RWA Analysis

RWA questions look like simple aggregations ("what's the AUM of X," "how many holders does Y have") but the naive query is usually wrong in a specific, recurring way. Read this before writing SQL for an RWA question — it's cheaper than debugging a 30x-inflated number after the fact.

Aggregation: snapshot, don't sum

AUM, market cap, and supply are stock quantities (a balance at a point in time), not flow quantities. Summing a daily-snapshot table across a date range compounds the same balance over and over.

• Take the latest row per grouping key (QUALIFY ROW_NUMBER() OVER (PARTITION BY ... ORDER BY date DESC) = 1, or MAX(date) per group), never SUM(market_cap_usd) / SUM(supply) across days.
• This mistake is easy to miss because the wrong number is still plausible-looking — one real case reported "$220B" AUM that was actually $7.2B, a ~30x inflation from summing ~30 days of the same snapshot.