Validators process transactions and receive fees from users (supply-side fees).

Mina is a smart contract platform for decentralized applications (a blockchain). Mina was founded by Evan Shapiro & Izaak Meckler and launched in 2017.

Mina’s investors include Pantera Capital, FTX Ventures, Circle Ventures, etc.

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Blockchains (L1)

Mina Protocol

# Mina Protocol Expenses Methodology

## 1. Overview

The Mina expenses metric measures the daily USD value of token incentives distributed by the Mina blockchain network. This represents the operational expenses incurred by the protocol in the form of token rewards or incentives paid out to network participants. The calculation aggregates raw token incentive amounts from blockchain records, applies proper decimal normalization, converts to USD using market prices, and presents the result as daily expenses.

## 2. Data sources

- **Mina blockchain records**: Raw token incentive data scraped from the Mina protocol containing block-level information about token distributions, including block timestamps, block heights, and raw token incentive amounts
- **External price data**: End-of-day price feeds from CoinGecko for the MINA protocol token to enable USD conversion

## 3. Step-by-step calculation

### Component A: Raw token incentive extraction
- **Purpose**: Extracts and normalizes raw token incentive data from Mina blockchain records
- **Logic**: Raw token incentive amounts are extracted from Mina blockchain data along with block timestamps and block heights. The raw token amounts are divided by 10^9 to apply proper decimal normalization for MINA tokens. Each record is tagged with chain identifier ('mina'), token metadata (symbol 'MINA', contract name 'MINA'), and CoinGecko identifier ('mina-protocol') for price lookups
- **Key fields**: `block_timestamp` for timing, `block_height` for block reference, `token_incentives` containing the raw incentive amount, normalized `amount` field after decimal correction

### Component B: Daily aggregation and USD conversion  
- **Purpose**: Aggregates normalized token incentive amounts by day and converts to USD values
- **Logic**: Token incentive amounts are aggregated by day using timestamp truncation to daily boundaries. Data is grouped by timestamp, chain, and token metadata while summing the normalized token amounts. Business classification metadata is added including 'Blockchain' as business line, 'blockchains_l1' as market sector, and 'blockchain' as business segment. The daily MINA token amounts are then converted to USD using end-of-day CoinGecko price feeds for the 'mina-protocol' token
- **Key fields**: `daily_timestamp` for day boundary, `token_incentives` containing the daily sum of normalized amounts, USD-converted values after price application

### Component C: Metric finalization and expenses transformation
- **Purpose**: Applies standard metric finalization and transforms token incentives to expenses
- **Logic**: Standard metric finalization is applied including schema validation, gap filling with zero values for missing days, and data quality checks. The timestamp grain is set to 'day' and chain identifier is standardized. The `token_incentives` field is renamed to `expenses` to represent the protocol's operational expenses in token incentive form
- **Key fields**: `timestamp` with day grain, `chain_id` for chain identification, `expenses` containing the final USD amount (renamed from token_incentives)

### Final aggregation
- **Combining components**: Components flow sequentially from raw data extraction through daily aggregation and USD conversion to final metric transformation
- **Currency conversion**: USD conversion uses end-of-day CoinGecko price feeds applied to daily aggregated MINA token amounts
- **Time aggregation**: Daily boundaries are established by truncating block timestamps to day level, with all token incentives within a day summed together
- **Final calculation**: The final expenses metric represents the daily USD value of token incentives distributed by the Mina protocol, calculated as the sum of normalized MINA token incentive amounts multiplied by the end-of-day USD price of MINA tokens

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

Total project operating and incentive expenses.

Mina ProtocolMINA

Archived

Expenses

Expenses

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