchain events**: `Swap`, `IncreasePosition`, `DecreasePosition`, `LiquidatePosition`, `BuyUSDG`, and `SellUSDG` events from `Vault` contracts; `SendQuote`, `RequestToClosePosition`, `LiquidatePartyA`, and `LiquidatePositionsPartyA` events from `SymmioDiamond` contracts; `Call` events from `MultiAccount` contracts; `NFTsBought` events from `SudoVRFRouter` contracts; `HookSwap` events from `DeliHookConstantProduct` contracts; `Swap` events from `PoolManager` contracts; and `FeeCollected` events from `FeeProcessor` contracts, covering Base.

## 3. Step-by-step calculation

### Component A: BMX Classic user identification

- **Purpose**: To identify unique users interacting with the spot and leveraged trading features of BMX Classic.
- **Logic**: `Swap`, `IncreasePosition`, `DecreasePosition`, `LiquidatePosition`, `BuyUSDG`, and `SellUSDG` events are parsed from `Vault` contracts. For spot trades, the transaction signer address is identified as the user. For leveraged positions and USDG operations (minting and burning), the account address specified within the event parameters is extracted.
- **Key fields**: `user_address`, `in_account`, `transaction_hash`

### Component B: BMX Freestyle user identification

- **Purpose**: To identify unique users participating in the intent-based perpetual trading on BMX Freestyle.
- **Logic**: `SendQuote` and `RequestToClosePosition` events are parsed from `SymmioDiamond` contracts. These events are filtered to include only those associated with a successful `Call` event from `MultiAccount` contracts. The `party_a` address is extracted as the active user. Additionally, liquidations are captured by identifying the `party_a` address from `LiquidatePartyA` and `LiquidatePositionsPartyA` events.
- **Key fields**: `party_a`, `quote_id`, `transaction_hash`

### Component C: Based MediaX user identification

- **Purpose**: To identify unique users purchasing NFTs through the Based MediaX product.
- **Logic**: `NFTsBought` events are parsed from `SudoVRFRouter` contracts. The `buyer` address is extracted from each event to identify active NFT traders.
- **Key fields**: `buyer`, `transaction_hash`

### Component D: Deliswap user identification

- **Purpose**: To identify unique users performing swaps through the Deliswap AMM hooks.
- **Logic**: `HookSwap` events from `DeliHookConstantProduct` contracts and `Swap` events from `PoolManager` contracts are parsed. These events are joined with `FeeCollected` events from `FeeProcessor` contracts to ensure only revenue-generating trades are included. The `sender` address is identified as the active user for these transactions.
- **Key fields**: `sender`, `pool_address`, `transaction_hash`

### Component E: Deduplication and aggregation

- **Purpose**: To calculate the final count of unique active users (daily) across the entire BMX project.
- **Logic**: All identified user addresses from BMX Classic, BMX Freestyle, Based MediaX, and Deliswap are aggregated into a single dataset. Distinct addresses are counted over a fixed 24-hour window based on the UTC timestamp of the transactions. The final value represents the total number of unique addresses that interacted with any BMX product on a given day.
- **Key fields**: `block_timestamp`, `user_address`

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

Unique revenue-generating users over a fixed 24-hour window.

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Active users (daily)

Active users (daily)

Competitive landscape

Chain breakdown