An analyte monitoring system comprising: an analyte sensor comprising: (i) one or more sensors configured to generate sensor measurements indicative of an analyte level in a first medium, wherein the sensors include a temperature transducer configured to generate a sensor temperature measurement, and the sensor measurements include the sensor temperature measurement, (ii) a housing, wherein the sensor temperature measurement is a measurement of temperature inside the housing of the analyte sensor; (iii) an analyte indicator on or in at least a portion of an exterior surface of the housing; and (iii) a transceiver interface configured to convey the sensor measurements; and a transceiver comprising: (i) a sensor interface configured to receive the sensor measurements conveyed by the analyte sensor, and (ii) a processor configured to: adjust the sensor temperature measurement, wherein the adjusted sensor temperature measurement is an estimate of a temperature of the analyte indicator, the adjusted sensor temperature measurement accounts for a lag between the temperature inside the housing of the analyte sensor and the temperature of the analyte indicator, and adjusting the sensor temperature measurement comprises: calculating a rate of change of the temperature of the analyte sensor using at least the sensor temperature measurement and one or more sensor temperature measurements received previously from the analyte sensor; and calculating the adjusted sensor temperature measurement using at least the sensor temperature measurement and the calculated rate of change of the temperature of the analyte sensor; and calculate an analyte level in a second medium using at least the adjusted sensor temperature measurement and one or more of the sensor measurements. an analyte sensor comprising: (i) one or more sensors configured to generate sensor measurements indicative of an analyte level in a first medium, wherein the sensors include a temperature transducer configured to generate a sensor temperature measurement, and the sensor measurements include the sensor temperature measurement, (ii) a housing, wherein the sensor temperature measurement is a measurement of temperature inside the housing of the analyte sensor; (iii) an analyte indicator on or in at least a portion of an exterior surface of the housing; and (iii) a transceiver interface configured to convey the sensor measurements; and (i) one or more sensors configured to generate sensor measurements indicative of an analyte level in a first medium, wherein the sensors include a temperature transducer configured to generate a sensor temperature measurement, and the sensor measurements include the sensor temperature measurement, (ii) a housing, wherein the sensor temperature measurement is a measurement of temperature inside the housing of the analyte sensor; (iii) an analyte indicator on or in at least a portion of an exterior surface of the housing; and (iii) a transceiver interface configured to convey the sensor measurements; and a transceiver comprising: (i) a sensor interface configured to receive the sensor measurements conveyed by the analyte sensor, and (ii) a processor configured to: adjust the sensor temperature measurement, wherein the adjusted sensor temperature measurement is an estimate of a temperature of the analyte indicator, the adjusted sensor temperature measurement accounts for a lag between the temperature inside the housing of the analyte sensor and the temperature of the analyte indicator, and adjusting the sensor temperature measurement comprises: calculating a rate of change of the temperature of the analyte sensor using at least the sensor temperature measurement and one or more sensor temperature measurements received previously from the analyte sensor; and calculating the adjusted sensor temperature measurement using at least the sensor temperature measurement and the calculated rate of change of the temperature of the analyte sensor; and calculate an analyte level in a second medium using at least the adjusted sensor temperature measurement and one or more of the sensor measurements. adjust the sensor temperature measurement, wherein the adjusted sensor temperature measurement is an estimate of a temperature of the analyte indicator, the adjusted sensor temperature measurement accounts for a lag between the temperature inside the housing of the analyte sensor and the temperature of the analyte indicator, and adjusting the sensor temperature measurement comprises: calculating a rate of change of the temperature of the analyte sensor using at least the sensor temperature measurement and one or more sensor temperature measurements received previously from the analyte sensor; and calculating the adjusted sensor temperature measurement using at least the sensor temperature measurement and the calculated rate of change of the temperature of the analyte sensor; and calculating a rate of change of the temperature of the analyte sensor using at least the sensor temperature measurement and one or more sensor temperature measurements received previously from the analyte sensor; and calculating the adjusted sensor temperature measurement using at least the sensor temperature measurement and the calculated rate of change of the temperature of the analyte sensor; and calculate an analyte level in a second medium using at least the adjusted sensor temperature measurement and one or more of the sensor measurements.