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 Median transaction fee Methodology

## 1. Overview

The Injective median transaction fee metric measures the median cost that users pay per transaction on the Injective protocol, expressed in USD. This metric provides insight into the typical transaction cost experience for Injective users by calculating the 50th percentile of daily transaction fees. The calculation processes raw Injective blockchain transaction data, converts native INJ token fees to USD using daily price feeds, and computes daily median values to track fee trends over time.

## 2. Data sources

The calculation relies on two primary data sources:

- **Injective blockchain transactions**: Raw transaction records from the Injective blockchain containing transaction metadata including fee information stored as strings with numeric amounts and currency unit suffixes
- **End-of-day price feeds**: Daily INJ token prices from CoinGecko price feeds used for USD conversion of native token fees

## 3. Step-by-step calculation

### Component A: INJ price data preparation
- **Purpose**: Retrieves daily INJ token prices for USD conversion
- **Logic**: Uses the calculate_cg_prices macro to fetch end-of-day INJ token prices from CoinGecko price feeds, keyed by daily timestamps
- **Key fields**: Daily `timestamp` and corresponding `price` values for INJ tokens

### Component B: Transaction fee processing
- **Purpose**: Extracts and normalizes transaction fee amounts from raw Injective blockchain data
- **Logic**: Processes Injective transaction records by parsing the `transaction_fee` field using regular expressions to separate numeric amounts from unit suffixes, converts fee amounts from wei (dividing by 10^18) to standard INJ units, and truncates block timestamps to daily boundaries for aggregation
- **Key fields**: Daily `timestamp`, parsed `transaction_fee` amounts in standard INJ units, and `transaction_hash` identifiers

### Component C: USD conversion
- **Purpose**: Converts INJ-denominated fees to USD values using daily price data
- **Logic**: Joins the processed transaction fees with INJ price data by matching daily timestamps, multiplies each transaction's fee amount by the corresponding daily INJ price to calculate `fee_usd` values, handles missing price data with zero defaults
- **Key fields**: `fee_usd` values representing each transaction's fee cost in USD terms

### Final aggregation
- **Combining components**: Groups all USD-converted transaction fees by daily timestamp to prepare for median calculation
- **Currency conversion**: Uses end-of-day INJ token prices to convert native token fees to USD at the time of transaction execution
- **Time aggregation**: Applies daily time boundaries by truncating block timestamps to day precision
- **Final calculation**: Computes the daily median using the approximate quantiles function with 100 buckets, selecting the 50th percentile value to represent the median transaction fee in USD, applies metric finalization with zero-filling for days without transactions and chain availability filtering

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

InjectiveINJ

Median transaction fee

Median transaction fee

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