website

twitter

discord

Exchanges (DEX)

Shadow

# Shadow x33 ratio ceiling Methodology

## 1. Overview

The x33 ratio ceiling metric measures the proportion of total staked xShadow tokens relative to the outstanding supply of x33 tokens in the ShadowExchange protocol. This metric provides insight into the staking participation rate and helps assess the protocol's tokenomics health by showing what percentage of the staked governance token (xShadow) corresponds to the circulating supply of the derivative token (x33). The calculation uses a ratio of cumulative staked xShadow supply divided by cumulative x33 outstanding supply.

## 2. Data sources

The calculation relies on parsed blockchain event logs from the Sonic network:
- **x33 token events**: Parsed `Deposit` and `Withdraw` events from x33 token contracts capturing mint and burn operations
- **xShadow staking events**: Parsed `Deposit` and `Withdraw` events from VoteModule contracts capturing stake and unstake operations for xShadow tokens
- **Transaction metadata**: Block timestamps and transaction identifiers from Sonic blockchain transaction records
- **Contract addresses**: Hardcoded token contract addresses including the xShadow token address `0x5050bc082ff4a74fb6b0b04385defddb114b2424`

## 3. Step-by-step calculation

### Component A: x33 outstanding supply calculation
- **Purpose**: Calculates the net outstanding supply of x33 tokens by tracking all mint and burn events
- **Logic**: Collects x33 `Deposit` events (mints) from x33 token contracts and assigns positive amounts to the `amount` field extracted from the `shares` parameter. Collects x33 `Withdraw` events (burns) from the same contracts and assigns negative amounts. Events are filtered to exclude removed transactions. Daily supply changes are calculated by truncating block timestamps to day boundaries and summing amounts per day, grouped by chain, product identifier, and token address. A cumulative running sum is computed using a window function partitioned by chain and token address, ordered by timestamp, giving the total outstanding x33 supply at each point in time.
- **Key fields**: `shares` amounts from events, `sender`, `receiver`, `owner` addresses, `block_timestamp` for temporal ordering, `address` as token contract address

### Component B: staked xShadow supply calculation  
- **Purpose**: Calculates the total amount of xShadow tokens staked across all users by tracking stake and unstake events
- **Logic**: Collects VoteModule `Deposit` events (stakes) capturing user account addresses from the `from` parameter and amounts staked. Collects VoteModule `Withdraw` events (unstakes) with negative amounts. All events are associated with the hardcoded xShadow token address. Events are filtered to exclude removed transactions. Daily supply changes are calculated per user account by truncating timestamps to day boundaries and summing amounts, grouped by chain, product identifier, account address, and token address. A cumulative running sum per user is computed using a window function partitioned by chain, token address, and account address. Forward-fill logic ensures continuous time series data for each user's staked balance, filling gaps in the timeline.
- **Key fields**: `amount` from event parameters, `from` addresses as account identifiers, `block_timestamp` for temporal sequencing, hardcoded xShadow token address

### Final aggregation
- **Combining components**: The staked xShadow supply data is joined with x33 outstanding supply data on matching timestamp, chain, and token address. The join uses the token address as a common key, linking staked balances to the corresponding token's outstanding supply.
- **Currency conversion**: No currency conversion is applied as both components use raw token amounts in their native denominations
- **Time aggregation**: Both components are aggregated to daily boundaries using timestamp truncation, ensuring consistent temporal alignment between staked and outstanding supplies
- **Final calculation**: The x33 ratio ceiling is computed as the staked xShadow supply divided by the x33 outstanding supply using safe division to handle cases where outstanding supply might be zero. The result represents the proportion of staked governance tokens relative to circulating derivative tokens. Forward-fill strategy is applied to ensure continuous time series data, and chain availability filtering ensures data consistency across supported networks.

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

Maximum redeemable SHADOW per X33 token based on current backing.

ShadowSHADOW

x33 ratio ceiling

x33 ratio ceiling

Competitive landscape