Validators process transactions and receive validator rewards (supply-side fees).

NEAR Protocol is a smart contract platform for decentralized applications (a blockchain). NEAR Protocol was founded by Alexander Skidanov & Ilya Polosukhin and launched in 2017.

NEAR holders own and govern the protocol. They currently take (burn) all of the total transaction fees paid by users (revenue). NEAR Protocol's investors include a16z, Pantera Capital, Libertus, etc.

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NEAR Protocol

# near Block Time Methodology

## 1. Overview

Block Time is defined as the average duration between consecutive blocks produced on the near blockchain. This metric is utilized to evaluate the network's latency and the efficiency of its block production mechanism. Calculations are performed by determining the temporal gap between sequential block heights, providing a daily average that reflects the stability and speed of the near protocol.

## 2. Data sources

- **Blockchain events**: Block timestamps and block heights covering near

## 3. Step-by-step calculation

### Component A: Block data extraction

- **Purpose**: Retrieve the chronological timing and ordering of block production.
- **Logic**: Block timestamps and block heights are extracted from the underlying blockchain data. The genesis block is excluded by filtering for block heights greater than zero to ensure only valid production intervals are included.
- **Key fields**: `block_timestamp`, `block_number`

### Component B: Block interval derivation

- **Purpose**: Calculate the specific duration between individual blocks.
- **Logic**: Blocks are ordered ascendingly by height. A lag operation is performed to pair each block with the timestamp of its immediate predecessor. The difference between these two timestamps is calculated in milliseconds to determine the exact interval for every block in the sequence.
- **Key fields**: `block_timestamp`, `previous_timestamp`

### Component C: Daily averaging and normalization

- **Purpose**: Aggregate high-frequency interval data into a daily representative value.
- **Logic**: Individual block intervals are grouped by day based on UTC timestamps. The arithmetic mean is calculated for all intervals occurring within each 24-hour period. The resulting data is subjected to schema validation and zero-filling to ensure a continuous and standardized daily time series.
- **Key fields**: `block_time` (daily average)

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

avg(block_timestamp - previous_block_timestamp)

NEAR ProtocolNEAR

Block time

Block time

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