# Thena Integral Supply-side fees Methodology

## 1. Overview

Supply-side fees measures the share of swap fees generated by Thena Integral that is distributed to liquidity providers. This metric reflects the compensation earned by service providers for facilitating trades through the concentrated liquidity automated market maker (AMM) infrastructure. For Thena Integral, which is based on the Algebra V2 architecture, all generated trading fees are currently allocated to the supply side to incentivize liquidity depth.

## 2. Data sources

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

## 3. Step-by-step calculation

### Component A: Liquidity pool identification

- **Purpose**: Identify the smart contracts representing Thena Integral liquidity pools and their associated assets
- **Logic**: `Pool` and `CustomPool` events from `AlgebraFactoryV2` contracts are parsed to extract pool addresses and the addresses of the two underlying assets (token0 and token1). This mapping is used to filter activity specifically for the Thena Integral product and to facilitate accurate decimal normalization for swap amounts
- **Key fields**: `token0_address`, `token1_address`, `account_address` (pool address)

### Component B: Swap activity and fee tier tracking

- **Purpose**: Capture trading volume and the applicable fee percentage for every swap
- **Logic**: `Swap` events from `AlgebraPoolV2` contracts are parsed to extract the amount of assets exchanged. To determine the fee rate, the logic first checks for an `overrideFee` field within the `Swap` event itself. If not present, the most recent fee update is retrieved from `Fee` events emitted by `AlgebraPoolV2` contracts. The fee tier is normalized by a factor of 1,000,000 to represent a decimal percentage
- **Key fields**: `token0_amount`, `token1_amount`, `overrideFee`, `fee_tier`

### Component C: Supply-side fee calculation

- **Purpose**: Calculate the portion of trading fees allocated to liquidity providers
- **Logic**: Trading volume is calculated for each swap by taking the USD value of the assets exchanged. To prevent data inaccuracies from price manipulation, the lower USD value between the two swapped assets is used as the basis for volume. For Thena Integral, supply-side fees are calculated by multiplying this trading volume by the active fee tier. No protocol-level subtractions are applied to Thena Integral fees, resulting in a 100% allocation to the supply side
- **Key fields**: `trading_volume`, `fee_tier`

### Component D: USD conversion and aggregation

- **Purpose**: Normalize fee amounts to USD and aggregate data to a daily granularity
- **Logic**: Asset amounts are normalized by their respective decimal precision. These values are then multiplied by end-of-day asset price feeds. The resulting USD values are aggregated by day using UTC boundaries and grouped by chain and product ID (Thena Integral)
- **Key fields**: `price_usd`, `block_timestamp`, `fees_supply_side`

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

Portion of fees distributed to service providers or supply-side participants.

Supply-side 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

Supply-side fees

Supply-side fees

Chain breakdown