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 revenue per user (ARPU) Methodology

## 1. Overview

Average Revenue Per User (ARPU) for Thena measures the daily revenue generated per active trader on the platform. This metric answers the question "How much revenue does Thena generate per active user each day?" The calculation divides total daily revenue by the number of daily active users, providing insight into user monetization efficiency across Thena's decentralized exchange protocol.

## 2. Data sources

The ARPU calculation relies on the following raw blockchain data sources:

- **Swap events**: Parsed `Swap` events from Thena V1 (`Pair_Swap_event`), V2 (`AlgebraPool_Swap_event`), and V3 (`AlgebraPoolV2_Swap_event`) across BSC and OpBNB chains
- **Transaction data**: BSC and OpBNB transaction records providing user addresses and transaction context
- **Fee claim events**: Parsed `Pair_Claim_event` logs from Thena V1 on BSC and OpBNB showing fee distributions to liquidity providers
- **Fee configuration events**: Parsed fee update events (`AlgebraPool_Fee_event`, `AlgebraPoolV2_Fee_event`) and protocol fee events (`CommunityFee` events) defining fee structures
- **Voting incentive events**: Parsed `RewardPaid` events from `ExternalBribe`, `InternalBribe`, and `VotingIncentives` contracts showing governance incentive distributions
- **Pool creation events**: Parsed pair/pool creation events (`PairFactory_PairCreated_event`, `AlgebraFactory_Pool_event`) defining trading pairs and their token compositions
- **Gauge creation events**: Parsed events (`Voter_GaugeCreated_event`, `VoterV3_GaugeCreated_event`) linking liquidity incentive accounts to trading pools
- **External data**: End-of-day token price feeds for USD conversion and token metadata containing decimals and symbols

## 3. Step-by-step calculation

### Component A: Revenue calculation

- **Purpose**: Calculates total daily revenue from multiple sources including trading fees, protocol fees, and voting incentives
- **Logic**: Revenue combines four main streams. Fee claims revenue comes from parsed `Claim` events where fees are distributed to liquidity incentive accounts (gauges). NFT and referral revenue is calculated from trading volumes using time-sensitive rates - before February 27, 2023, a 30% NFT rate applies, after which it drops to 22%. A 12% referral rate applies only to V1 trades. Protocol fee revenue applies protocol fee percentages to trading volumes. Voting incentives revenue comes from parsed reward payment events. Trading volumes are calculated by taking swap event token amounts, correcting for decimals, converting to USD, and using the lesser of the two token values to prevent price manipulation
- **Key fields**: `fees` from fee claims, `trading_volume` from swap calculations, `fee_tier` and `protocol_fee_tier` percentages, `voting_incentives` amounts

### Component B: Daily active users calculation

- **Purpose**: Counts distinct traders active each day across all Thena protocol versions
- **Logic**: Extracts user addresses from swap transactions by joining swap events with transaction data to get the `from_address` field. Users are classified as 'Trader' type. Distinct counting uses HyperLogLog algorithm for efficiency. Aggregation provides breakdowns by chain, product version, and user type while maintaining the overall project-level count
- **Key fields**: `user_address` from transaction `from_address`, `user_dau` as the distinct count result

### Final aggregation

- **Combining components**: Revenue and DAU are calculated independently then combined using the `calculate_arpu` macro which performs the division operation
- **Currency conversion**: All revenue components are converted to USD using end-of-day price feeds joined on timestamp and token address
- **Time aggregation**: Both metrics use daily time boundaries created by truncating block timestamps to day level
- **Final calculation**: ARPU equals total daily revenue divided by daily active users count, with zero-filling applied for missing dates to ensure continuous time series coverage

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

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