# Thena V1 Total value locked Methodology

## 1. Overview

Total value locked (TVL) for Thena V1 measures the total value of assets deposited into the protocol's liquidity pools. It represents the aggregate liquidity available for automated market maker (AMM) operations and serves as a primary indicator of the protocol's scale and adoption. TVL is calculated by aggregating the value of all token reserves held within Thena V1 trading pairs, converted to USD using end-of-day price feeds.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Liquidity pool identification

- **Purpose**: Identify all active Thena V1 trading pairs to be monitored for asset balances
- **Logic**: `PairCreated` events are parsed from `PairFactory` contracts on BSC and opBNB. The addresses for the pair contracts, along with the associated tokens (token0 and token1), are extracted to create a registry of all protocol-managed liquidity pools
- **Key fields**: `in_pair` (pool address), `in_token0`, `in_token1`

### Component B: Reserve balance tracking

- **Purpose**: Capture the raw quantity of assets held within each liquidity pool
- **Logic**: `Sync` events are parsed from the identified `Pair` contracts. For every event, the `reserve0` and `reserve1` fields are extracted, representing the updated balances of both assets in the pool. To establish daily values, the last `Sync` event recorded within a UTC day for each specific pool is identified as the representative end-of-day balance
- **Key fields**: `in_reserve0`, `in_reserve1`, `address` (pool identification)

### Component C: Normalization and USD conversion

- **Purpose**: Convert raw on-chain balances into a standardized USD valuation
- **Logic**: Asset quantities are normalized by their respective decimal precision based on asset metadata. These normalized balances are then multiplied by end-of-day price feeds for each asset. The resulting USD values for all assets across all pools are summed to produce the total TVL for the product. Daily granularity is maintained using UTC day boundaries, with missing data points filled to ensure a continuous time series
- **Key fields**: `reserve0_amount`, `reserve1_amount`, `token0_decimals`, `token1_decimals`, `price_usd`

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Total value locked

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

Total value locked

Total value locked

Chain breakdown