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# Shadow x33/SHADOW rate Methodology

## 1. Overview

The X33-SHADOW rate metric measures the exchange rate between the X33 token and SHADOW token by calculating their price ratio. This metric represents how many SHADOW tokens are equivalent to one X33 token based on their USD-denominated market prices. The calculation uses daily price data and provides a standardized exchange rate that can be used for trading, arbitrage analysis, or portfolio valuation within the Shadow Exchange ecosystem on the Sonic blockchain.

## 2. Data sources

The metric relies on the following raw data sources:
- **End-of-day token price feeds**: Daily USD-denominated price data for both X33 and SHADOW tokens from external price providers and on-chain sources
- **Token metadata**: Information about the SHADOW token (contract address `0x3333b97138d4b086720b5ae8a7844b1345a33333`) and X33 token (contract address `0x3333111a391cc08fa51353e9195526a70b333333`) including decimals and symbol information
- **Sonic blockchain data**: On-chain price discovery data and trading activity for both tokens on the Sonic network
- **External price feeds**: Market price data from exchanges and aggregators that trade these tokens

## 3. Step-by-step calculation

### Component A: SHADOW token price extraction
- **Purpose**: Retrieves daily USD prices for the SHADOW token to serve as the denominator in the exchange rate calculation
- **Logic**: The system filters price data to identify records matching the SHADOW token contract address `0x3333b97138d4b086720b5ae8a7844b1345a33333`. For each timestamp, it extracts the corresponding USD price value. This creates a time series of SHADOW token prices that will be used as the base currency in the rate calculation.
- **Key fields**: `timestamp` for temporal alignment and `shadow_price_usd` containing the USD-denominated price of SHADOW tokens

### Component B: X33 token price extraction  
- **Purpose**: Retrieves daily USD prices for the X33 token to serve as the numerator in the exchange rate calculation
- **Logic**: Similar to the SHADOW price extraction, this component filters price data for records matching the X33 token contract address `0x3333111a391cc08fa51353e9195526a70b333333`. It creates a parallel time series of X33 token prices that will be compared against SHADOW prices to determine the exchange rate.
- **Key fields**: `timestamp` for temporal alignment and `x33_price_usd` containing the USD-denominated price of X33 tokens

### Final aggregation
- **Combining components**: The SHADOW and X33 price datasets are inner joined on `timestamp` to ensure rate calculations only occur for dates where both token prices are available. This prevents incomplete rate calculations and maintains data integrity.
- **Currency conversion**: Both tokens are already priced in USD, so no additional currency conversion is needed. The rate calculation uses these USD-denominated prices directly.
- **Time aggregation**: The metric operates on daily boundaries, using end-of-day price data. Each timestamp represents a single day's closing prices for both tokens.
- **Final calculation**: The X33-SHADOW exchange rate is calculated as the X33 token price divided by the SHADOW token price (`x33_price_usd` / `shadow_price_usd`). Division by zero is prevented using null-safe operations. The result represents how many SHADOW tokens equal one X33 token. Missing data points are forward-filled to maintain continuity in the time series, and chain availability filters ensure the data aligns with Sonic blockchain operational periods.

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

Relative price ratio between SHADOW and X33.

ShadowSHADOW

x33/SHADOW rate

x33/SHADOW rate

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