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 Total value locked Methodology

## 1. Overview

Total value locked (TVL) measures the total value of assets deposited into the protocol's liquidity pools. This metric represents the liquidity available for trading across Thena V1, Thena Fusion, and Thena Integral. TVL serves as a primary indicator of the protocol's capacity to facilitate decentralized exchange activity and its attractiveness to liquidity providers. All values are normalized to USD using end-of-day price feeds.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Trading pair identification

- **Purpose**: Identify the smart contract addresses for all liquidity pools to be monitored.
- **Logic**: Pair and pool addresses are extracted from `PairCreated` events emitted by `PairFactory` contracts for Thena V1, and `Pool` or `CustomPool` events from `AlgebraFactory` and `AlgebraFactoryV2` contracts for Thena Fusion and Thena Integral. These addresses are mapped to their respective token pairs and chain identifiers. Asset metadata is joined to determine the correct decimal precision for each token.

### Component B: Thena V1 reserve tracking

- **Purpose**: Calculate the balance of assets held in Thena V1 liquidity pools.
- **Logic**: `Sync` events are parsed from `Pair` contracts on BNB Chain and opBNB to capture the latest reserve amounts for each asset. The last recorded reserve values for each day are used to represent the daily closing balance. Daily asset deltas are calculated by comparing the closing balance of the current day to that of the previous day.

### Component C: Thena Fusion and Thena Integral asset flow tracking

- **Purpose**: Capture the net movement of assets for Thena Fusion and Thena Integral products.
- **Logic**: Asset flows are calculated by aggregating `Mint`, `Collect`, and `Swap` events from `AlgebraPool` and `AlgebraPoolV2` contracts. Deposits are captured from `Mint` events as positive flows, while withdrawals are captured from `Collect` events as negative flows. Changes in asset balances resulting from trading activity are extracted from `Swap` events and included in the net flow calculation.

### Component D: Normalization and USD conversion

- **Purpose**: Convert raw on-chain data into normalized USD values and aggregate the final TVL.
- **Logic**: Raw asset amounts from both reserve deltas (Thena V1) and aggregated flows (Thena Fusion and Thena Integral) are normalized by asset-specific decimal precision. A cumulative sum of these net changes is maintained over time to determine the total quantity of each asset held in the protocol. These quantities are multiplied by end-of-day price feeds to calculate the USD value. Total value locked is then aggregated by product, chain, and timestamp.

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

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