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 Fees Methodology

## 1. Overview

Thena fees represent the total fees generated across the Thena decentralized exchange ecosystem, including direct trading fees and voting incentives. This metric combines three distinct fee streams: direct fees collected by V1 liquidity pools, calculated fees from V2/V3 trading activity, and voting incentives distributed through the protocol's governance mechanism. The calculation aggregates these fees daily and converts them to USD to provide a comprehensive view of the protocol's fee generation across BSC and opBNB chains.

## 2. Data sources

- **Thena V1 trading pair events**: Parsed `Pair_Fees_event` logs from BSC and opBNB containing direct fee collection amounts in both tokens of trading pairs
- **Thena V2/V3 swap events**: Parsed `AlgebraPool_Swap_event` and `AlgebraPoolV2_Swap_event` logs from BSC and opBNB containing trade amounts and fee information
- **Fee tier update events**: Parsed `AlgebraPool_Fee_event` and `AlgebraPoolV2_Fee_event` logs that set trading fee percentages for V2 and V3 pools
- **Protocol fee events**: Parsed `AlgebraPool_CommunityFee_event` and `AlgebraPoolV2_CommunityFee_event` logs that set protocol fee percentages
- **Voting incentive events**: Parsed reward payment events from bribe contracts including `ExternalBribe_RewardPaid_event`, `InternalBribe_RewardPaid_event`, and `VotingIncentives_RewardPaid_event`
- **Trading pair creation events**: Pool and pair creation events to map token addresses and establish trading pair relationships
- **Transaction records**: BSC and opBNB transaction data to identify user addresses and transaction context
- **Token metadata**: Token decimals and symbols for proper amount calculations
- **End-of-day price feeds**: Daily USD price data for all tokens to enable currency conversion

## 3. Step-by-step calculation

### Component A: Direct V1 trading fees
- **Purpose**: Captures explicit fee collection events from Thena V1 liquidity pools
- **Logic**: Extract `Pair_Fees_event` logs from V1 pairs on BSC and opBNB chains, which contain fee amounts collected in both `token0` and `token1` of each trading pair. Aggregate these events daily by truncating timestamps to day boundaries. Join with trading pair metadata to obtain token decimal information and correct raw amounts by dividing by 10 raised to the token decimals. Convert each token amount to USD using end-of-day price feeds, then sum the USD values of both tokens to get total fees per trading pair per day.
- **Key fields**: `token0_amount` and `token1_amount` containing raw fee amounts, `account_address` identifying the trading pair contract, `fee_collector_address` identifying who collected the fees

### Component B: Calculated V2/V3 trading fees  
- **Purpose**: Derives fees from V2 and V3 trading activity where fees are not explicitly logged but calculated from volume and fee rates
- **Logic**: Extract swap events from `AlgebraPool_Swap_event` and `AlgebraPoolV2_Swap_event` containing trade amounts. For each swap, determine the applicable fee tier either from concurrent fee update events or from override fees embedded in V3 swap events. Fee tiers are stored as basis points and converted to decimal percentages by dividing by 10^6. Calculate trading volume by taking the absolute values of token amounts, correcting for decimals, converting to USD using the lesser of the two token USD values to avoid price manipulation, then multiply volume by fee tier percentage to derive fees. Aggregate results daily.
- **Key fields**: `amount0` and `amount1` for trade amounts, `fee` for override fees in V3, `fee_tier` for applicable fee percentage, `overrideFee` in V3 swaps

### Component C: Voting incentives
- **Purpose**: Includes voting incentives distributed through Thena's governance system as part of total ecosystem fees
- **Logic**: Extract reward payment events from various bribe contracts including external bribes, internal bribes, and voting incentives. These events contain reward token addresses and amounts paid to voters. Correct amounts for token decimals, convert to USD using end-of-day prices, and aggregate daily. These incentives represent fees distributed to users for participating in governance voting.
- **Key fields**: `reward` containing incentive amounts, `rewardsToken` identifying the token being distributed as incentive

### Final aggregation
- **Combining components**: Union all three fee components using identical schema structure with fields for timestamp, chain, business identifiers, and fee amounts. Each component contributes to the same final `fees` field measured in USD.
- **Currency conversion**: All token amounts are converted to USD using end-of-day price feeds matched by timestamp, token address, and chain. Missing prices result in zero values rather than nulls.
- **Time aggregation**: All components use daily aggregation by truncating block timestamps to day boundaries, ensuring consistent time-based grouping across all fee sources.
- **Final calculation**: The metric represents the sum of direct V1 fees, calculated V2/V3 fees (trading volume × fee tier), and voting incentives, all converted to USD and aggregated by day, chain, and product version. The `finalize_metric_fees` macro applies final standardization, validation, and gap-filling using a fill-zeros strategy.

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

Total value users pay to use a protocol (gross fees, user-paid fees).

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