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 Voting incentives Methodology

## 1. Overview

Voting incentives are measured as the USD value of governance tokens or fee portions distributed to users as part of incentive or liquidity mining programs. For BMX, this metric specifically captures the portion of protocol fees generated by Deliswap that is allocated to governance voters. These distributions are used to incentivize participation in the protocol's governance and liquidity provision layers.

## 2. Data sources

- **Blockchain events**: `FeeCollected` events from `FeeProcessor` contracts and `Initialize` events from `PoolManager` contracts, covering Base
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Deliswap pool identification

- **Purpose**: Identifies the specific liquidity pools associated with the Deliswap product to ensure accurate fee attribution.
- **Logic**: `Initialize` events from `PoolManager` contracts are parsed on Base. Pools are filtered based on the presence of specific hook addresses associated with Deliswap. This process establishes a mapping between pool addresses and the Deliswap product.
- **Key fields**: `pool_address`, `hook_address`

### Component B: Voting incentive extraction

- **Purpose**: Captures the raw volume of fees designated for governance participants.
- **Logic**: `FeeCollected` events from `FeeProcessor` contracts are parsed. The `voter_portion` field is extracted to identify the specific amount allocated for incentives. Transactions marked as internal swaps are excluded, as these represent automated protocol buybacks rather than organic fee-driven distributions to users.
- **Key fields**: `voter_portion`, `pool_address`, `isInternalSwap`

### Component C: USD conversion and aggregation

- **Purpose**: Normalizes extracted incentive values into a standardized USD valuation.
- **Logic**: The extracted incentive amounts are normalized by decimal precision using asset metadata. These normalized values are then multiplied by end-of-day price feeds for the distributed assets. The resulting USD values are aggregated to a daily granularity using UTC day boundaries.
- **Key fields**: `timestamp`, `voter_portion`, `price_usd`

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

Value of governance tokens distributed as voting or liquidity incentives.

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