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 Revenue Methodology

## 1. Overview

Injective protocol revenue represents the total value captured by the Injective protocol across its dual-chain architecture. The metric combines revenue from two distinct economic mechanisms: Injective Cosmos generates revenue through burn auctions where INJ tokens are permanently removed from circulation, while Injective EVM generates revenue through base fees that are burned under the EIP-1559 fee model. This dual-revenue approach reflects Injective's unique position as both a Cosmos-based chain with specialized DeFi functionality and an Ethereum Virtual Machine compatible execution environment.

## 2. Data sources

The calculation relies on several key data sources:

- **Injective Cosmos block events**: Blockchain event logs containing burn auction activities and token burn information
- **Injective EVM transaction records**: Ethereum-compatible transaction data including gas usage, effective gas prices, and transaction metadata  
- **Injective EVM block data**: Block-level information containing base fee per gas values for EIP-1559 fee calculations
- **End-of-day price feeds**: Daily INJ token price data for USD conversion of native token amounts

## 3. Step-by-step calculation

### Component A: Injective Cosmos burn auction revenue

- **Purpose**: Calculate revenue from INJ tokens burned through auction mechanisms on the Injective Cosmos chain
- **Logic**: The system filters Injective Cosmos block events for `burn` event types originating from the specific burner address `inj1j4yzhgjm00ch3h0p9kel7g045qf32pzlj`. For each qualifying burn event, the system extracts the `amount` value from the JSON-formatted event attributes using regex pattern matching to capture numeric values. The extracted amounts are converted from the smallest denomination to whole INJ tokens by dividing by 10^18. These daily burn amounts are then aggregated by day using timestamp truncation to create daily revenue totals in native INJ tokens.
- **Key fields**: `block_timestamp` for daily aggregation, `event_type` filtered to 'burn', `event_attributes` containing JSON with burned amounts, and `burner` address for filtering authentic burn auctions

### Component B: Injective EVM base fee revenue  

- **Purpose**: Calculate revenue from base fees burned on the Injective EVM chain under the EIP-1559 fee model
- **Logic**: The system processes Injective EVM transaction data by joining transaction records with corresponding block data to access base fee information. For each transaction, total fees are calculated as the sum of base fees (gas_used × base_fee_per_gas) and priority fees (gas_used × (effective_gas_price - base_fee_per_gas)). Supply-side fees represent the priority fees that go to validators, while protocol revenue represents the base fees that are burned. The system derives Injective EVM revenue mathematically by subtracting supply-side fees from total fees, which mathematically equals the base fees. This ensures consistency across the fee accounting system where base_fee + priority_fee - priority_fee = base_fee.
- **Key fields**: `gas_used` for fee calculations, `effective_gas_price` from transactions, `base_fee_per_gas` from blocks, and `block_timestamp` for daily aggregation

### Final aggregation

- **Combining components**: The two revenue streams are combined using a union operation, with each maintaining separate `product_id` values ('Injective Cosmos' and 'Injective EVM') to preserve attribution while contributing to the total protocol revenue
- **Currency conversion**: All native INJ amounts are converted to USD using end-of-day INJ token prices, with null price values defaulting to zero to handle missing price data
- **Time aggregation**: Both components use consistent daily timestamp truncation to ensure proper alignment when combining revenue streams
- **Final calculation**: The final Injective protocol revenue equals the sum of Injective Cosmos burn auction revenue (in USD) plus Injective EVM base fee revenue (in USD) for each day, representing total value captured by the protocol through its dual economic mechanisms

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

InjectiveINJ

Revenue

Revenue

Competitive landscape

Chain breakdown