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 P/S ratio (fully diluted) Methodology

## 1. Overview

P/S ratio (fully diluted) measures the fully diluted market cap relative to annualized revenue retained by the project. This metric provides a valuation multiple by comparing the total market value of all assets—assuming a fully diluted supply—against the portion of fees captured and burned by the protocol. For Injective, revenue includes burned assets from Injective Cosmos burn auctions and burned base fees from Injective EVM.

## 2. Data sources

- **Blockchain events**: `burn` events from Injective Cosmos, plus transaction and block data from Injective EVM, covering Injective
- **External data**: End-of-day price feeds for native assets

## 3. Step-by-step calculation

### Component A: Injective Cosmos revenue extraction

- **Purpose**: Captures protocol revenue generated through the Injective Cosmos burn auction mechanism
- **Logic**: `burn` events are parsed from block event data. These events are filtered to include only those where the burner attribute matches the specific burn auction contract address `inj1j4yzhgjm00ch3h0p9kel7g8sp6g045qf32pzlj`. The burned asset amounts are extracted and normalized by decimal precision.
- **Key fields**: `amount` (quantity of assets burned), `event_type` (identification of burn actions)

### Component B: Injective EVM revenue extraction

- **Purpose**: Captures protocol revenue from burned transaction fees on Injective EVM
- **Logic**: Transaction records are joined with block data to calculate burned fees following the EIP-1559 model. Revenue is derived by multiplying the gas used for each transaction by the base fee per gas recorded in the block headers. This logic ensures that only the burned protocol share is counted as revenue, excluding priority fees that are distributed to validators as supply-side compensation.
- **Key fields**: `gas_used` (computational resources consumed), `base_fee_per_gas` (burned fee rate per unit of gas)

### Component C: USD conversion and aggregation

- **Purpose**: Normalize revenue values to a common currency for project-level analysis
- **Logic**: Daily revenue totals from both Injective Cosmos and Injective EVM are aggregated. Native asset amounts are multiplied by end-of-day price feeds to determine the USD value of the retained revenue. Daily granularity is maintained using UTC day boundaries.

### Component D: Annualization and valuation calculation

- **Purpose**: Calculate the final P/S ratio (fully diluted) based on annualized performance
- **Logic**: A 30-day moving average of daily revenue is calculated and multiplied by 365 to derive the annualized revenue figure. The P/S ratio (fully diluted) is then generated by dividing the fully diluted market cap by this annualized revenue. If annualized revenue is zero, the resulting metric is set to null.

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

${market_cap_fully_diluted} / (rolling_avg(${revenue}, 30) * 365)

Fully diluted market cap relative to annualized revenue.

InjectiveINJ

P/S ratio (fully diluted)

P/S ratio (fully diluted)

Competitive landscape