# Thena V1 Trade count Methodology

## 1. Overview

Trade count measures the number of trades executed on Thena V1. This metric reflects the frequency of asset exchange activity and user engagement within the protocol's liquidity pools. It provides a measure of the utilization of the decentralized exchange's automated market maker (AMM) infrastructure for both stable and volatile asset pairs.

## 2. Data sources

- **Blockchain events**: `Swap` events from `Pair` contracts and transaction metadata, covering BNB Chain and opBNB

## 3. Step-by-step calculation

### Component A: Thena V1 swap extraction

- **Purpose**: Identify and extract individual swap activities from the protocol's liquidity pools.
- **Logic**: `Swap` events are parsed from `Pair` contracts. For each event, the transaction hash, block timestamp, and pool address are captured. Only events emitted by contracts identified as Thena V1 pairs via the project's factory contracts are included.
- **Key fields**: `transaction_hash` (identification), `block_timestamp` (timing), `address` (pool identification).

### Component B: Transaction mapping and validation

- **Purpose**: Verify transaction provenance and associate trades with originating users.
- **Logic**: Swap events are joined with native transaction data from the respective chains using the transaction hash. This join ensures that every recorded trade corresponds to a successful transaction on the blockchain and allows for the identification of the `from_address` as the user initiating the trade.
- **Key fields**: `transaction_hash`, `from_address`.

### Component C: Trade count aggregation

- **Purpose**: Calculate the final daily count of unique trading transactions.
- **Logic**: The total trade count is determined by calculating the distinct count of transaction hashes associated with valid swap events. This approach ensures that a single transaction interacting with multiple pools is recorded as one trade execution. Results are aggregated at a daily granularity according to UTC day boundaries.
- **Key fields**: `transaction_hash`, `timestamp`.

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

Number of trades executed on a decentralized exchange.

Trade count

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

Trade count

Trade count

Chain breakdown