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# Etherex rex33 ratio ceiling Methodology

## 1. Overview

The REX33 ratio ceiling metric measures the proportion of total staked xRex tokens relative to the outstanding supply of REX33 tokens in the Etherex protocol. This metric represents the staking participation rate and provides insight into how much of the available xRex token supply is actively staked in the protocol's governance mechanism. The calculation divides the total amount of staked xRex tokens by the total outstanding supply of REX33 tokens.

## 2. Data sources

- **REX33 contract events**: Parsed `Deposit` and `Withdraw` events from the REX33 smart contract on Linea blockchain, containing token mint and burn transactions with sender, receiver, owner addresses and token amounts
- **VoteModule contract events**: Parsed `Deposit` and `Withdraw` events from the VoteModule smart contract on Linea blockchain, tracking xRex token staking and unstaking activities with user addresses and staked amounts
- **Blockchain transaction data**: Linea blockchain transaction records including block timestamps, transaction hashes, and log indices for event tracking
- **Token metadata**: Fixed token address references for the xRex token contract

## 3. Step-by-step calculation

### Component A: REX33 outstanding supply tracking
- **Purpose**: Calculate the total outstanding supply of REX33 tokens by tracking all mint and burn events over time
- **Logic**: Extract `Deposit` events from the REX33 contract as mint transactions with positive amounts, and extract `Withdraw` events as burn transactions with negative amounts. Aggregate these events daily by summing all supply changes within each day. Calculate cumulative outstanding supply using a running total that adds daily changes chronologically, partitioned by blockchain and token address to maintain accurate supply counts per token
- **Key fields**: `block_timestamp` for timing, `amount` for token quantities, `token_address` for token identification, `sender`, `receiver`, and `owner` addresses for transaction participants

### Component B: Staked xRex balance tracking  
- **Purpose**: Track the total amount of xRex tokens currently staked across all users in the protocol's governance system
- **Logic**: Extract `Deposit` events from the VoteModule contract as staking transactions with positive amounts, and extract `Withdraw` events as unstaking transactions with negative amounts. The xRex token address is hardcoded as `0xc93b315971a4f260875103f5da84cb1e30f366cc`. Aggregate staking changes daily by user and calculate cumulative staked balances using running totals partitioned by blockchain, token address, and user account. Apply forward-fill logic to handle missing time periods by carrying forward the last known balance for each user
- **Key fields**: `block_timestamp` for timing, `amount` for staked quantities, `account_address` for user identification, `token_address` for the xRex token contract

### Final aggregation
- **Combining components**: Join the REX33 outstanding supply data with the aggregated staked xRex supply data by matching timestamp and blockchain chain. Sum all individual user staked balances to get total staked supply across the protocol
- **Currency conversion**: No currency conversion required as both components use native token amounts in their original decimal precision
- **Time aggregation**: Both components are calculated at daily granularity using day-truncated timestamps to align the data properly for joining
- **Final calculation**: Calculate the ratio ceiling by dividing the total staked xRex supply by the REX33 outstanding supply using safe division to handle potential zero denominators. Apply finalization logic including schema validation, data quality checks, and forward-fill gap handling to ensure consistent time series data without missing periods

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

staked_backing_tokens / rex33_circulating_supply

Maximum redeemable REX per rex33 token based on staked-token backing.

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