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 Liquidity turnover Methodology

## 1. Overview

Liquidity turnover measures the trading efficiency of the Thena decentralized exchange by comparing daily trading volume to the total liquidity available in the protocol. This metric identifies how effectively the total value locked is utilized to facilitate swaps across Thena V1, Thena Fusion, and Thena Integral. Higher turnover ratios indicate greater capital efficiency for liquidity providers and higher relative utilization of the exchange's pools.

## 2. Data sources

- **Blockchain events**: `PairCreated` events from `PairFactory` contracts, `Pool` and `CustomPool` events from `AlgebraFactory` and `AlgebraFactoryV2` contracts, `Swap` and `Sync` events from `Pair` contracts, and `Mint`, `Collect`, and `Swap` events from `AlgebraPool` and `AlgebraPoolV2` contracts, covering BSC and opBNB
- **External data**: End-of-day price feeds for assets

## 3. Step-by-step calculation

### Component A: Trading volume extraction (Thena V1, Thena Fusion, and Thena Integral)

- **Purpose**: Captures the total value of swap activity across all exchange versions
- **Logic**: Swap events are parsed from `Pair` (V1), `AlgebraPool` (Fusion), and `AlgebraPoolV2` (Integral) contracts. For Thena V1, the change in asset balances is calculated as the difference between the amount entering and leaving the pool. For Thena Fusion and Thena Integral, amounts are extracted directly from the swap event parameters. To prevent volume inflation from price manipulation, trading volume is recorded as the lesser USD value of the two assets involved in the swap.
- **Key fields**: `token0_amount`, `token1_amount`, `account_address`, `product_id`

### Component B: Liquidity tracking and Total Value Locked (TVL)

- **Purpose**: Determines the total value of assets available in the exchange's liquidity pools
- **Logic**: For Thena V1, current reserves are identified using `Sync` events from `Pair` contracts, with the last recorded state per day representing the daily balance. For Thena Fusion and Thena Integral, net asset flows are calculated by aggregating liquidity additions from `Mint` events, removals from `Collect` events, and net balance changes from `Swap` events. A cumulative running sum of these flows is maintained to determine the total balance of each asset within every pool.
- **Key fields**: `reserve0_amount`, `reserve1_amount`, `token0_amount`, `token1_amount`, `account_address`

### Component C: Normalization and turnover calculation

- **Purpose**: Convert raw asset quantities to USD and calculate the final efficiency ratio
- **Logic**: All asset quantities are normalized by decimal precision and converted to USD using end-of-day price feeds. Liquidity turnover is calculated by dividing the total daily trading volume by the total value locked. The resulting values are aggregated at the project level. For days where no activity is recorded, values are zero-filled to ensure a continuous time series.
- **Key fields**: `trading_volume`, `tvl`, `liquidity_turnover`

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

Trading volume divided by total liquidity.

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