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.

github

twitter

discord

website

Blockchains (L1)

Mina Protocol

# Mina Protocol Revenue Methodology

## 1. Overview

Mina protocol revenue represents the portion of transaction fees captured by the protocol itself, as opposed to fees paid to block producers. For Mina, this metric is explicitly set to zero because the protocol does not capture revenue from transaction fees - all fees go directly to block producers (validators) who secure the network. The calculation establishes the proper temporal and dimensional structure based on transaction data but returns zero revenue values.

## 2. Data sources

The methodology uses the following data sources:
- **Mina blockchain transaction records**: Complete transaction history from the Mina blockchain including transaction hashes, block timestamps, sender addresses, and fee amounts
- **End-of-day price feeds**: CoinGecko price data for the MINA token used in the underlying fee calculations to establish USD conversion rates

## 3. Step-by-step calculation

### Component A: Transaction data extraction
- **Purpose**: Extract raw transaction data from the Mina blockchain to establish the temporal framework
- **Logic**: Process all Mina blockchain transactions to capture block timestamps, transaction hashes, sender addresses, and raw fee amounts. Convert fee amounts from blockchain's base units to MINA tokens by dividing by 10^9 (Mina's decimal precision). Each transaction record includes the chain identifier set to `mina`, token symbol as `MINA`, and CoinGecko identifier as `mina-protocol`
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for uniqueness, `from_address` for sender identification, `fee_amount` in MINA tokens

### Component B: Fee aggregation and USD conversion
- **Purpose**: Aggregate transaction fees by day and convert to USD to establish the base structure
- **Logic**: Group transactions by daily timestamps and sum fee amounts for each day. Apply dimensional categorization with chain identifier as `mina`, market sector as `blockchains_l1`, and business segment as `blockchain`. Convert aggregated MINA fee amounts to USD using end-of-day CoinGecko price feeds. Set timestamp grain to `day` for daily aggregation boundaries
- **Key fields**: `daily_timestamp` for time boundaries, `fees` in USD, dimensional identifiers for categorization

### Final aggregation
- **Combining components**: Use the fee calculation structure as the foundation but explicitly override all revenue values to zero
- **Revenue override**: Set the `revenue` field to 0 for all records, reflecting that Mina protocol does not capture any portion of transaction fees as protocol revenue
- **Currency conversion**: Not applicable since revenue is zero, but the underlying structure maintains USD denomination
- **Time aggregation**: Daily boundaries are preserved from the fee aggregation component
- **Final calculation**: Revenue = 0 for all time periods, maintaining proper temporal and dimensional structure from the underlying transaction and fee data

*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.

Mina ProtocolMINA

Archived

Revenue

Revenue

Competitive landscape