# Thena Fusion Trading volume Methodology

## 1. Overview

Trading volume represents the total value of assets exchanged through Thena Fusion. It provides insight into the liquidity and utilization of the protocol's concentrated liquidity AMM (automated market maker) infrastructure. This metric is a primary indicator of the protocol's market share and its capacity to generate fees for liquidity providers and the protocol treasury.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Trade event extraction

- **Purpose**: Capture the raw quantity of assets exchanged in every transaction.
- **Logic**: `Swap` events from `AlgebraPool` contracts are parsed to identify the amounts of both assets (token0 and token1) involved in a trade. User addresses are identified by joining these events with transaction data from the respective chains.
- **Key fields**: `amount0`, `amount1`, and `account_address`.

### Component B: Trading pair identification and normalization

- **Purpose**: Link trades to specific assets and adjust for decimal precision.
- **Logic**: `Pool` events from `AlgebraFactory` contracts are utilized to map pool addresses to their underlying asset pairs. Raw asset quantities are normalized by dividing by the decimal precision defined in the asset metadata.
- **Key fields**: `token0_address`, `token1_address`, and `decimals`.

### Component C: USD valuation and manipulation filtering

- **Purpose**: Convert asset quantities to a common currency and ensure data integrity.
- **Logic**: Normalized asset amounts are multiplied by end-of-day price feeds. To prevent the inclusion of anomalous data or price manipulation within low-liquidity pools, the trading volume for each transaction is determined by taking the lesser USD value of the two assets involved in the swap.
- **Key fields**: `price_usd`.

### Component D: Daily aggregation

- **Purpose**: Provide a time-series view of protocol activity.
- **Logic**: Individual trade volumes are summed and aggregated at a daily granularity. Values are grouped by product, chain, and timestamp using UTC day boundaries.

*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 Fusion

Archived

Trading volume

Trading volume

Chain breakdown