# Thena V1 Fees Methodology

## 1. Overview

Fees measures the total economic value paid by users to interact with Thena V1. This includes trading fees generated from automated market maker (AMM) swaps and voting incentives (bribes) paid to promote specific liquidity pools. These fees represent the total value generated by the application before any distribution to liquidity providers or the protocol treasury.

## 2. Data sources

- **Blockchain events**: `Fees` events from `Pair` contracts and `RewardPaid` events from `ExternalBribe` and `InternalBribe` contracts, covering BNB Chain and opBNB
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Trading fee extraction

- **Purpose**: Captures the direct trading fees generated by swaps within liquidity pools.
- **Logic**: `Fees` events are parsed from `Pair` contracts. These events explicitly record the fee amounts collected in both assets of a trading pair (`token0` and `token1`) during swap operations. Trading pairs are identified via `PairCreated` events from `PairFactory` contracts to ensure only relevant V1 liquidity pools are included.
- **Key fields**: `amount0`, `amount1`, `account_address` (pool identification).

### Component B: Voting incentive extraction

- **Purpose**: Captures incentives (bribes) paid by external parties to influence governance voting.
- **Logic**: `RewardPaid` events are parsed from `ExternalBribe` and `InternalBribe` contracts on BNB Chain. These events represent additional value flowing into the ecosystem to incentivize liquidity provision for specific pairs. The specific reward asset and the amount paid are extracted for each event.
- **Key fields**: `reward` (amount), `rewardsToken` (asset address).

### Component C: Normalization and USD conversion

- **Purpose**: Aggregates disparate fee components into a standardized daily USD value.
- **Logic**: Extracted fee amounts are normalized by decimal precision based on asset metadata. Daily totals are calculated by summing normalized amounts by asset and chain using UTC day boundaries. These totals are then converted to USD using end-of-day price feeds for each respective asset. Finally, the trading fee and voting incentive components are summed to reach the total Fees metric for Thena V1.

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

Total value users pay to use a protocol (gross fees, user-paid fees).

Fees

Exchanges (DEX)

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.

Thena V1

Archived

Fees

Fees

Chain breakdown