BMX Staking: Governance and wETH Accrued Fees

Governance Participation

BMX doubles as the protocol’s governance token. Whether you simply hold it or stake it for wETH accrued fees, or provide BMX in LP (which gives a 1.33x multiplier) every BMX in your wallet counts toward Snapshot voting power. Voting is gas‑free and executed off‑chain; passed proposals are enforced by the multisig.

Recent Decisions Directed by BMX Holders

• BIP‑12 – Fee Routing Realignment (Sept 2024) → shifted Classic fee split to 70 % BLT / 20 % staking / 10 % wBLT‑BMX incentives. Result: 6.1 M votes, 92 % YES.
• Mode Deployment Parameters (Dec 2024) → set weight targets and open‑interest caps for BMX’s Mode chain launch.
• Buy‑and‑Burn Budget Increase (Mar 2025) → raised Freestyle’s BMX buy‑&‑burn allocation from 5 % to 10 % to accelerate supply deflation.
• wBLT Mint/Redeem Fee Curve Update (Apr 2025) → introduced a dynamic 0.15 % minimum fee to curb arbitrage gas wars.

Get involved: Visit the Snapshot space → https://snapshot.box/#/s:bmxonbase.eth (opens in a new tab)

Connect your wallet, and vote on active proposals. Stakers enjoy wETH accrued fees and a direct hand in steering protocol evolution.

Staking BMX

Stake once, receive every week. A fixed slice of each product’s fee pool is converted to wETH and streamed to staked BMX. The slice size is product‑specific-

Fee Direction Per Product

Below is the exact slice of each product’s fee pool that is redirected to the single‑staking contract before anything else (e.g., buy‑&‑burn or BLT vault funding) happens:

• Classic – 20 % of every fee‑dollar generated from swaps, margin open/close, funding, liquidations, and BLT mint/redeem is swapped into wETH and streamed to BMX stakers.
• Freestyle – 30 % of intent‑fill fees (0.10 % platform fee + funding differentials) is forwarded to stakers as wETH.
• Based MediaX – 60 % of the 1.9 % marketplace fee on NFT / veAERO sales is converted to wETH for stakers.

(For clarity: Freestyle also allocates an additional 10 % of its fees to buy‑and‑burn BMX, while MediaX allocates 5 % to the same. Those buy‑&‑burn percentages are in addition to the staking share listed above.)

Where “the Fees” Actually Originate

1. Trading Economics (Classic) – Every leveraged trade pays an open‑/close‑fee; swaps pay 0.20 – 0.80 %; liquidations recycle collateral into the pool. Twenty percent of that rainbow routes to single‑staking.
2. Intent Engine (Freestyle) – Instead of an order‑book, each filled intent pays a 0.10 % fee + funding differentials. Thirty percent of those fills show up in the staking contract.
3. On‑chain Media (MediaX) – Each avatar/NFT/veAERO sale pays 1.9 %. Sixty percent hits the staking pool; another 5 % buys & burns BMX.

Recent Numbers (8 h‑old Dune sample)

Data: https://dune.com/bmxdefi/bmx-analytics (opens in a new tab) – “Supply & Staking” tab

Disclaimer: Past fee APR; future values may be higher or lower.

Multiplier Points: Fee Accrual Accelerator, Not a Token

• Accrue at 100 % APR on your staked balance.
• Boost = MP / BMX (cap 100 %).
• Unstaking burns MPs → designed to favour sticky stake, not mercenary farming.

Dynamic Levers That Move Fee Accrual

• Volume mix – A blow‑out week on MediaX (60 % share) can double effective fee accrual vs. a lull. Conversely, Mode/Sonic volume mostly flows through Classic (20 %).
• Utilisation & Funding (Classic) – High borrow utilisation raises funding payments → higher fee haul, same 20 % split.
• Supply deflation – Freestyle (10 %) & MediaX (5 %) spend part of their fee pool to buy & burn BMX. Fewer tokens means a thicker wETH slice per remaining BMX.

###Risks & Caveats

Bottom line: depending on where the user activity is—Classic, Freestyle or MediaX—between 20 % and 60 % of the fee torrent routes to stakers. That variability is why weekly APR prints can oscillate between single‑digits and north of 20 %. Track the Dune dashboard to help guide staking decisions.