Protocol/Project Name:
BMX
Protocol Overview:
BMX created a new asset for DeFi named wMLT on Mode or wBLT on Base. This asset is a wrapped, transferrable (composable), yield-generating and auto-compounding, vault token representing MLT/BLT, which is composed of bluechip perpetual market-making liquidity. This innovation introduces composability to perpetual liquidity and expands yield-opportunities for liquidity providers, significantly enhancing capital efficiency.
Our native token and liquidity pair is wMLT-BMX on Velodrome, allowing perpetual liquidity providers to earn market-making yield through wBLT in addition to native liquidity incentives on Velodrome. wMLT can be paired with any asset to create a pool2 LP, providing a yield-generating base-pair in addition to diversify single-asset price risk as it is an index of bluechip assets underneath, always redeemable for Classic contract price. But that’s not all. To further maximize capital efficiency, we create additional products with revenue streams supporting wMLT, native incentives (bribes), and single-staking,
BMX Freestyle (intent-based) is our second perpetual trading platform ran in parallel to BMX Classic (GMX v1), offering traders access to 250+ tokens for perps. Our unique design directs revenue to wMLT and wMLT-BMX enhancing capital efficiency for Classic LPs without exposing them to risks of IL or trader-profits from Freestyle, as they are NOT the liquidity provider.
Additionally, we have created our third product which will launch soon on Base and we hope to deploy it on Mode early next year (renamed for Mode of course), called Based MediaX, an onchain media exchange/marketplace which showcases our innovative product named “Wheel of Avatars” (WOA), the first locked-duration pool-product with enforced Chainlink VRF (randomization), where sellers can deposit multiple NFT assets from the same collection into the pool and buyers buy a “Ticket” enabling random distribution of one asset from the pool to the Buyer. This novel concept introduces permissionless market creation of markets-within-markets, as Sellers can design chance-markets enhancing their ability to sell multiple NFTs (aiding in enhancing liquidity to the NFT Market) while Buyers understand they may receive an NFT above or below the value of the pool-ticket. 45% of revenue from this product is directed to Classic and native LPs.
Overall, BMX distributes 100% of all revenues to ecosystem token holders and leads the space of composable, capitally efficient, perpetual liquidity. There are zero native token incentives, zero native token emissions, and BMX was the first non-bluechip asset to bridge from Base to Mode, utilizing the safest method which is Chainlink CCIP.
MS Receiver Address:
Mode and Optimism: 0x1ebc5be8da50Dd5Ff45c598c53E4564EA373717b
Distribution Confirmation:
We confirm that we will distribute 100% of incentives received in line with protocol distribution weights for wMLT, wMLT-BMX, single staking BMX, and trader incentives.
Incentive Impact Statement:
Season III incentives will support scaling wMLT and wMLT-BMX TVL in addition to native incentives which creates two massive sinks for the underlying bluechip assets that make up wMLT, including Mode token itself. As our design is maximally capital effect, incentives support increased attractiveness for cross chain LPs to bridge to Mode, in addition to traders as revenue supports trader incentives. We use ZERO native incentives and in fact have ZERO emissions for BMX, so sustainability is already proven by our model.
Eligibility Criteria:
https://defillama.com/protocol/bmx#information
Additional Information (Encouraged):
Roadmap: Briefly outline any upcoming milestones or features that could benefit from additional user adoption.
Scaling wMLT tvl and use as a base-pair asset across Mode supports the entire ecosystem by providing a yield-bearing and capitally efficient liquidity sink that scales with size, as wMLT underlying liquidity also functions as regular liquidity for AMM swaps on Mode.
Partnerships: Mention any partnerships or collaborations that align with the goals of this incentive program.
BMX has partnered with multiple other Mode protocols, wMLT is integrated into other projects’ products, native liquidity on Velodrome, and has partnerships with our oracle and data providers.
Community Engagement: Describe any planned community activities or campaigns that will support the incentive program.
BMX will soon launch a $24,000 trading competition with OP rewards distributed and claimable on OP. More details to follow.
Contact Information:
Thank you to the Mode ecosystem and Mode team for your continued support. We are grateful to be building with all of you.