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# Shadow x33 ratio floor Methodology

## 1. Overview

The X33 ratio floor measures the lower bound of the ratio between staked xShadow tokens and outstanding x33 tokens in the ShadowExchange protocol. This metric represents 50% of the ceiling ratio and provides insight into the relationship between governance token staking activity and derivative token supply. The metric helps assess the backing ratio and governance participation relative to x33 token circulation on the ShadowExchange protocol.

## 2. Data sources

The calculation relies on the following raw blockchain data sources:
- **VoteModule deposit events**: Sonic blockchain events recording xShadow token deposits into the voting/staking module
- **VoteModule withdrawal events**: Sonic blockchain events recording xShadow token withdrawals from the voting/staking module  
- **X33 deposit events**: Sonic blockchain events recording x33 token minting/deposit transactions
- **X33 withdrawal events**: Sonic blockchain events recording x33 token burning/withdrawal transactions
- **Token metadata**: Contract addresses and token specifications for xShadow and x33 tokens

## 3. Step-by-step calculation

### Component A: Staked xShadow supply tracking
- **Purpose**: Calculate the total amount of xShadow tokens staked in the VoteModule over time
- **Logic**: Process `VoteModule_Deposit_event` and `VoteModule_Withdraw_event` from the Sonic blockchain. Filter out removed transactions and extract the `amount` field from each event. Deposit events add to the staked balance while withdrawal events subtract from it. Aggregate daily net changes by user and token, then calculate cumulative staked supply using a running sum partitioned by chain, token address, and account address ordered by timestamp.
- **Key fields**: `block_timestamp`, `account_address` (from `from` field), `amount` (from `shares` or `amount` fields), `token_address` (hardcoded as `0x5050bc082ff4a74fb6b0b04385defddb114b2424`)

### Component B: X33 outstanding supply tracking  
- **Purpose**: Calculate the total outstanding supply of x33 tokens over time
- **Logic**: Process `x33_Deposit_event` and `x33_Withdraw_event` from the Sonic blockchain. Filter out removed transactions and extract the `shares` field as the amount. Deposit events increase outstanding supply while withdrawal events decrease it. Aggregate daily net changes by token, then calculate cumulative outstanding supply using a running sum partitioned by chain and token address ordered by timestamp.
- **Key fields**: `block_timestamp`, `token_address` (from contract address), `amount` (from `shares` field), `sender`, `receiver`, `owner`

### Component C: X33 ratio ceiling calculation
- **Purpose**: Calculate the ratio of staked xShadow to x33 outstanding supply  
- **Logic**: Join the staked xShadow supply data with x33 outstanding supply data by timestamp and chain. Calculate the ratio using safe division of staked xShadow supply divided by x33 outstanding supply. This represents the ceiling value of the backing ratio.
- **Key fields**: `staked_supply`, `outstanding_supply`, `x33_ratio_ceiling`

### Final aggregation
- **Combining components**: The x33 ratio floor is calculated by taking the x33 ratio ceiling and dividing it by 2
- **Time aggregation**: Data is aggregated daily with forward-fill strategy applied to ensure continuous time series
- **Final calculation**: x33_ratio_floor = x33_ratio_ceiling ÷ 2, representing 50% of the ceiling ratio value
- **Data quality**: Chain availability filters are applied to ensure data completeness, and safe division prevents errors from zero denominators

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

0.5 * (staked_xshadow / x33_circulating_supply)

Minimum redeemable SHADOW per X33 token based on discounted backing.

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x33 ratio floor

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