# Thena V1 Revenue Methodology

## 1. Overview

Revenue measures the portion of trading fees and governance incentives retained by the protocol and its stakeholders. For Thena V1, this includes fees allocated to veTHE NFT holders, protocol-level fees, referral fees, and voting incentives (bribes) paid to participants. Revenue is used to assess the protocol's ability to generate value from its automated market maker and governance layers across supported networks.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Fee claim extraction

- **Purpose**: To capture revenue generated from direct fee claims within the liquidity pools.
- **Logic**: `Claim` events are parsed from `Pair` contracts. These events are filtered to include only those where the fee collector address corresponds to an incentive account address, which is identified via `GaugeCreated` events from `Voter` contracts. The claimed amounts for both assets in the trading pair are aggregated.
- **Key fields**: `token0_amount`, `token1_amount`, `fee_collector_address`.

### Component B: Trading volume and fee tier analysis

- **Purpose**: To establish the volume and fee percentage baseline used for programmatic revenue calculations.
- **Logic**: `Swap` events are parsed from `Pair` contracts. Trading volume is calculated by taking the minimum USD value of the two assets involved in the swap to filter out potential price manipulation. Fee tiers and protocol-specific fee tiers are extracted from protocol configurations to determine the gross and net percentages applied to the swap volume.
- **Key fields**: `token0_amount`, `token1_amount`, `fee_tier`, `protocol_fee_tier`.

### Component C: Programmatic revenue allocation

- **Purpose**: To calculate the specific revenue portions allocated to NFTs, referrals, and the protocol.
- **Logic**: Revenue is derived by applying configured rates to the calculated trading volume. The protocol fee portion is calculated as `trading_volume * protocol_fee_tier`. The remainder of the fee (gross fee tier minus protocol fee tier) is further allocated: a 12% referral rate is applied, and the remaining portion is multiplied by a variable NFT holder rate (historically 30%, subsequently updated to 22%).
- **Key fields**: `referral_rate`, `nft_rate_old`, `nft_rate_new`.

### Component D: Voting incentive tracking

- **Purpose**: To capture revenue generated through the protocol's governance incentive layer.
- **Logic**: `RewardPaid` events are extracted from `ExternalBribe` and `InternalBribe` contracts. These events represent incentives (bribes) paid to governance participants and are aggregated as part of the total protocol revenue.
- **Key fields**: `reward_token`, `reward_amount`.

### Component E: USD conversion and final aggregation

- **Purpose**: To normalize all revenue components into a single USD-denominated metric.
- **Logic**: Asset amounts are normalized by decimal precision and multiplied by end-of-day price feeds. All components, including fee claims, allocated trading fees, and voting incentives, are summed by day. Daily granularity is maintained using UTC day boundaries.

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Revenue

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

Revenue

Revenue

Chain breakdown