Validators process transactions and receive transactions fees (supply-side fees).

Injective is a smart contract platform for decentralized finance applications (a blockchain) and an orderbook exchange protocol. Injective was founded by Eric Chen, Albert Chon etc. and launched in 2020. Note that this dashboard only tracks Injective's blockchain business.

INJ holders own and govern the protocol. They currently take a cut of the total transaction fees paid by users (revenue) via Burn Auctions. Injective's investors include Binance, Jump Crypto, Mark Cuban, etc.

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Injective

# Injective Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average transaction fees paid per unique daily active user on the Injective Protocol. This metric answers the business question: "How much does the average user contribute in fees per day?" The calculation divides total daily fees (in USD) by the total number of unique daily active users across both Injective EVM and Injective Cosmos chains.

## 2. Data sources

The AFPU calculation relies on several key data sources:

- **Injective EVM blockchain data**: Transaction records including gas usage, effective gas prices, sender addresses, and block information with base fee data
- **Injective Cosmos blockchain data**: Transaction records with fee amounts in native INJ tokens and message events containing sender addresses
- **Block data**: Injective EVM block records containing `base_fee_per_gas` values for EIP-1559 fee calculations
- **End-of-day price feeds**: CoinGecko price data for INJ token to convert native token amounts to USD
- **Message events**: Injective Cosmos message events that identify transaction senders for user counting

## 3. Step-by-step calculation

### Component A: Injective EVM fee calculation

- **Purpose**: Calculate daily transaction fees from Injective EVM chain using EIP-1559 gas model
- **Logic**: Extract transaction data including gas usage, effective gas price, and sender addresses. Join with block data to get base fee per gas values. Calculate base fees (gas used × base fee per gas ÷ 10^18) which are burned as protocol revenue, and priority fees (gas used × (effective gas price - base fee per gas) ÷ 10^18) which go to validators. Sum both components for total daily fees in native INJ
- **Key fields**: `gas_used`, `effective_gas_price`, `base_fee_per_gas`, `from_address`, `block_timestamp`

### Component B: Injective cosmos fee calculation

- **Purpose**: Calculate daily transaction fees from Injective Cosmos chain
- **Logic**: Extract transaction fee strings and parse to separate numeric amounts from currency units using regex. Convert numeric values to proper decimal format by dividing by 10^18. Aggregate total fees by day in native INJ tokens. All fees go to validators as supply-side revenue
- **Key fields**: `transaction_fee`, `block_timestamp`

### Component C: Fee USD conversion

- **Purpose**: Convert native INJ fee amounts to USD values
- **Logic**: Retrieve end-of-day INJ price data from CoinGecko price feeds. Join fee data with price data by timestamp to multiply native INJ amounts by USD exchange rates. Apply zero price for missing price data
- **Key fields**: `fees`, `price`, `timestamp`

### Component D: Injective EVM user identification

- **Purpose**: Identify unique daily active users from Injective EVM transactions
- **Logic**: Extract transaction sender addresses as users. Truncate timestamps to daily boundaries and deduplicate addresses within each day. Tag users with chain, product, and user type metadata
- **Key fields**: `from_address`, `block_timestamp`, `chain`, `product_id`

### Component E: Injective cosmos user identification

- **Purpose**: Identify unique daily active users from Injective Cosmos message events
- **Logic**: Parse message events with event type 'message' to extract sender addresses from JSON event attributes. Truncate timestamps to daily boundaries and deduplicate addresses within each day. Tag users with appropriate metadata
- **Key fields**: `event_attributes`, `event_type`, `block_timestamp`, `user_address`

### Component F: Cross-chain user aggregation

- **Purpose**: Combine and deduplicate users across both Injective chains
- **Logic**: Union user data from both EVM and Cosmos chains. Apply HyperLogLog aggregation to accurately count distinct users across chains while handling potential address overlaps. Aggregate by various dimensions including total project level, individual chains, user types, and products
- **Key fields**: `user_address`, `timestamp`, `chain`, `user_type`, `product_id`

### Final aggregation

- **Combining components**: Total daily fees (in USD) from both Injective EVM and Cosmos chains are summed together. Total daily active users across both chains are counted using HyperLogLog to avoid double-counting users who transact on both chains
- **Currency conversion**: All fees are converted from native INJ to USD using end-of-day CoinGecko price feeds, with zero values applied for missing price data
- **Time aggregation**: Both fees and users are aggregated to daily boundaries using timestamp truncation to day level
- **Final calculation**: AFPU is calculated by dividing total daily fees (USD) by total daily active users, using the `calculate_arpu` macro with parameters for user metric ('user_dau'), revenue metric ('fees'), and target AFPU metric ('afpu'). The result is finalized with zero-fill strategy for days without activity

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

InjectiveINJ

Average fees per user (AFPU)

Average fees per user (AFPU)

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