# Thena Integral Fees Methodology

## 1. Overview

Fees measures the total economic value paid by users to utilize the Thena Integral protocol. This metric captures the costs associated with swap execution on the Algebra-based automated market maker (AMM) and the value of voting incentives distributed to influence liquidity direction. These figures represent the gross revenue generated by the application before any distribution to supply-side participants or the protocol treasury.

## 2. Data sources

- **Blockchain events**: `Swap`, `Fee`, and `CommunityFee` events from `AlgebraPoolV2` contracts, `Pool` and `CustomPool` events from `AlgebraFactoryV2` contracts, and `RewardPaid` events from `VotingIncentives` contracts, covering BNB Chain.
- **External data**: End-of-day price feeds for assets and asset metadata.

## 3. Step-by-step calculation

### Component A: AMM trading volume tracking

- **Purpose**: Calculate the base trading activity on Thena Integral from which trading fees are derived.
- **Logic**: `Swap` events are parsed from `AlgebraPoolV2` contracts. For each swap, the absolute change in balances for both assets in the pool is identified. To mitigate the impact of price manipulation or low-liquidity data, the trading volume is calculated using the lesser USD value of the two assets involved in the trade.
- **Key fields**: `amount0`, `amount1`, and `account_address`.

### Component B: Fee tier identification and calculation

- **Purpose**: Determine the applicable fee percentage for each transaction to calculate swap fees.
- **Logic**: Fee percentages are identified using `Fee` events from `AlgebraPoolV2` contracts. If a specific fee update event is not available for a given block, the fee is extracted from the override field within the `Swap` event. These fee tiers are normalized by decimal precision and applied to the calculated trading volume for each swap to determine the total fees paid by the trader.
- **Key fields**: `fee` (from `Swap` events) and `fee` (from `Fee` events).

### Component C: Voting incentives collection

- **Purpose**: Capture additional value paid into the ecosystem to incentivize liquidity providers.
- **Logic**: `RewardPaid` events are parsed from `VotingIncentives` contracts. These events represent discrete payments made to voters, which are treated as a component of the total fees generated by the protocol.
- **Key fields**: `reward` and `rewardsToken`.

### Component D: USD conversion and final aggregation

- **Purpose**: Normalize all fee components into a single currency for reporting.
- **Logic**: All fee amounts are normalized by their respective asset's decimal precision. These amounts are then multiplied by the end-of-day USD price for each asset. The daily total is calculated by summing the USD-denominated trading fees and voting incentives. Data is aggregated using UTC day boundaries.

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

Total value users pay to use a protocol (gross fees, user-paid fees).

Fees

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

Fees

Fees

Chain breakdown