# Constant Product x33 supply Methodology

## 1. Overview

x33 supply is defined as the total number of X33 assets in circulation for the Constant Product. These assets are issued to liquidity providers to represent their proportional share of liquidity pools. The metric is calculated by tracking the net balance of mint and burn activity across the protocol's infrastructure on the Sonic chain. It provides a measure of the total outstanding receipt assets held by participants.

## 2. Data sources

- **Blockchain events**: `Deposit` and `Withdraw` events from `x33` contracts, covering Sonic
- **External data**: Asset metadata for decimal normalization

## 3. Step-by-step calculation

### Component A: Mint and burn tracking

- **Purpose**: Identify all issuances and redemptions of X33 assets
- **Logic**: `Deposit` events are parsed from `x33` contracts to identify newly minted assets. `Withdraw` events are parsed from the same contracts to identify assets that have been burned. The quantity of assets is extracted from the shares field within these events.
- **Key fields**: `shares` (asset quantities), `token_address` (unique asset identification)

### Component B: Daily supply delta aggregation

- **Purpose**: Calculate the net change in supply on a daily basis
- **Logic**: Minted quantities are treated as positive values and burned quantities are treated as negative values. These amounts are aggregated by asset and chain for each day using UTC boundaries to determine the net change in outstanding supply.

### Component C: Cumulative supply calculation and normalization

- **Purpose**: Determine the total outstanding supply over time and adjust for asset precision
- **Logic**: A running total of the daily net changes is calculated to determine the cumulative outstanding supply for each asset. These totals are then normalized by decimal precision using asset metadata. For days where no mint or burn events occur, the most recent known supply value is filled forward to ensure a continuous time series.

### Component D: Final aggregation

- **Purpose**: Consolidate supply data at the product level
- **Logic**: The normalized supply values are aggregated for the Constant Product. Values are averaged across the daily grain to produce the final x33 supply metric. Any missing days in the final series are filled with zero if no historical data exists.

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

x33 supply