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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Mina Protocol

# Mina Protocol Supply-side fees Methodology

## 1. Overview

Supply-side fees represent the total transaction fees paid by users that are distributed to supply-side participants in the Mina network (block producers and validators). This metric measures the daily revenue earned by network participants who provide block production and validation services. In Mina's proof-of-stake consensus mechanism, all transaction fees are distributed to supply-side participants, making this metric equivalent to total network fees.

## 2. Data sources

- **Mina blockchain transaction records**: Raw transaction data from the Mina blockchain containing transaction hashes, timestamps, sender addresses, and fee amounts
- **End-of-day token price feeds**: Daily MINA token prices from CoinGecko API for USD conversion
- **Chain availability data**: Configuration data defining when the Mina chain was operational and available for transactions

## 3. Step-by-step calculation

### Component A: Raw transaction processing
- **Purpose**: Extract and normalize transaction fee data from the Mina blockchain
- **Logic**: Fetch all transactions from Mina blockchain records, extracting the `fee` field which contains transaction fees in the smallest MINA units. Convert these raw fee amounts to MINA tokens by dividing by 10^9 (Mina uses 9 decimal places). Each transaction record includes the `block_timestamp`, `transaction_hash`, `sender` address, and normalized `fee_amount` in MINA tokens.
- **Key fields**: `block_timestamp` for daily aggregation, `fee_amount` converted to MINA tokens, `chain` identifier set to 'mina', `coingecko_id` set to 'mina-protocol' for price lookups

### Component B: Daily fee aggregation
- **Purpose**: Aggregate individual transaction fees into daily totals and convert to USD
- **Logic**: Group all transactions by day using timestamp truncation to daily boundaries. Sum the `fee_amount` values for each day to calculate total daily fees paid in MINA tokens. Apply market classification labels including `chain_id` as 'mina', `market_sector_id` as 'blockchains_l1', and `business_segment_id` as 'blockchain'. Convert the daily MINA fee totals to USD using end-of-day price feeds from CoinGecko for the 'mina-protocol' token.
- **Key fields**: `daily_timestamp` truncated to day boundaries, `fees` as the sum of all transaction fees per day in USD, classification fields for market segmentation

### Component C: Supply-side designation and finalization
- **Purpose**: Format the metric as supply-side fees and ensure data completeness
- **Logic**: Rename the `fees` field to `fees_supply_side` to indicate these fees represent rewards distributed to supply-side participants (block producers and validators) in the Mina network. Apply the finalization process which validates chain identifiers, ensures proper schema formatting, and fills any missing days in the time series with zero values to maintain continuity.
- **Key fields**: `fees_supply_side` containing the USD value of daily fees, `timestamp` and `timestamp_grain` set to daily intervals, `product_id` as null since this is a chain-level metric

### Final aggregation
- **Combining components**: The supply-side fees metric is derived directly from the total fees metric by field renaming, as Mina's consensus mechanism distributes all transaction fees to supply-side participants
- **Currency conversion**: MINA token amounts are converted to USD using end-of-day price feeds from CoinGecko, applied after daily aggregation
- **Time aggregation**: Daily boundaries are defined using timestamp truncation, with all transactions within a calendar day aggregated together
- **Final calculation**: Daily supply-side fees equal the sum of all transaction fees paid on that day, converted to USD, representing the total revenue earned by Mina network validators and block producers

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

Portion of fees distributed to service providers or supply-side participants.

Mina ProtocolMINA

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Supply-side fees

Supply-side fees

Competitive landscape