Customer stories: Token Terminal’s Data Partnership with BMX

BMX is one of the fastest growing derivative exchange projects on Base, with a deployment also on Mode Network. The project has been entirely self-funded, with its core contributors bringing several years of experience from building onchain protocols. Now, with ~$1 billion in all-time notional trading volume, BMX recognized the need for reliable, continuous, and data-driven stakeholder reporting. To improve its existing onchain analytics and stakeholder reporting, BMX turned to Token Terminal, a leading onchain data platform trusted by institutional partners like Bloomberg.

Token Terminal's dedicated focus on data standardization made it an ideal partner for BMX. The decision to partner was further eased by the fact that Token Terminal already had a public track record of reporting standardized financial and usage metrics for other leading derivative exchange projects, such as GMX, dYdX, and more.

Data Partnership

To ensure accurate and ongoing stakeholder reporting, BMX entered into a Data Partnership with Token Terminal.

The Data Partnership consists of four different parts:

1. Smart contract registry

Since BMX isn’t an appchain, but a set of smart contracts running on chains supported by Token Terminal, this first step did not require a node infrastructure setup. Instead, Token Terminal was able to rely on its existing node infrastructure.

To start, the BMX and Token Terminal teams worked together to build a labeled registry of BMX’s smart contracts on Base.

A complete smart contract registry is a prerequisite for the next step: the transformation of raw blockchain data into standardized financial and usage metrics.

2. Metric transformations

Leveraging the information in the smart contract registry, Token Terminal’s research team transformed the raw blockchain data from the smart contracts into standardized financial and usage metrics.

For a derivative exchange project like BMX, the standardized metrics include net deposits, notional trading volume, fees, revenue, daily active users, and more.

3. Discovery and reporting

After the metric transformations, BMX was listed on the Derivative exchanges market sector dashboard on Token Terminal, and also featured on the recently launched Discover page.

As a result, users, developers, and investors can now refer to a single source when deciding which protocols to use, integrate with, and/or invest in.

For BMX, the dashboards on Token Terminal streamline the reporting to existing and future stakeholders.

4. Data maintenance

Standardized onchain metrics require ongoing maintenance work, especially when the goal is completeness and accuracy.

The maintenance work has only grown in magnitude and importance over the last few years, as more DeFi projects have evolved from single to multichain apps, with often more than one business line.

A Data Partnership with Token Terminal means that BMX can rely on Token Terminal to manage all future updates to its metrics, and instead direct all focus on growing its onchain business.

Future opportunities

In addition to standardized financial and usage metrics, BMX and Token Terminal are excited to explore opportunities to create custom dashboards with more project-specific metrics. These dashboards would offer both LPs and traders deeper insight into the platform’s features and performance. Some examples include LP profitability, trading activity by trader profile, and more.

Through its partnership with Token Terminal, BMX turns transparency into a competitive advantage and continues to build trust with its growing community.

Feature your project on Token Terminal

Join the 500+ projects that already leverage Token Terminal for internal product analytics and external stakeholder reporting. Get started by submitting key information via our listing form or by connecting directly with our Data Partnerships team. We look forward to partnering with you.