# Thena Integral Expenses Methodology

## 1. Overview

Expenses measures the total cost incurred by Thena Integral to maintain and grow its liquidity ecosystem. This metric primarily consists of token incentives distributed to liquidity providers to reward supply-side participation and operating expenses associated with the protocol's referral and lottery systems. These costs represent the total value outgoing from the protocol to incentivize users and facilitate platform growth.

## 2. Data sources

- **Blockchain events**: `Harvest` events from `GaugeV2` contracts, `GaugeCreated` events from `VoterV3` contracts, `CreateGauge` events from `GaugeFactoryV2` contracts, and `Pool` and `CustomPool` events from `AlgebraFactoryV2` contracts, covering BNB Chain.
- **External data**: End-of-day price feeds for the rewarded assets and native gas assets.

## 3. Step-by-step calculation

### Component A: Thena Integral token incentive tracking

- **Purpose**: Captures the value of protocol assets distributed to liquidity providers as rewards.
- **Logic**: Token incentives are identified by parsing `Harvest` events from `GaugeV2` contracts. These gauges are linked to their respective liquidity pools through a mapping process involving `GaugeCreated` events from `VoterV3` contracts and `CreateGauge` events from `GaugeFactoryV2` contracts. The reward quantities are extracted from the event logs and categorized as supply-side incentives.
- **Key fields**: `block_timestamp` (timing), `amount` (reward quantities), `address` (gauge identification), and `token_address` (asset identification).

### Component B: Thena Integral operating expense calculation

- **Purpose**: Quantifies the costs associated with the protocol's referral program and lottery mechanisms.
- **Logic**: Operating expenses are calculated as a derivative of protocol fee revenue. A fixed referral rate of 12% is applied to the total fees generated by Thena Integral. This calculation utilizes the maximum referral fee split to account for both direct referral rewards and unclaimed rewards that are subsequently redirected to the protocol's lottery system.
- **Key fields**: `fees` (total collected revenue) and `referral_rate` (set to 0.12).

### Component C: USD conversion and final aggregation

- **Purpose**: Standardizes all expense components into a common currency for reporting.
- **Logic**: Incentive amounts and calculated operating expenses are normalized by their respective decimal precisions. These values are multiplied by end-of-day price feeds to determine the USD equivalent. Both token incentives and operating expenses are summed to produce the total expenses metric, with data aggregated at a daily granularity following UTC day boundaries.

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

Total project operating and incentive expenses.

Expenses

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 Integral

Archived

Expenses

Expenses

Chain breakdown