Liquidity providers deposit funds into HMX and receive trading fees from traders (supply-side fees).

HMX is a non-custodial exchange for perpetual contracts built on Arbitrum. HMX was founded by Shu Wei, Rockman, and Taoree and was launched in 2022.

HMX tokenholders own and govern the protocol. They currently take a cut of the total trading fees paid by traders (revenue). HMX's investors include Coral DeFi, Compound Capital Partners, Cryptomind, etc.

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# HMX Maximum token supply Methodology

## 1. Overview

The HMX maximum token supply metric represents the total number of HMX tokens that can ever exist according to the protocol's tokenomics design. This is a fixed value established at protocol launch and represents the hard cap on token issuance. The metric answers the fundamental question of what the upper bound is for HMX token circulation, which is critical for understanding token scarcity and long-term supply dynamics.

## 2. Data sources

This metric relies on protocol-level configuration data rather than dynamic blockchain events:
- **Protocol specifications**: HMX protocol tokenomics documentation defining the maximum token supply
- **Smart contract parameters**: Token contract deployment configurations that establish supply limits
- **Protocol launch data**: Official launch date and timing information for the HMX protocol

## 3. Step-by-step calculation

### Component A: Static supply configuration
- **Purpose**: Define the fundamental token supply parameters for the HMX protocol
- **Logic**: The calculation sets three core values: the protocol launch timestamp of August 7, 2023 at 00:00:00 UTC, the maximum token supply of exactly 10,000,000 tokens, and the reporting granularity as daily intervals. These values are hardcoded based on the protocol's official tokenomics specifications
- **Key fields**: `timestamp` field marking the protocol launch date, `token_supply_maximum` field containing the 10,000,000 token limit, and `timestamp_grain` field set to 'day' for daily reporting intervals

### Final aggregation
- **Combining components**: Since this is a single static configuration, no combining of multiple components is required
- **Currency conversion**: No currency conversion is needed as this metric represents a token count, not a monetary value
- **Time aggregation**: The metric uses a fill-forward strategy, meaning once the launch date is reached, the maximum supply value of 10,000,000 tokens is carried forward to all subsequent dates, creating a continuous daily time series
- **Final calculation**: The final metric value is simply the static maximum supply of 10,000,000 HMX tokens, formatted and standardized through the finalization macro to ensure consistent reporting structure and proper data identification with the 'hmx' label

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

Maximum number of tokens that can exist under the current token economics.

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Maximum token supply

Maximum token supply

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