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Blockchains (L3)

# XAI Token holders Methodology

## 1. Overview

The XAI tokenholders metric measures the total number of unique addresses holding either native XAI tokens or ARBONE tokens (an associated token in the XAI ecosystem) with positive balances on any given day. This metric provides insight into the adoption and distribution of XAI ecosystem tokens across distinct wallet addresses. The calculation combines holder counts from both token types to provide a comprehensive view of the XAI token ecosystem's user base.

## 2. Data sources

The calculation relies on several key data sources:

- **Arbitrum blockchain events**: Parsed ERC20 `Transfer` events for the ARBONE token on Arbitrum blockchain
- **Token launch metadata**: ERC20 token launch records containing deployment timestamps and token details
- **Native token balances**: Daily balance snapshots for native XAI token holders
- **End-of-day price feeds**: Token price data used for standardization and validation
- **Token metadata**: Contract addresses, decimals, and other token specification data

## 3. Step-by-step calculation

### Component A: ARBONE token holder tracking

- **Purpose**: Track all addresses holding ARBONE tokens (contract address `0x4cb9a7ae498cedcbb5eae9f25736ae7d428c9d66`) on Arbitrum with their daily balances
- **Logic**: The system first identifies the ARBONE token launch date from token launch records. It then creates a complete daily timestamp spine from launch date through the analysis cutoff date. All Arbitrum `Transfer` events for the ARBONE token are processed, with incoming transfers (to addresses) treated as positive amounts and outgoing transfers (from addresses) treated as negative amounts. The null address and token contract address itself are excluded from holder calculations. Daily net flows are aggregated per address, then cumulative running balances are calculated using window functions ordered by date. Finally, these balances are forward-filled across all days in the timestamp spine to ensure complete daily coverage for each address that has ever held tokens.
- **Key fields**: Important fields include `timestamp` for daily aggregation, `address` for holder identification, `balance` for cumulative token holdings, and `amount` for daily transfer values

### Component B: Native XAI token holders

- **Purpose**: Identify all addresses holding native XAI tokens with positive balances
- **Logic**: This component extracts daily balance snapshots for native XAI token holders, filtering to include only addresses with positive balances. The data is structured with daily timestamp granularity and chain identification.
- **Key fields**: Key fields include `timestamp` for daily periods, `account_address` for holder identification, and `balance` for filtering positive holdings

### Final aggregation

- **Combining components**: The ARBONE token holders and native XAI token holders are combined using a union operation, creating a unified dataset of all ecosystem token holders
- **Balance filtering**: Both datasets are filtered to include only addresses with positive balances, ensuring only active token holders are counted
- **Holder counting**: Distinct addresses are counted per day using approximate count distinct functions for performance optimization across the combined dataset
- **Standardization**: The finalization macro applies standard formatting, metadata enrichment, and chain availability filtering to produce the final metric output
- **Final calculation**: The result is the daily count of unique addresses holding either native XAI or ARBONE tokens with positive balances, providing a comprehensive measure of the XAI ecosystem's token holder base

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

Unique addresses holding a non-zero balance of the project's native token.

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