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# Shadow xShadow supply Methodology

## 1. Overview

The xShadow supply metric measures the total outstanding supply of xShadow tokens on the ShadowExchange protocol. This metric tracks the net cumulative amount of xShadow tokens that have been minted minus those that have been burned over time. The calculation follows standard ERC20 token supply methodology by monitoring mint and burn events through token transfer logs, where transfers from/to the null address indicate token creation and destruction respectively.

## 2. Data sources

- **Sonic blockchain events**: Parsed `Transfer` events from the Sonic blockchain specifically for the xShadow token contract
- **Token contract data**: xShadow token contract interactions on Sonic chain at address `0x5050bc082ff4a74fb6b0b04385defddb114b2424`
- **ERC20 transfer logs**: Standard token transfer events including mint/burn transactions identified through null address interactions

## 3. Step-by-step calculation

### Component A: Mint transaction identification
- **Purpose**: Identifies when new xShadow tokens are created
- **Logic**: Filters Sonic blockchain `Transfer` events for the xShadow token contract where the `from_address` equals the null address (`0x0000000000000000000000000000000000000000`). This follows the ERC20 standard where tokens minted from the null address represent new token creation. Each mint event captures the `block_timestamp`, `transaction_hash`, `log_index`, and token `value` amount.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` and `log_index` for unique identification, `value` for mint amount, and `token_address` for contract verification

### Component B: Burn transaction identification  
- **Purpose**: Identifies when xShadow tokens are destroyed
- **Logic**: Filters the same Sonic blockchain `Transfer` events for the xShadow token contract where the `to_address` equals the null address. This represents token destruction according to ERC20 standards. The data structure mirrors mint events but captures burn transactions instead.
- **Key fields**: Same fields as mints - `block_timestamp`, `transaction_hash`, `log_index`, `value` for burn amount, and `token_address`

### Component C: Daily supply change calculation
- **Purpose**: Calculates net daily changes in token supply
- **Logic**: Combines mint and burn transactions into a single dataset, converting burn amounts to negative values. Groups all transactions by day using timestamp truncation and sums the net amount of mints minus burns for each day. This produces daily supply change deltas.
- **Key fields**: `timestamp` (truncated to day), `chain`, `product_id`, `token_address`, and `outstanding_delta` representing net daily supply change

### Final aggregation
- **Combining components**: The daily supply changes are processed through a running cumulative sum calculation using a window function partitioned by chain and token address, ordered by timestamp
- **Currency conversion**: No USD conversion is applied - the metric remains in native token units with decimal correction applied for proper token denomination
- **Time aggregation**: Data is aggregated to daily boundaries, with missing days forward-filled to ensure continuous time series coverage
- **Final calculation**: The outstanding supply for any given day equals the cumulative sum of all prior daily supply changes (mints minus burns) from the token's inception through that date. The metric is finalized through schema validation and chain availability filtering to ensure data quality and appropriate chain coverage.

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

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