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 Trading volume Methodology

## 1. Overview

Trading volume represents the total USD value of tokens traded on the Thena decentralized exchange protocol. This metric aggregates swap activity across multiple protocol versions (v1, v2, v3) on BSC and opBNB chains, measuring the daily volume of token exchanges. The calculation uses the minimum USD value between the two tokens in each swap to prevent price manipulation attacks.

## 2. Data sources

- **Swap events**: Parsed `Swap` events from Thena v1 pairs (`Pair_Swap_event`), v2 Algebra pools (`AlgebraPool_Swap_event`), and v3 Algebra pools (`AlgebraPoolV2_Swap_event`) on BSC and opBNB chains
- **Transaction data**: BSC and opBNB transaction records containing user addresses and transaction metadata
- **Factory events**: Trading pair creation events from `PairFactory_PairCreated_event` for v1 and `AlgebraFactory_Pool_event`/`AlgebraFactoryV2_Pool_event` for v2/v3
- **Fee events**: Pool-level trading fee updates from `AlgebraPool_Fee_event` and `AlgebraPoolV2_Fee_event`
- **Protocol fee events**: Community fee updates from `AlgebraPool_CommunityFee_event` and `AlgebraPoolV2_CommunityFee_event`
- **Token metadata**: Token symbols and decimal places for proper amount calculation
- **External data**: End-of-day token price feeds for USD conversion

## 3. Step-by-step calculation

### Component A: Trade event extraction
- **Purpose**: Extract all swap transactions from different Thena protocol versions
- **Logic**: Collects swap events from three protocol versions across BSC and opBNB chains. For v1, calculates net token amounts by subtracting `amount0Out` from `amount0In` and `amount1Out` from `amount1In`. For v2 and v3, uses direct `amount0` and `amount1` fields. V3 includes explicit fee data in the `overrideFee` field. All swap events are joined with blockchain transaction data to retrieve the user address (`from_address`) executing the trade.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, pool `address`, token `amount0` and `amount1`, `overrideFee` (v3 only)

### Component B: Fee tier calculation
- **Purpose**: Determine the trading fee percentage for each pool at the time of each trade
- **Logic**: Retrieves fee updates from pool-level fee events, where fees are stored as raw values divided by 10^6 to get the percentage. For v3 trades that include explicit fee data, uses the `overrideFee` field directly. Joins fee data with trades based on pool address, block number, and protocol version to ensure each trade has the correct fee rate applied.
- **Key fields**: Pool `address`, `block_number`, `fee` amount converted to percentage

### Component C: Protocol fee calculation
- **Purpose**: Calculate the portion of trading fees that go to the protocol
- **Logic**: Extracts community fee events where v2 uses separate rates for each token (`communityFee0New`, `communityFee1New`) taking the maximum, while v3 uses a single `communityFeeNew` rate. Raw fee values are divided by 10^3 to get percentages. Protocol fee rates are aggregated daily and forward-filled to ensure continuous coverage for all trading pairs, then multiplied by trading fee rates to get the total protocol fee percentage.
- **Key fields**: `communityFee0New`, `communityFee1New` (v2), `communityFeeNew` (v3), converted to percentage

### Component D: Trading pair metadata
- **Purpose**: Provide token information needed for volume calculation
- **Logic**: Identifies all trading pairs from factory events where pools are created. Extracts `token0` and `token1` addresses from pair creation events, then joins with token metadata to get decimal places and symbols. Creates human-readable pair names by concatenating token symbols with a hyphen. This metadata is essential for correcting token amounts and providing context.
- **Key fields**: `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, token symbols

### Final aggregation
- **Combining components**: Trades are joined with fee tiers, protocol fees, and trading pair metadata based on pool address, chain, and protocol version
- **Currency conversion**: Token amounts are corrected for decimals by dividing by 10^decimals, then converted to USD using end-of-day price feeds for both tokens in each pair
- **Time aggregation**: All data is aggregated daily using day-truncated timestamps, summing the absolute values of corrected token amounts
- **Final calculation**: For each trade, calculates USD values for both tokens and takes the minimum to prevent price manipulation. Daily trading volume is the sum of all individual trade volumes, processed through the finalization macro for schema validation and gap filling with zeros where no trading activity occurred

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

Total value of spot trades executed on the exchange.

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