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 transaction fee Methodology

## 1. Overview

The Injective average transaction fee metric measures the mean cost per transaction across both Injective Cosmos and Injective EVM chains, calculated by dividing total daily transaction fees by total daily transaction count. This metric provides insight into the average cost users pay to transact on the Injective ecosystem, combining both the Cosmos-based native chain and the EVM-compatible execution layer.

## 2. Data sources

The calculation relies on four primary data sources:

- **Injective Cosmos transaction records**: Native Cosmos SDK transactions containing transaction fees in INJ denomination with unit suffixes
- **Injective EVM transaction records**: EVM-compatible transactions with gas usage, effective gas prices, and sender/recipient addresses  
- **Injective EVM block records**: Block-level data containing base fee per gas values required for EIP-1559 fee calculations
- **End-of-day INJ token price feeds**: Daily price data from CoinGecko for converting native INJ amounts to USD values

## 3. Step-by-step calculation

### Component A: Injective cosmos transaction fees
- **Purpose**: Extract and aggregate transaction fees from the native Cosmos chain
- **Logic**: Process Injective Cosmos transaction records by parsing the `transaction_fee` field using regex to extract numeric amounts and currency units. The numeric portion is divided by 10^18 to normalize decimal places. Transactions are filtered to exclude null fees and aggregated daily by summing total fees and counting distinct transaction hashes.
- **Key fields**: `block_timestamp` for daily grouping, `transaction_hash` for uniqueness, `transaction_fee` for parsed fee amounts

### Component B: Injective EVM gas fees  
- **Purpose**: Calculate gas fees from the EVM-compatible chain using the EIP-1559 fee model
- **Logic**: Join Injective EVM transaction records with block records to access base fee data. Calculate total gas fees as the sum of base fees (gas used × base fee per gas) and priority fees (gas used × (effective gas price - base fee per gas)). Normalize amounts by dividing by 10^18 and aggregate daily by summing base and priority fee components.
- **Key fields**: `gas_used` for transaction gas consumption, `effective_gas_price` for total gas price, `base_fee_per_gas` from blocks for EIP-1559 calculations

### Component C: Transaction count aggregation
- **Purpose**: Count total transactions across both Injective chains  
- **Logic**: Process transaction records from both Injective Cosmos and Injective EVM chains separately. Group transactions by day and count distinct transaction hashes within each chain. Combine counts from both chains to get total daily transaction volume across the entire Injective ecosystem.
- **Key fields**: `transaction_hash` for distinct counting, `block_timestamp` for daily grouping, `chain_id` for chain identification

### Component D: USD conversion
- **Purpose**: Convert native INJ fee amounts to USD for standardization
- **Logic**: Join daily aggregated fees (in native INJ) with end-of-day INJ price feeds from CoinGecko. Multiply native INJ fee amounts by corresponding daily prices to get USD-denominated values. Handle missing price data by defaulting to zero values using coalesce functions.
- **Key fields**: `timestamp` for joining daily data, `price` from CoinGecko feeds for conversion rates

### Final aggregation
- **Combining components**: Join daily USD-converted fees with daily transaction counts on the timestamp field, ensuring both datasets cover the same time periods
- **Currency conversion**: All fee amounts are converted to USD using end-of-day CoinGecko price feeds before final calculation
- **Time aggregation**: Data is grouped by day using timestamp truncation, with all calculations performed at daily granularity
- **Final calculation**: Average transaction fee equals total daily fees (in USD) divided by total daily transaction count using safe division to handle days with zero transactions

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

InjectiveINJ

Average transaction fee

Average transaction fee

Competitive landscape

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