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 Average trading volume (per user) Methodology

## 1. Overview

This metric measures the average daily trading volume per daily active user (DAU) on the Thena decentralized exchange. It provides insight into user engagement and trading intensity by dividing the total USD trading volume by the number of unique active traders per day. The calculation covers all versions of Thena (V1, V2, V3) across BSC and opBNB blockchains, accounting for different swap mechanisms and fee structures across protocol versions.

## 2. Data sources

The calculation relies on several types of raw blockchain and external data:

- **Blockchain swap events**: Parsed `Swap` events from Thena V1 `Pair` contracts, Thena V2 `AlgebraPool` contracts, and Thena V3 `AlgebraPoolV2` contracts across BSC and opBNB chains
- **Pool creation events**: `PairCreated` events from Thena V1 `PairFactory`, `Pool` events from Thena V2 `AlgebraFactory`, and `CustomPool` events from Thena V3 `AlgebraFactoryV2` contracts
- **Transaction data**: BSC and opBNB transaction records containing user addresses and transaction metadata
- **Fee configuration events**: `Fee` events from Thena V2/V3 pools and `CommunityFee` events for protocol fee updates
- **External price data**: End-of-day token price feeds for USD conversion
- **Token metadata**: Token contract information including decimals, symbols, and chain mappings

## 3. Step-by-step calculation

### Component A: Trade event extraction and processing

- **Purpose**: Extract and standardize swap events across all Thena protocol versions
- **Logic**: Query `Swap` events from Thena contracts across three protocol versions. For V1 (Uniswap-style), calculate net token amounts by subtracting `amount0Out` from `amount0In` and `amount1Out` from `amount1In`. For V2 and V3 (Algebra-based), use direct `amount0` and `amount1` fields. Join with transaction records to obtain user addresses from the `from_address` field. Extract fee information from `overrideFee` field for V3 swaps when available.
- **Key fields**: `block_timestamp`, `transaction_hash`, `log_index`, contract `address`, `amount0In/Out` (V1), `amount0/amount1` (V2/V3), `overrideFee` (V3), and user `from_address`

### Component B: Trading pair identification and enrichment

- **Purpose**: Identify valid trading pairs and enrich with token metadata
- **Logic**: Extract trading pair addresses from factory contract events including `PairCreated`, `Pool`, and `CustomPool` events. Map each pair to its constituent `token0` and `token1` addresses. Join with token metadata to obtain decimals for amount normalization and symbols for pair naming. Create composite pair names by concatenating token symbols.
- **Key fields**: Pair `account_address`, `token0_address`, `token1_address`, `token0_decimals`, `token1_decimals`, and `account_name`

### Component C: Fee tier integration

- **Purpose**: Apply appropriate trading and protocol fee rates to each swap
- **Logic**: Join swap events with `Fee` events on matching contract address and block number to get trading fee percentages. For swaps without explicit fee events, extract fee from the `overrideFee` field when available. Apply protocol fees by joining with `CommunityFee` events, using forward-fill logic to propagate the most recent protocol fee rate to subsequent trades. Convert fee basis points by dividing by appropriate powers of 10.
- **Key fields**: `fee_tier` (trading fees), `protocol_fee_tier` (protocol fees), normalized as decimal percentages

### Component D: Volume calculation with price conversion

- **Purpose**: Calculate USD trading volume while preventing price manipulation
- **Logic**: Normalize token amounts by dividing by the appropriate power of 10 based on token decimals. Convert both `token0_amount` and `token1_amount` to USD values using end-of-day price feeds matched on timestamp, token address, and chain. To prevent price manipulation attacks, take the lesser of the two USD amounts as the trade volume. Aggregate trades to daily level by truncating timestamps to day boundaries.
- **Key fields**: Normalized `token0_amount` and `token1_amount`, USD-converted values, and final `trading_volume`

### Component E: Daily active user counting

- **Purpose**: Count distinct users who executed trades each day
- **Logic**: Extract unique user addresses from the `from_address` field of transactions containing swap events. Group by daily timestamp boundaries and count distinct users using HyperLogLog aggregation for memory efficiency and accuracy. Classify all users as "Trader" type. Support multiple aggregation dimensions including project-level, chain-level, product-level, and user-type breakdowns.
- **Key fields**: `user_address`, `timestamp` (daily), `user_type`, and aggregated `user_dau` counts

### Final aggregation

- **Combining components**: Join daily trading volume totals with daily active user counts on matching timestamps. The trading volume represents the sum of all USD-converted trade volumes for the day, while user DAU represents the count of distinct trader addresses.
- **Currency conversion**: All volumes are converted to USD using end-of-day price feeds, with conversion applied before the final aggregation step
- **Time aggregation**: Both components use daily timestamp boundaries created by truncating block timestamps to day level
- **Final calculation**: Apply safe division to calculate `trading_volume / user_dau`, returning zero when no active users exist for the day. The result represents the average USD trading volume per active trader for each day.

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

Average trading volume (per user)

Trading volume divided by daily active users.

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Average trading volume (per user)

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