# Thena V1 Trading volume Methodology

## 1. Overview

Trading volume measures the total value of trades executed on Thena V1. This metric serves as a key indicator of liquidity utilization and the protocol's capacity to generate fee-based revenue from its automated market maker (AMM) infrastructure. Trading activity is captured by monitoring asset exchanges within liquidity pools across supported networks.

## 2. Data sources

- **Blockchain events**: `PairCreated` events from `PairFactory` contracts and `Swap` events from `Pair` 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**: To identify and map the liquidity pools used for trading on Thena V1.
- **Logic**: `PairCreated` events are parsed from `PairFactory` contracts to catalog the addresses of all deployed liquidity pools. For each pool, the contract addresses for the two underlying assets are extracted. These pool records are joined with asset metadata to retrieve symbol and decimal precision information for both assets in the pair.
- **Key fields**: `token0_address`, `token1_address`, `pair_address` (account address)

### Component B: Swap event extraction

- **Purpose**: To capture the raw quantity of assets exchanged in every trade.
- **Logic**: `Swap` events are parsed from `Pair` contracts. The net change for each asset in the pool is calculated by subtracting the outgoing amount from the incoming amount for both tokens involved in the transaction. These events are joined with transaction data to identify the user address that initiated the trade.
- **Key fields**: `in_amount0In`, `in_amount0Out`, `in_amount1In`, `in_amount1Out`

### Component C: Normalization and USD conversion

- **Purpose**: To standardize trading activity into a common currency for aggregation.
- **Logic**: Raw swap amounts are normalized by their respective asset decimal precision. The volumes for both legs of the trade are converted to USD using end-of-day price feeds. To filter out potential price manipulation or data anomalies in low-liquidity pools, the lower USD value between the two legs of the swap is selected as the representative trading volume. The resulting values are aggregated by day using UTC boundaries.
- **Key fields**: `price_usd`, `token0_decimals`, `token1_decimals`

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

Total value of spot trades executed on the exchange.

Trading volume

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

Trading volume

Trading volume

Chain breakdown