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# Shadow x33 supply Methodology

## 1. Overview

The x33 supply metric measures the total outstanding supply of x33 tokens on the ShadowExchange protocol. This metric tracks the net amount of tokens in circulation by monitoring mint and burn events over time. The calculation follows a net flow approach where token minting increases supply and token burning decreases supply, with the outstanding supply representing the cumulative net balance of these operations.

## 2. Data sources

The metric relies on the following raw data sources:

- **Sonic blockchain event logs**: Parsed `Deposit` and `Withdraw` events from ShadowExchange v2 protocol contracts that represent token minting and burning operations
- **Token metadata**: Protocol-specific decimal places and token address information for proper normalization
- **Chain availability configuration**: Token Terminal's internal configuration determining which blockchain networks are active for reporting

## 3. Step-by-step calculation

### Component A: Token mint event extraction
- **Purpose**: Captures token minting operations that increase total supply
- **Logic**: Extracts parsed `Deposit` events from Sonic blockchain event logs for ShadowExchange v2 protocol contracts. Filters out removed or invalid events. Maps the contract address to `token_address` and extracts the `shares` field as the mint amount. Also captures transaction metadata including `sender` and `owner` addresses, block timestamp, transaction hash, and log index for traceability.
- **Key fields**: `shares` (token amount minted), `sender` (initiator), `owner` (recipient), `token_address` (contract address), `block_timestamp` (event timing)

### Component B: Token burn event extraction  
- **Purpose**: Captures token burning operations that decrease total supply
- **Logic**: Extracts parsed `Withdraw` events from Sonic blockchain event logs for ShadowExchange v2 protocol contracts. Uses identical filtering and mapping logic as mint events, but additionally captures `receiver` address for burn operations. The `shares` field represents the burn amount that will be subtracted from total supply.
- **Key fields**: `shares` (token amount burned), `sender` (initiator), `receiver` (destination), `owner` (original holder), `token_address` (contract address), `block_timestamp` (event timing)

### Component C: Net supply change calculation
- **Purpose**: Combines mint and burn events to calculate daily net supply changes
- **Logic**: Unions mint events (with positive amounts) and burn events (with amounts converted to negative values). Groups the combined dataset by day using timestamp truncation, along with chain, product identifier, and token address. Sums the net amount changes for each day to determine daily supply delta. This creates a time series of daily supply increases and decreases for each token.
- **Key fields**: `outstanding_delta` (daily net supply change), `timestamp` (daily boundary), `token_address` (token identifier)

### Component D: Cumulative outstanding supply calculation
- **Purpose**: Calculates running total of outstanding supply over time
- **Logic**: Applies a cumulative sum calculation using a window function that partitions by chain and token address and orders by timestamp. This creates a running total where each day's outstanding supply equals the previous day's supply plus the current day's net change. The calculation maintains separate running totals for each unique token on each chain.
- **Key fields**: `outstanding_supply` (cumulative total tokens outstanding)

### Final aggregation
- **Combining components**: The intermediate supply calculation feeds directly into the final metric model as the base outstanding supply data
- **Gap handling**: Forward-fills missing days to ensure continuous time series, then applies zero-fill strategy for remaining gaps during final validation
- **Currency conversion**: Applies decimal correction based on token-specific decimal places but does not convert to USD values
- **Time aggregation**: Maintains daily granularity with timestamp boundaries set at day level using timestamp truncation
- **Final calculation**: The outstanding supply represents the cumulative sum of all historical mint and burn operations for each token, providing the total number of tokens in circulation at any given day

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

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