Tokenomics

BMX Tokenomics & Distribution

Changes

• BMX from team and incentives multisig addresses have been burned, with a total of 179,688 BMX (bought back with treasury wBLT) burned as of June 15, 2024.
• Individual burns are reported in the #burns channel on our Discord.
• Approximate new total supply is estimated to be 3.22M BMX (burns ongoing).

Total Supply: 2.85M BMX

Max and Circulating Supplies can be checked here: https://api-v2.morphex.trade/bmx_supply (opens in a new tab)

Distribution

Distribution below is based on 3.22M total supply on emissions conclusion.

Treasury: 322.61K BMX (10%)

• Incentives have been separated from Treasury’s allocation, which cannot be used for incentives unless directed by governance. Treasury’s primary purpose is to support the protocol's expenses, scale the protocol, and increase protocol owned liquidity. Allocation could be used for capital rounds in the future with lock-up terms.

Team: 419.39K BMX (13%)

MPX Claimable Airdrop: 600K BMX as oBMX (18.5%) - No Longer Active

• Each month for six consecutive months, 100,000 oBMX were distributed based on a snapshot taken at random during the month. Those holding MPX, MPX-FTM, MPX-BNB, and Morphex NFTs were able to claim their share of 100k oBMX during each claim period. A new snapshot was taken randomly sometime within the 30-day window, which was not announced prior to or after being taken. The block used for the snapshot was posted on the UI when the respective claim period went live. Claim periods lasted 30 days, and any unclaimed oBMX after a claim period ended was forfeited. All unclaimed oBMX were redistributed to Morphex NFT holders in a separate claims process; more details were to be announced later. Team vesting addresses were excluded from this airdrop except for NFT positions, as none were allocated to the team; all, if any, were purchased. This airdrop amount represented approximately 24% of the circulating supply after the sixth distribution occurred (excluding Treasury’s allocation).
• oBMX was an options token used in the past to claim accrued fees. oBMX is not part of BMX’s current tokenomics.

Initial Seed Liquidity: 80.65K BMX (2.5%)

• Paired with $25k worth of wBLT to provide a $50k TVL wBLT-BMX native liquidity pool at launch. Launch FDV was approx. $1mm.

Protocol Accrued Fee Allocation

Per BIP-12 (link (opens in a new tab))

Classic:

• 70% to BLT/MLT (streamed as wETH; auto fee-processed into BLT/MLT if staked in wBLT/wMLT)
• 10% to liquidity incentives for wBLT-USDC and wMLT-USDC
• 20% to BMX single staking on Base and Mode

Freestyle:

• 20% to liquidity incentives for wBLT-USDC and wMLT-USDC
• 40% to BLT/MLT
• 30% to BMX single-staking on Base and Mode
• 10% to acquiring BMX on-market and burning it

Based MediaX (on Base)

• 60% to BMX single staking
• 10% to liquidity incentives for wBLT-USDC
• 25% to BLT
• 5% to acquiring BMX on-market and burning it

Incentivized BMX Single Staking:

• No lock up.
• Receive multiplier points.
• Accrued fees: routed as wETH.
• Available on Base.

Understanding Multiplier Points (MPs)

When you stake BMX tokens — either directly or through vault strategies — you receive Multiplier Points (MPs) in addition to base accrued fees. MPs are designed to reward long-term staking without inflating BMX’s total supply.

• Receiving Rate: 100% APR — if you stake 1,000 BMX for a full year, you’ll receive 1,000 MPs.
• Boost Mechanism: MPs increase your share of wETH accrued fees received via single-staking. The more MPs you accumulate relative to your staked BMX, the greater your Boost Percentage.

Boost Percentage Formula:

Boost % = 100 * (Staked MPs) / (Staked BMX)

For example, if you have 1,000 BMX staked and have received 500 MPs:

Boost % = 100 * (500) / (1000) = 50%

Claiming vs. Auto-Processing Accrued Fees

BMX’s vault design and staking system offer users flexibility in how they engage with accrued fees:

• Auto-Processing: When auto-processing is enabled (e.g., via wBLT), accrued fees are harvested, converted to BLT, and re-deposited into the vault. This increases the vault’s total value, allowing your wBLT to auto-grow over time.
• Claim: Some accrued fees (like wETH from staking) can be manually claimed. This is ideal if you want to claim accrued fees or use them elsewhere.

Users can opt for self-claiming, automated fee-processing, or a mix of both depending on their strategy.

BMX’s goal is to minimize friction in receiving — every touchpoint, whether vault or staking, is designed to maximize capital efficiency while preserving user control. Important Note**:** Unstaking BMX burns a proportional amount of MPs. To maintain your boost, avoid frequent unstaking.