# Thena Fusion Revenue Methodology

## 1. Overview

Revenue measures the portion of fees that a project retains, as determined by its take rate. For Thena Fusion, this metric captures the protocol's share of swap fees and specific allocations designated for NFT holders. Revenue is calculated by applying protocol-defined fee tiers to the trading volume processed through concentrated liquidity pools. This metric represents the earnings generated by the protocol before the distribution of supply-side incentives to liquidity providers.

## 2. Data sources

- **Blockchain events**: `Swap`, `Fee`, and `CommunityFee` events from `AlgebraPool` contracts, covering BNB Chain and opBNB
- **External data**: End-of-day price feeds for assets and asset metadata

## 3. Step-by-step calculation

### Component A: Trading volume calculation

- **Purpose**: Establishes the volume of exchange activity as the basis for fee generation
- **Logic**: `Swap` events are parsed from `AlgebraPool` contracts on BNB Chain and opBNB. The volume is determined by extracting the amounts of both assets involved in each trade. To ensure data integrity and mitigate the impact of price manipulation, the daily trading volume is calculated using the lower USD value of the two assets swapped in a transaction. Amounts are normalized by asset-specific decimal precision and converted to USD using end-of-day price feeds.
- **Key fields**: `token0_amount`, `token1_amount`, `account_address`

### Component B: Fee tier and protocol take tracking

- **Purpose**: Monitors the dynamic fee settings used to calculate the protocol's earnings
- **Logic**: Total swap fee tiers are extracted from `Fee` events emitted by `AlgebraPool` contracts. The protocol's specific share of these fees is identified by parsing `CommunityFee` events from the same contracts. Because these fee parameters can change over time, the most recent values are associated with each trade to ensure accurate fee attribution. The protocol take is represented as a percentage of the total swap fee.
- **Key fields**: `fee_tier` (total swap fee), `protocol_fee_tier` (protocol-specific fee)

### Component C: Revenue component aggregation

- **Purpose**: Combines different protocol earnings streams into a single revenue metric
- **Logic**: Revenue is calculated as the sum of two primary components. The first component, protocol fee revenue, is calculated by multiplying the trading volume by the protocol fee tier. The second component, NFT-allocated revenue, is calculated by applying a specific rate (30% or 22% depending on the historical date) to the remaining fees after subtracting the protocol take. All components are aggregated daily by chain and normalized to USD.
- **Key fields**: `trading_volume`, `fee_tier`, `protocol_fee_tier`

*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 Fusion

Archived

Revenue

Revenue

Chain breakdown