Liquidity providers deposit funds into Thena and stake their LP tokens to receive THE tokens (token incentives).

Thena is a non-custodial exchange protocol built on BNB Chain. Thena was founded by an anonymous team and launched in 2023.

THE tokenholders own and govern the protocol. They vote for pools where they wish to receive trading fees and external bribes from, while pools receive THE emissions in respect to their share of votes.

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Thena

# Thena Average fees per user (AFPU) Methodology

## 1. Overview

Average Fees Per User (AFPU) measures the average fee revenue generated per active user per day on the Thena decentralized exchange. This metric provides insight into user monetization efficiency and revenue concentration across Thena's multi-version DEX ecosystem spanning BSC and opBNB chains. The calculation divides total daily fees (including trading fees and voting incentives) by the number of daily active users.

## 2. Data sources

The AFPU calculation draws from multiple blockchain data sources:

**Blockchain events:**
- Parsed `Swap` events from Thena v1 (`Pair_Swap_event`) on BSC and opBNB
- Parsed `Swap` events from Thena v2 (`AlgebraPool_Swap_event`) on BSC and opBNB  
- Parsed `Swap` events from Thena v3 (`AlgebraPoolV2_Swap_event`) on BSC
- Parsed trading pair creation events (`PairFactory_PairCreated_event`, `AlgebraFactory_Pool_event`, `AlgebraFactoryV2_Pool_event`, `AlgebraFactoryV2_CustomPool_event`)
- Parsed fee collection events (`Pair_Fees_event`) from v1 exchanges
- Parsed fee tier update events (`AlgebraPool_Fee_event`, `AlgebraPoolV2_Fee_event`)
- Parsed protocol fee update events (`AlgebraPool_CommunityFee_event`, `AlgebraPoolV2_CommunityFee_event`)
- Parsed voting incentive payment events (`ExternalBribe_RewardPaid_event`, `InternalBribe_RewardPaid_event`, `VotingIncentives_RewardPaid_event`)

**Transaction data:**
- BSC and opBNB transaction records containing user addresses and transaction metadata

**External data:**
- End-of-day token price feeds for USD conversion
- Token metadata including decimal precision and symbol information

## 3. Step-by-step calculation

### Component A: Daily active users calculation

**Purpose:** Count unique users who performed trades on Thena exchanges each day

**Logic:** Extract user addresses from all swap transactions across Thena's three versions (v1, v2, v3) on BSC and opBNB chains. Join swap events with transaction records to obtain the `from_address` as the user identifier. Count distinct user addresses per day using HyperLogLog aggregation for scalability. Users are classified as "Trader" type and aggregated across different product versions (Thena V1, Thena Fusion, Thena Integral).

**Key fields:** `user_address` from transaction `from_address`, `block_timestamp` for daily aggregation, `product_id` for version tracking

### Component B: Trading fees calculation

**Purpose:** Calculate fees generated from trading activity across all Thena versions

**Logic:** 
- **V1 fees:** Use direct fee collection events from `Pair_Fees_event` logs which provide exact fee amounts in both token0 and token1
- **V2/V3 fees:** Calculate from trading volume multiplied by fee tier percentages. Fee tiers come from `AlgebraPool_Fee_event` updates or from the `overrideFee` field in v3 swap events. Protocol fees are calculated by multiplying base fee tier with protocol fee multiplier from `CommunityFee` events
- Join swap events with trading pair metadata to get token decimals, then normalize amounts by dividing by 10^decimals
- Convert normalized amounts to USD using end-of-day price feeds
- For trading volume calculation, use the lesser USD value between token0 and token1 to prevent price manipulation
- Forward-fill fee tier configurations when not explicitly set for each block

**Key fields:** `token0_amount`, `token1_amount`, `fee_tier`, `protocol_fee_tier`, trading pair `decimals`, `price_usd`

### Component C: Voting incentives calculation

**Purpose:** Include voting reward payments as part of total fee revenue

**Logic:** Extract reward payment events from external bribe contracts, internal bribe contracts, and voting incentive contracts. These represent payments made to voters and are considered part of Thena's fee structure. Normalize token amounts using decimal corrections and convert to USD using end-of-day price feeds. Aggregate payments by day across all incentive contracts.

**Key fields:** `amount` from reward events, `token_address` for price lookup, token `decimals`

### Final aggregation

**Combining components:** Sum trading fees (v1 direct fees + v2/v3 calculated fees) and voting incentives to get total daily fees. Daily active users are counted distinctly across all swap activity regardless of version or chain.

**Currency conversion:** All fee amounts are converted to USD using end-of-day price feeds matched by timestamp, token address, and chain. Price conversions occur after decimal normalization.

**Time aggregation:** Data is aggregated to daily boundaries using `timestamp_trunc(block_timestamp, day)`. All events within the same day contribute to that day's totals.

**Final calculation:** AFPU = Total Daily Fees (Trading Fees + Voting Incentives) ÷ Daily Active Users. The result represents the average fee revenue generated per active user per day in USD.

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

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