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 Earnings Methodology

## 1. Overview

Thena earnings represents the protocol's net profit, calculated as total revenue minus total expenses. This metric measures the protocol's financial performance from its decentralized exchange operations across BSC and OpBNB chains. Earnings = Revenue - Expenses, where revenue comes from trading fees, protocol fees, and voting incentives, while expenses include token incentives for liquidity providers and referral costs.

## 2. Data sources

- **Blockchain events**: Parsed `Swap` events from Thena v1 Pair contracts and v2/v3 AlgebraPool contracts on BSC and OpBNB
- **Fee events**: `Fees`, `Claim`, and `CommunityFee` events from trading pair contracts indicating fee generation and collection
- **Incentive events**: `Harvest` events from gauge contracts for liquidity incentives and `RewardPaid` events for voting incentives  
- **Contract creation events**: `PairCreated` and `Pool` events for trading pair metadata, `GaugeCreated` events for incentive account mapping
- **Transaction data**: BSC and OpBNB transaction records for user address identification
- **External data**: End-of-day token price feeds and token metadata including decimals and symbols

## 3. Step-by-step calculation

### Component A: Revenue calculation
- **Purpose**: Calculates total protocol revenue from four distinct sources
- **Logic**: Revenue aggregates fee claims from gauge contracts (fees actually collected by liquidity providers), calculated NFT and referral revenue based on trading volumes and fee rates, protocol fees from community fee structures, and voting incentives received. For fee claims, the system identifies events where gauge contracts claim fees from trading pairs. For calculated revenue, trading volumes are multiplied by effective fee rates (total fee minus protocol fee) and then by version-specific revenue rates. NFT rates changed from 30% to 22% after February 27, 2023. V1 includes 12% referral costs while v2/v3 do not. Protocol fees are calculated as trading volume multiplied by protocol fee rates from `CommunityFee` events. Voting incentives are token payments to the protocol from external bribe contracts.
- **Key fields**: `fees` from fee claims, `trading_volume` from swap analysis, `fee_tier` and `protocol_fee_tier` from fee events, `voting_incentives` from reward payments

### Component B: Trading volume calculation  
- **Purpose**: Determines trading volumes for revenue calculations while preventing price manipulation
- **Logic**: Swap events are parsed from three contract types - v1 Pair contracts use amount differences between `amount0In/Out` and `amount1In/Out`, v2/v3 AlgebraPool contracts use direct `amount0` and `amount1` values. Token amounts are converted from raw integers using token decimal metadata. Fee tiers come from `Fee` events or `overrideFee` transaction fields. Protocol fee rates are extracted from `CommunityFee` events and forward-filled to apply the most recent rate to each trade. USD conversion uses the minimum value between token0 and token1 USD amounts to prevent manipulation from price discrepancies. Daily aggregation sums volumes by trading pair.
- **Key fields**: `token0_amount`, `token1_amount` from swap events, `fee_tier` from fee updates, `protocol_fee_tier` from community fee events

### Component C: Expense calculation
- **Purpose**: Calculates total protocol expenses from operational costs and token incentives
- **Logic**: Operating expenses apply a 12% rate to v1 trading fees representing referral costs. Token incentives track `Harvest` events from gauge contracts where THE tokens are distributed as liquidity mining rewards. Gauge addresses are mapped to their underlying trading pairs using `GaugeCreated` events. Token amounts are corrected for decimals and converted to USD using end-of-day price feeds. Daily aggregation sums all expense categories.
- **Key fields**: `fees` from trading fee calculation, `amount` from harvest events, `token_address` for THE token identification

### Final aggregation
- **Combining components**: Revenue and expense components are calculated separately then subtracted (Revenue - Expenses = Earnings) using the `calculate_earnings` macro
- **Currency conversion**: All token amounts converted to USD using end-of-day price feeds, with decimal correction applied before price multiplication
- **Time aggregation**: Daily boundaries using `timestamp_trunc(block_timestamp, day)` with all events aggregated to daily totals
- **Final calculation**: Daily earnings calculated as the sum of all revenue sources minus the sum of all expense sources, with zero-filling applied for days with no activity to ensure complete time series

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

Net profit (also profits, net income, profitability) — revenue remaining after subtracting expenses.

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