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 Active users (daily) Methodology

## 1. Overview

The Thena daily active users (DAU) metric measures the number of unique addresses that performed trades on the Thena decentralized exchange protocol within each calendar day. This metric answers the business question "How many distinct users are actively trading on Thena each day?" and serves as a key indicator of protocol adoption and user engagement. The calculation aggregates unique trader addresses from swap transactions across all Thena protocol versions (v1, v2, v3) on BSC and OpBNB blockchains.

## 2. Data sources

The DAU calculation is built from the following raw blockchain data sources:

- **Swap events**: Parsed `Pair_Swap` events from Thena v1 contracts on BSC and OpBNB chains
- **Swap events**: Parsed `AlgebraPool_Swap` events from Thena v2 contracts on BSC and OpBNB chains  
- **Swap events**: Parsed `AlgebraPoolV2_Swap` events from Thena v3 contracts on BSC chain
- **Transaction data**: BSC and OpBNB transaction records containing user addresses and transaction metadata

## 3. Step-by-step calculation

### Component A: Trade event extraction

- **Purpose**: Extract all swap transactions from Thena protocol versions and identify the trading users
- **Logic**: The system processes swap events from three distinct versions of the Thena protocol. For Thena v1, it extracts `Pair_Swap` events from both BSC and OpBNB chains, calculating token amounts as the difference between `amount0In` minus `amount0Out` for token0 and `amount1In` minus `amount1Out` for token1. For Thena v2, it processes `AlgebraPool_Swap` events using direct `amount0` and `amount1` values. For Thena v3, it processes `AlgebraPoolV2_Swap` events similarly to v2 but also captures fee information from the `overrideFee` field. Each swap event is joined with the corresponding blockchain transaction to obtain the actual user address from the `from_address` field, as this represents the wallet that initiated the transaction.
- **Key fields**: `block_timestamp` for timing, `transaction_hash` for joining with transaction data, `user_address` extracted from transaction `from_address`, `product_id` identifying the protocol version (Thena V1, Thena Fusion, Thena Integral), `chain` identifying BSC or OpBNB

### Component B: Daily user aggregation

- **Purpose**: Aggregate trading activity to daily boundaries and classify users as traders
- **Logic**: The system takes all swap transactions and truncates the `block_timestamp` to daily boundaries using day-level time truncation. Each unique `user_address` that performed at least one swap on a given day is classified with a `user_type` of 'Trader'. The aggregation maintains the chain, product version, and business segment classifications while focusing on the unique user addresses per day.
- **Key fields**: `timestamp` truncated to day boundaries, `user_address` as the unique identifier for DAU counting, `user_type` set to 'Trader', `chain` and `product_id` for dimensional analysis

### Component C: HyperLogLog aggregation

- **Purpose**: Efficiently count distinct users across multiple dimensional breakdowns using probabilistic counting
- **Logic**: The system uses HyperLogLog (HLL) functions to create efficient distinct counts that can be merged across different dimensions without double-counting users. First, it initializes HLL sketches for each combination of day, chain, user type, and product. Then it creates four separate dimensional breakdowns: project-level (all users across all dimensions), chain-level (users grouped by blockchain), user_type-level (users grouped by trader classification), and product_id-level (users grouped by protocol version). Each breakdown uses HLL merge operations to combine the sketches while maintaining accurate distinct counts.
- **Key fields**: `hll` sketches for probabilistic counting, `dimensions` field indicating the breakdown type, `chain_id`, `product_id`, and `user_type` for dimensional groupings, `user_dau` as the extracted distinct count

### Final aggregation

- **Combining components**: The different dimensional breakdowns are combined using union operations, creating a comprehensive dataset that shows DAU from multiple analytical perspectives while avoiding double-counting through HLL methodology
- **Currency conversion**: Not applicable for user count metrics
- **Time aggregation**: Daily boundaries are established by truncating blockchain timestamps to calendar day boundaries
- **Final calculation**: The final DAU value represents the distinct count of user addresses that performed at least one swap transaction on Thena protocol on each calendar day, with results available across project, chain, user type, and product version dimensions

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

Unique revenue-generating users over a fixed 24-hour window.

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Active users (daily)

Active users (daily)

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