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 Earnings Methodology

## 1. Overview

Injective earnings represents the protocol's net profit, calculated as total revenue minus total expenses. This metric aggregates earnings from two distinct blockchain components: Injective Cosmos (the consensus layer) and Injective EVM (the execution layer). Revenue comes from burn auctions and burned base fees, while expenses consist of token incentives paid to validators and stakers.

## 2. Data sources

- **Injective Cosmos transaction records**: Transaction fees and metadata from the Cosmos-based consensus layer
- **Injective EVM transaction and block data**: EIP-1559 transaction data including gas usage, effective gas prices, and base fees per block
- **Injective Cosmos block events**: Parsed `mint` events from BeginBlock operations and `burn` events from auction mechanisms
- **End-of-day token price feeds**: INJ token prices from CoinGecko for USD conversion
- **Token metadata**: INJ token information including decimal precision and contract addresses

## 3. Step-by-step calculation

### Component A: Injective cosmos revenue
- **Purpose**: Calculate protocol revenue from burn auctions on the Cosmos layer
- **Logic**: Extract `burn` events from Injective Cosmos block events where the `burner` address equals `inj1j4yzhgjm00ch3h0p9kel7g045qf32pzlj`. Parse the `amount` field from event attributes, convert from native units by dividing by 10^18, then aggregate daily. Convert to USD using end-of-day INJ prices.
- **Key fields**: `event_type` (filtered to 'burn'), `event_attributes` (contains burn amount and burner address), `block_timestamp` (for daily aggregation)

### Component B: Injective EVM revenue
- **Purpose**: Calculate protocol revenue from burned base fees in the EIP-1559 model
- **Logic**: For each transaction, calculate total fees as gas_used × effective_gas_price and base fees as gas_used × base_fee_per_gas. Revenue equals base fees (which are burned). This is derived as total fees minus supply-side fees (priority fees that go to validators). Convert native INJ amounts by dividing by 10^18, aggregate daily, and convert to USD.
- **Key fields**: `gas_used`, `effective_gas_price`, `base_fee_per_gas` (from blocks), `block_timestamp`

### Component C: Injective cosmos expenses
- **Purpose**: Calculate token incentives (staking rewards) paid on the Cosmos layer
- **Logic**: Extract `mint` events from Injective Cosmos block events where `source` equals 'BeginBlock'. Parse the `amount` from event attributes, convert from native units, aggregate daily, and convert to USD using end-of-day INJ prices.
- **Key fields**: `event_type` (filtered to 'mint'), `source` (filtered to 'BeginBlock'), `event_attributes` (contains mint amount)

### Component D: Injective EVM expenses
- **Purpose**: Token incentives for the EVM layer (always zero)
- **Logic**: Injective EVM does not issue token incentives, so expenses are always zero for this component.
- **Key fields**: All expense values set to zero

### Final aggregation
- **Combining components**: Total revenue combines Injective Cosmos burn auction revenue and Injective EVM base fee revenue. Total expenses combine Injective Cosmos token incentives and Injective EVM expenses (zero).
- **Currency conversion**: All native INJ amounts are converted to USD using end-of-day CoinGecko price feeds, with missing prices treated as zero
- **Time aggregation**: Data is aggregated at daily boundaries using `timestamp_trunc` to day level
- **Final calculation**: Earnings equals total revenue minus total expenses, with the formula: (Cosmos burn revenue + EVM base fee revenue) - (Cosmos token incentives + EVM token incentives)

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

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