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 revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) for Injective Protocol measures the daily revenue generated per active user. It is calculated by dividing the total daily protocol revenue by the number of daily active users (DAU). This metric helps evaluate the economic efficiency of user engagement across Injective's dual-chain architecture, combining both Cosmos and EVM ecosystems.

## 2. Data sources

The calculation uses the following raw data sources:

- **Injective Cosmos transaction records**: Native Cosmos transaction data including transaction fees and metadata
- **Injective Cosmos message events**: Parsed message events containing transaction sender information and event attributes
- **Injective Cosmos block events**: Block-level events including burn auction activities and protocol operations
- **Injective EVM transaction records**: EVM-compatible transaction data with gas usage and pricing information
- **Injective EVM block records**: Block data containing base fee information for EIP-1559 gas calculations
- **End-of-day price feeds**: CoinGecko price data for INJ token USD conversion

## 3. Step-by-step calculation

### Component A: Revenue calculation

**Purpose**: Calculate daily protocol revenue from both Injective Cosmos and Injective EVM components

**Logic**: 
Revenue is aggregated from two distinct sources. For Injective Cosmos, revenue comes from burn auctions tracked through burn events where the `burner` attribute equals the specific protocol address `inj1j4yzhgjm00ch3h0p9kel7g8sp6g045qf32pzlj`. The burned amount is extracted from event attributes using regex patterns and converted from wei to INJ units by dividing by 10^18. For Injective EVM, revenue is calculated as the difference between total fees and supply-side fees, representing the base fees that are burned as protocol revenue under the EIP-1559 model. Both components convert INJ amounts to USD using end-of-day CoinGecko price feeds.

**Key fields**: `amount` from burn events, `base_fee_per_gas` and `effective_gas_price` from EVM transactions, `price` from CoinGecko feeds

### Component B: Daily active users calculation

**Purpose**: Count unique users across both Injective Cosmos and Injective EVM chains

**Logic**: 
Users are identified as transaction senders from both ecosystems. For Injective EVM, users are extracted directly from transaction records using the `from_address` field. For Injective Cosmos, users are identified from message events where `event_type` equals 'message', extracting the `sender` value from event attributes using JSON parsing. All users are deduplicated per day using their wallet addresses. The aggregation uses HyperLogLog (HLL) for efficient distinct counting across different dimensional breakdowns including chain-level, product-level, and user-type classifications.

**Key fields**: `from_address` from EVM transactions, `sender` from Cosmos message events, `user_address` for deduplication

### Final aggregation

**Combining components**: Daily revenue totals are joined with daily user counts by timestamp to create matched pairs for division

**Currency conversion**: All INJ-denominated values are converted to USD using end-of-day CoinGecko price feeds, with null prices treated as zero

**Time aggregation**: All data is truncated to daily boundaries using timestamp truncation to ensure consistent time-based grouping

**Final calculation**: ARPU is computed by dividing the total daily revenue in USD by the total daily active user count, producing a dollar amount representing average revenue per user for each day

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

InjectiveINJ

Average revenue per user (ARPU)

Average revenue per user (ARPU)

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