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

Ronin is a smart contract platform for decentralized applications (a blockchain). Ronin was founded by Sky Mavis and launched in 2021.

RON holders own and govern the protocol. They currently don’t take a cut of the total transaction fees paid by users (revenue). Sky Mavis' investors include a16z, Binance, Animoca Brands, etc.

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Ronin

# Ronin Revenue Methodology

## 1. Overview

Ronin revenue represents the daily amount of base fees burned on the Ronin blockchain, converted to USD. This metric captures the portion of transaction fees that are permanently removed from circulation (burned) rather than paid to validators. Base fees are a fundamental component of blockchain revenue as they represent value extracted from network usage and sent to the protocol treasury or burned. The calculation aggregates all transaction base fees daily and converts them from native RON tokens to USD using end-of-day price feeds.

## 2. Data sources

The calculation relies on three primary data sources:
- **Ronin blockchain transaction records**: Individual transaction data including gas usage, block references, sender/receiver addresses, and transaction hashes
- **Ronin blockchain block data**: Block-level information including timestamps, block numbers, gas usage, and most importantly the `base_fee_per_gas` rate that determines how much of transaction fees are burned
- **End-of-day price feeds**: RON token price data from CoinGecko used for USD conversion, with the RON token contract address identified as `0xe514d9deb7966c8be0ca922de8a064264ea6bcd4`

## 3. Step-by-step calculation

### Component A: Transaction-level base fee calculation
- **Purpose**: Calculate the base fee amount burned for each individual transaction on Ronin
- **Logic**: For each transaction, extract the gas used from transaction records and join with the corresponding block data to get the base fee per gas rate. Calculate the base fee amount by multiplying the transaction's gas used by the block's base fee per gas rate. Convert the result from wei (the smallest unit) to RON tokens by dividing by 10^18. This represents the portion of transaction fees that are burned rather than paid to validators.
- **Key fields**: `gas_used` from transactions, `base_fee_per_gas` from blocks, `block_timestamp` for timing, and calculated `base_fee_amount` in RON tokens

### Component B: Daily aggregation of base fees
- **Purpose**: Sum all transaction base fees within each calendar day to create daily revenue totals
- **Logic**: Group all transaction-level base fees by day using timestamp truncation to day boundaries. Sum all base fee amounts within each day to get the total daily base fees burned. This creates daily snapshots of how much value was burned through network usage.
- **Key fields**: Daily `timestamp` (truncated to day), `timestamp_grain` set to 'day', and aggregated `base_fee_amount` as the sum of all transaction base fees for that day

### Final aggregation
- **Combining components**: The daily base fee totals are used directly as the revenue metric, representing the total value burned each day
- **Currency conversion**: Daily RON token amounts are converted to USD using end-of-day price feeds from CoinGecko for the RON token
- **Time aggregation**: Data is aggregated to daily boundaries using timestamp truncation, with each day representing the total base fees burned during that 24-hour period
- **Final calculation**: The final revenue metric equals the sum of all base fees burned in a day, converted from RON tokens to USD using end-of-day exchange rates, with additional metadata fields added for blockchain categorization (market sector as 'blockchains_l1', business segment as 'blockchain', chain identifier as 'ronin')

*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.

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