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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Exchanges (DEX)

Thena

# Thena Operating expenses Methodology

## 1. Overview

Thena operating expenses represent the portion of trading fees allocated to referral rewards within the Thena DEX ecosystem. The metric calculates operating expenses by applying a 12% referral rate to total trading fees collected by Thena v1 trading pairs. This 12% rate represents the maximum referral fee split, with any unclaimed referral rewards being redirected to the platform's lottery system. The metric provides insight into Thena's cost structure related to user acquisition and retention incentives.

## 2. Data sources

The calculation relies on several key data sources:
- **Blockchain events**: Parsed `Pair_Fees_event` logs from Thena v1 smart contracts on BSC and OpBNB chains, which capture fee collection events for individual trading pairs
- **Factory contract events**: Trading pair creation events from Thena factory contracts across multiple versions (v1 `PairFactory_PairCreated_event`, v2 `AlgebraFactory_Pool_event`, v3 `AlgebraFactoryV2_Pool_event` and `AlgebraFactoryV2_CustomPool_event`) on BSC and OpBNB
- **External data**: End-of-day token price feeds for USD conversion and token metadata registry containing decimal precision and symbol information
- **Transaction data**: Block timestamps and transaction hashes from blockchain records for proper time-based aggregation

## 3. Step-by-step calculation

### Component A: Raw fee event extraction
- **Purpose**: Captures all fee collection events from Thena v1 trading pairs
- **Logic**: Extracts `Pair_Fees_event` logs from Thena v1 smart contracts on BSC and OpBNB chains. Each event represents fees collected by a specific trading pair and includes the trading pair contract address, fee collector address, and raw token amounts for both tokens in the pair (token0 and token1). Events are timestamped using block timestamps and include transaction hash and log index for precise identification. All events are classified under the Exchange AMM business line within the exchanges market sector.
- **Key fields**: `block_timestamp` for timing, `account_address` for the trading pair contract, `fee_collector_address` for the recipient, `token0_amount` and `token1_amount` for raw fee amounts

### Component B: Trading pair registry
- **Purpose**: Creates a comprehensive mapping of all Thena trading pairs to their underlying token pairs
- **Logic**: Processes trading pair creation events from Thena factory contracts across all versions (v1, v2, v3) and supported chains (BSC, OpBNB). Extracts the created pair/pool address along with the two underlying token addresses from factory events. Joins with token metadata to obtain decimal precision for each token and creates human-readable pair names in the format "TOKEN0_SYMBOL-TOKEN1_SYMBOL". This registry enables proper identification and processing of tokens involved in fee events.
- **Key fields**: `account_address` for trading pair contract, `token0_address` and `token1_address` for underlying tokens, `token0_decimals` and `token1_decimals` for amount correction, `account_name` for display purposes

### Component C: Fee aggregation and decimal correction
- **Purpose**: Processes raw fee amounts into standardized daily totals with proper decimal precision
- **Logic**: Joins fee collection events with the trading pair registry to identify which tokens generated fees for each pair. Corrects raw token amounts by dividing by 10 raised to the power of each token's decimal precision (obtained from token metadata). Aggregates corrected amounts daily using timestamp truncation, summing all token0 and token1 amounts separately for each trading pair per day. This ensures amounts are in human-readable units rather than raw blockchain integers.
- **Key fields**: `timestamp` truncated to day boundary, corrected `token0_amount` and `token1_amount` values, `token0_address` and `token1_address` for price lookup

### Component D: USD conversion
- **Purpose**: Converts token amounts to USD values for standardized fee calculation
- **Logic**: Joins corrected daily token amounts with end-of-day price feeds for both tokens in each trading pair. Multiplies each token's corrected amount by its corresponding USD price to get USD value. Sums the USD values of both tokens to calculate total fees per trading pair per day. Uses left joins with price feeds to handle cases where price data may be unavailable, defaulting to zero in such cases.
- **Key fields**: `fees` representing total USD value of fees collected per trading pair per day

### Final aggregation
- **Combining components**: Total trading fees from all Thena v1 pairs are used as the base for operating expense calculation
- **Currency conversion**: All amounts are already converted to USD in the preceding step using end-of-day price feeds
- **Time aggregation**: Data is aggregated at daily boundaries using timestamp truncation to day level
- **Final calculation**: Operating expenses are calculated by multiplying total trading fees by a fixed referral rate of 12% (0.12). This represents the portion of fees allocated to referral rewards, with unclaimed rewards being used for the lottery system. The calculation is: Operating Expenses = Trading Fees × 0.12

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

Total operating expenses borne by the protocol, excluding token incentives.

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Operating expenses

Operating expenses

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