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# Shadow xShadow tokenholders Methodology

## 1. Overview

This metric counts the number of unique addresses holding xShadow tokens with a balance greater than zero on the Sonic blockchain. The xShadow tokenholders metric provides insight into the distribution and adoption of Shadow Exchange's staking token, helping track the growth of the protocol's user base and token concentration over time. The calculation processes all historical `Transfer` events for the xShadow token to maintain accurate daily balance snapshots and tokenholder counts.

## 2. Data sources

The calculation relies on the following raw data sources:

- **Sonic blockchain events**: Parsed ERC-20 `Transfer` events specifically for the xShadow token contract address `0x5050bc082ff4a74fb6b0b04385defddb114b2424`
- **Sonic transaction data**: Transaction logs and traces from the Sonic blockchain to validate and contextualize transfer events
- **Token metadata**: Information about the xShadow token including decimal places, symbol, and contract validation data
- **Chain availability data**: Configuration data that defines when Sonic blockchain data is considered reliable and complete for analysis
- **Timestamp reference data**: Daily boundary definitions and timezone standardization for consistent time aggregation

## 3. Step-by-step calculation

### Component A: Token balance tracking
- **Purpose**: Calculate daily token balances for all addresses that have ever interacted with the xShadow token
- **Logic**: Process all historical `Transfer` events for the xShadow token contract on Sonic blockchain. For each transfer, record the sender losing tokens and receiver gaining tokens. Aggregate these net changes by address and day to maintain running balance snapshots. Handle token decimal adjustments to ensure accurate balance calculations. Track both incoming transfers (when an address is the `to` field) and outgoing transfers (when an address is the `from` field)
- **Key fields**: Transfer `from` and `to` addresses, transfer `value` amounts, transaction `timestamp`, and token contract address

### Component B: Tokenholder identification  
- **Purpose**: Identify addresses that qualify as active tokenholders on each day
- **Logic**: Filter the daily balance snapshots to include only addresses with positive token balances greater than zero. This excludes addresses that have completely sold or transferred away their xShadow tokens. Apply data quality checks to exclude invalid addresses like the zero address or the token contract itself
- **Key fields**: Daily `balance` amounts, wallet `address`, and validation flags

### Component C: Daily aggregation and standardization
- **Purpose**: Count the total number of unique tokenholders per day and apply standardization
- **Logic**: Group the filtered positive-balance addresses by day and count the distinct number of addresses. Apply timestamp standardization to ensure consistent daily boundaries across timezones. Add metadata including the chain identifier, project name, and metric classification
- **Key fields**: Daily `timestamp`, `tokenholder_count`, `chain_id`, and project metadata

### Final aggregation
- **Combining components**: The daily tokenholder counts flow directly from the balance tracking and filtering logic without additional joins or combinations
- **Chain availability filtering**: Apply data quality filters based on chain availability configuration to exclude periods where Sonic blockchain data may be incomplete or unreliable  
- **Time aggregation**: Maintain daily granularity with standardized UTC timestamp boundaries
- **Final calculation**: The final metric value is the count of distinct addresses holding positive xShadow token balances on each day, representing the total number of active tokenholders

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

Unique addresses holding a non-zero balance of xShadow.

ShadowSHADOW

xShadow tokenholders

xShadow tokenholders

Competitive landscape