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 Transaction Fee Median Methodology

## 1. Overview

Transaction Fee Median measures the 50th percentile of fees paid for transactions executed on the **near** network. This metric provides a representation of the typical cost incurred by a user for a single transaction, serving as a benchmark for network affordability by filtering out the influence of highly complex or exceptionally simple transactions. The value is denominated in USD and calculated on a daily basis.

## 2. Data sources

- **Blockchain events**: Transaction and receipt data from the **near** network
- **External data**: End-of-day price feeds for the native asset (NEAR)

## 3. Step-by-step calculation

### Component A: Gas consumption extraction

- **Purpose**: Retrieve the gas usage data for all transaction phases on the network
- **Logic**: Gas burnt during the transaction conversion phase is extracted from transaction records. Gas burnt during the execution phase is extracted from receipt records. All values are normalized by decimal precision to ensure consistency across the dataset.
- **Key fields**: `gas_burnt` (normalized) and `receipt_id`

### Component B: Transaction-level fee aggregation

- **Purpose**: Consolidate the total gas consumed by a transaction across its lifecycle
- **Logic**: Transaction records are joined with their corresponding execution receipt records using the unique conversion identifier. The total gas burnt for a transaction is calculated as the sum of the conversion gas and the execution gas. A default value of zero is applied to any missing components to ensure complete fee capture for every processed transaction.
- **Key fields**: `converted_into_receipt_id` and `total_gas_burnt`

### Component C: Median calculation and USD conversion

- **Purpose**: Determine the daily median fee and normalize the result to USD
- **Logic**: The 50th percentile of `total_gas_burnt` is calculated for all transactions within a UTC day boundary. This median gas value is then multiplied by the end-of-day price of the native NEAR asset. The final output is aggregated at a daily granularity for the network.
- **Key fields**: `block_timestamp` and `price` (USD)

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

NEAR ProtocolNEAR

Median transaction fee

Median transaction fee

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