What is Thena? Information about THE Token

Table of Contents

What is Thena?

Thena is a decentralized exchange (DEX) built on the BNB Chain, offering services such as token swaps, cross-chain transfers, liquidity pooling, and more.

While Thena provides a variety of features, its primary focus is on the AMM DEX (Automated Market Maker DEX) model. This decentralized trading model uses smart contracts to automatically determine the price of assets during swap transactions.

Notably, Thena adopts the ve(3,3) model, which optimizes liquidity provisioning through features like limit orders and best limit orders. This mechanism has been successfully implemented on renowned platforms such as Solidly (Ethereum) and Velodrome (Optimism), enhancing liquidity and improving the trading experience for users.

On November 26, 2023, Binance announced Thena as the second project listed on the Binance Holder Portal, following Banana Gun.

What are Thena’s Products?

1. Swap Features

Spot Swap: Enables users to exchange tokens directly. For instance, you can swap BNB for THE.
Perpetual Swap (Perps): Similar to futures trading on centralized exchanges (like Binance or OKX), allowing investors to use leverage to long/short positions. However, prices on DEXs tend to be more volatile due to lower liquidity.
Cross-Chain Swap: Facilitates asset transfers across different blockchains, e.g., from Ethereum to BNB Chain or Optimism.
Buy Crypto: Allows users to purchase tokens directly using a bank account or Visa card.

2. Pool Features

Investors can utilize their assets to provide liquidity, earning THE tokens as rewards in return.

Key Highlights of Thena

Thena combines two renowned DeFi models:

Vote-Escrow Token (veToken): Introduced by Curve Finance (veCRV), this mechanism incentivizes long-term investors with attractive benefits.
Staking/Rebasing/Bonding – Game Theory (3,3): Developed by Olympus DAO.

By merging these, Thena implements the ve(3,3) mechanism. On the BNB Chain, Thena refines this model with features like:

Fixed emissions and release schedules.
Reasonable initial token allocation.
The launch of Thenian NFTs, offering transaction fee discounts for users.

Thena’s Performance (as of November 27, 2024)

Total Value Locked (TVL): Approximately $30 million, ranking 21st within the BNB Chain ecosystem.
Weekly Trading Volume: Ranges from $40-50 million, with a peak of $185 million per week in March 2023.

Team

Founder: Baptiste Miani, holding a Bachelor’s in Economics from the University of Montréal and a Master’s in Corporate Finance from Université Paris Dauphine. He previously held key roles in banking institutions in France before becoming Thena’s CEO in January 2023.

Partners and Investors

Thena successfully raised $600,000 from Orbs on December 8, 2023.

Key partnerships include:

Infrastructure: Particle Network, Paraswap, 1inch, SYMMIO.
Stablecoins: Frax Finance, Lista DAO, QiDao.
Liquid Staking: Etherfi, Stader, Ankr.
Lending: Radiant, Venus, Segment.

Comparable Projects

Thena operates similarly to other prominent DEX platforms such as Uniswap, Pancakeswap, and Cetus.

Overview of THE Token

Basic Information

Token Name: Thena
Symbol: THE
Blockchain: BNB Chain
Smart Contract: 0xF4C8E32EaDEC4BFe97E0F595AdD0f4450a863a11
Current Price: $1.37
Market Cap: $76 million
Fully Diluted Valuation (FDV): $436 million
Max Supply: 315 million THE
Circulating Supply: 55 million THE

THE Token Allocation

User & Partner Airdrops: 25%
Ecosystem Development Fund: 25%
Protocol Airdrops: 19%
Development Team: 18%
TheNFT Minters: 9%
Initial Liquidity Provision: 4%

Token Emission Schedule

Weekly Emissions: 2,600,000 THE (reduced by 1% weekly).
Maximum Supply: Approximately 310 million THE.

THE Token Use Cases

Rewards for farming activities.
Staking for veTHE to:
- Participate in governance.
- Earn weekly rewards.
- Receive a share of transaction fees.

Where to Trade THE Tokens?

Investors can trade THE tokens on major exchanges like Binance and Bybit.

Thena’s Potential

Strengths

Strong Binance Support: Listed on Binance Holder Portal, indicating its potential for long-term growth and sustainability.
BNB Chain Ecosystem: Operating on one of the largest blockchain ecosystems with low fees and high scalability.
Diverse Products: Offers a wide range of services, from AMM DEX to cross-chain features and NFT utilities.

Challenges

High Competition: Competes with established players like Pancakeswap.
Liquidity and Price Volatility: Requires strategies to attract liquidity providers and stabilize token prices.
Complexity of ve(3,3): The mechanism may be challenging for new users, requiring community education efforts.
Token Emissions: Relatively high emissions (2.6 million THE/week) could exert selling pressure, especially in volatile market conditions.

Conclusion

Thena shows significant promise in the DeFi space, especially with its innovative ve(3,3) model and Binance’s support. However, potential investors should carefully consider risks like competition, selling pressure, and market volatility. This project is best suited for those who believe in the BNB Chain ecosystem and the long-term trends of DeFi.