# Thena V1 Operating expenses Methodology

## 1. Overview

Operating expenses measures the total value of trading fees allocated to the protocol's referral and reward infrastructure. For Thena V1, this metric specifically tracks the portion of fees designated for referral rewards and the protocol's lottery system. A fixed allocation rate is applied to the total trading fees to account for these distributed incentives, representing the onchain cost of maintaining user engagement and acquisition.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Trading pair identification

- **Purpose**: Identify all active liquidity pools within the Thena V1 product scope
- **Logic**: `PairCreated` events are parsed from `PairFactory` contracts to establish a registry of all valid trading pairs. The constituent assets for each pair are identified, and their corresponding decimal precision is retrieved from asset metadata to enable accurate value normalization.
- **Key fields**: `in_pair` (pool address), `in_token0`, `in_token1`

### Component B: Trading fee extraction

- **Purpose**: Capture the raw volume of fees generated by swap activity
- **Logic**: `Fees` events are extracted from `Pair` contracts. The fee amounts collected for both assets in a trading pair are captured for every event. These raw amounts are then normalized by the decimal precision associated with each specific asset.
- **Key fields**: `in_amount0`, `in_amount1`, `account_address`

### Component C: Operating expense allocation

- **Purpose**: Calculate the specific portion of fees used for protocol operations
- **Logic**: A fixed referral rate of 12% is applied to the total collected trading fees. This calculation accounts for the maximum referral fee split, which includes both claimed rewards and unclaimed rewards that are subsequently utilized for the protocol's lottery system.
- **Key fields**: `fees`, `referral_rate` (0.12)

### Component D: USD conversion and aggregation

- **Purpose**: Normalize all expense values to USD for cross-chain and cross-asset reporting
- **Logic**: The allocated expense amounts for each asset are multiplied by their respective end-of-day USD price feeds. The resulting values are aggregated with a daily granularity using UTC day boundaries.
- **Key fields**: `timestamp`, `price_usd`, `operating_expenses`

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

Total operating expenses borne by the protocol, excluding token incentives.

Operating expenses

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

Operating expenses

Operating expenses

Chain breakdown