# Thena V1 Supply-side fees Methodology

## 1. Overview

Supply-side fees measures the share of swap fees that is distributed to liquidity providers. For Thena V1, this metric captures the trading fees claimed directly by participants who provide liquidity without utilizing the protocol's incentive gauges. These fees are collected in the underlying assets of each liquidity pool and are converted to USD to provide a standardized measure of service provider compensation.

## 2. Data sources

- **Blockchain events**: `Claim` events from `Pair` contracts, `PairCreated` events from `PairFactory` contracts, and `GaugeCreated` events from `Voter` contracts, covering BNB Chain and opBNB
- **External data**: End-of-day price feeds for all traded assets

## 3. Step-by-step calculation

### Component A: Liquidity pool and incentive gauge identification

- **Purpose**: Map the relationships between trading pairs, their constituent assets, and associated incentive gauges
- **Logic**: Trading pairs and their metadata are identified using `PairCreated` events from `PairFactory` contracts. This process extracts the contract addresses for the pool, `token0`, and `token1`, as well as their respective decimal precisions. Simultaneously, incentive-related addresses are identified using `GaugeCreated` events from `Voter` contracts to distinguish between protocol-managed incentive flows and direct fee claims.
- **Key fields**: `in_pair`, `in_token0`, `in_token1`, and `in_gauge`

### Component B: Fee claim extraction and filtration

- **Purpose**: Capture the raw fee amounts distributed to liquidity providers
- **Logic**: `Claim` events are parsed from `Pair` contracts to identify fee distributions. For each event, the `sender` address (fee collector) is compared against the list of identified incentive gauge addresses. Only events where the collector is not a gauge are included, as these represent the fees retained by liquidity providers who opt for direct fee collection instead of protocol token incentives.
- **Key fields**: `in_amount0`, `in_amount1`, and `in_sender`

### Component C: USD conversion and aggregation

- **Purpose**: Normalize fee values into a common currency and aggregate them by time
- **Logic**: Claimed asset amounts are normalized by their specific decimal precision. These normalized values are then multiplied by the corresponding end-of-day USD price for each asset. The results for `token0` and `token1` are summed to determine the total supply-side fee value per transaction. Finally, values are aggregated by day using UTC boundaries.
- **Key fields**: `token0_decimals`, `token1_decimals`, and price data

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

Portion of fees distributed to service providers or supply-side participants.

Supply-side 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

Supply-side fees

Supply-side fees

Chain breakdown