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 Token incentives Methodology

## 1. Overview

Token incentives measures the daily USD value of THE tokens distributed as liquidity mining rewards to users providing liquidity on Thena DEX. This metric captures the protocol's expenditure on incentivizing liquidity provision across its automated market maker pools on BSC and opBNB networks. The calculation aggregates reward distributions from gauge contracts across all Thena versions (v1, v2, v3) and converts them to USD values.

## 2. Data sources

The calculation relies on several blockchain data sources and external feeds:

- **Harvest events**: Parsed `Harvest` events from Thena gauge contracts on BSC, capturing individual reward distributions to liquidity providers
- **Gauge creation events**: Parsed `GaugeCreated` events from Thena Voter and GaugeFactory contracts that establish the relationship between gauge contracts and their corresponding liquidity pools
- **Pool creation events**: Parsed `PairCreated` and `Pool` creation events from Thena factory contracts across BSC and opBNB that define trading pairs and their token compositions
- **Token metadata**: Token symbol, decimal, and contract information for proper amount conversion and pair identification
- **End-of-day price feeds**: Daily THE token price data for USD conversion
- **Chain availability data**: Network status information for filtering results by chain availability

## 3. Step-by-step calculation

### Component A: Liquidity incentive extraction
- **Purpose**: Captures raw incentive payment events from Thena gauge contracts
- **Logic**: Extracts `Harvest` events from gauge contracts across three Thena versions on BSC. For v1 and v2, uses `Gauge_Harvest_event` tables, while v3 uses `GaugeV2_Harvest_event`. Each event contains the gauge contract address and the reward amount in THE tokens. All events are hardcoded to THE token address `0xf4c8e32eadec4bfe97e0f595add0f4450a863a11`. Events are classified by business line as "Exchange AMM" and assigned appropriate product IDs based on version
- **Key fields**: `block_timestamp` for timing, `address` for gauge contract, `reward` for THE token amount, `transaction_hash` and `log_index` for uniqueness

### Component B: Account relationship mapping
- **Purpose**: Maps gauge contracts to their corresponding trading pools and establishes pool metadata
- **Logic**: Creates a two-step mapping system. First, the incentive accounts dimension links gauge addresses to pool addresses using `GaugeCreated` events from Voter contracts and `CreateGauge` events from GaugeFactory contracts. Second, the trading pairs dimension provides pool metadata by joining pool addresses with factory creation events (`PairCreated` and `Pool` events) to identify the two tokens in each pair and construct descriptive names
- **Key fields**: `incentive_account_address` for gauges, `exchange_account_address` for pools, `token0_address` and `token1_address` for pair composition, `account_name` constructed as "token0-token1" format

### Component C: Currency conversion and decimal correction
- **Purpose**: Converts THE token amounts to USD and applies proper decimal scaling
- **Logic**: Uses the convert_to_usd_and_correct_decimals macro to transform raw THE token amounts. First applies decimal correction based on THE token's decimal configuration to convert from blockchain native format to human-readable amounts. Then multiplies by end-of-day THE token USD prices to get final USD values
- **Key fields**: `token_incentives` becomes the USD-denominated incentive amount after conversion

### Final aggregation
- **Combining components**: Joins the liquidity incentives facts with both dimension tables using inner joins to ensure only valid gauge-to-pool mappings are included. Maps gauge addresses to pool addresses via the incentive accounts dimension, then enriches with trading pair metadata from the trading pairs dimension
- **Currency conversion**: THE token amounts are converted to USD using end-of-day price feeds and proper decimal adjustment for the THE token
- **Time aggregation**: Events are aggregated to daily boundaries using timestamp truncation to day level, grouping by chain, business identifiers, and trading pair
- **Final calculation**: The metric represents the daily sum of USD-denominated THE token incentives distributed to liquidity providers, with zero-filling applied for missing dates to maintain continuous time series data. Results are filtered by chain availability to exclude periods when blockchain data might be unreliable

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

Value of native tokens distributed as incentives.

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