# Thena Integral Revenue Methodology

## 1. Overview

Revenue measures the portion of trading fees and incentives retained by the Thena Integral protocol. For Thena Integral, this includes the protocol's share of swap fees generated through its concentrated liquidity AMM and rewards collected as voting incentives. This metric represents the total earnings captured by the protocol before the distribution of incentives to ecosystem participants.

## 2. Data sources

- **Blockchain events**: `Swap` 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 traded and rewards distributed

## 3. Step-by-step calculation

### Component A: Thena Integral trading activity tracking

- **Purpose**: Calculate the base trading volume from concentrated liquidity pools to identify the basis for protocol fees.
- **Logic**: `Swap` events are parsed from `AlgebraPoolV2` contracts. The volume is determined by extracting the amounts of both assets involved in the swap. To mitigate price manipulation and data anomalies, the total swap volume is calculated by taking the lesser USD value between the two tokens involved in the trade. Pools and their respective asset metadata are identified via `Pool` and `CustomPool` events from `AlgebraFactoryV2` contracts.
- **Key fields**: `in_amount0`, `in_amount1`, `account_address`

### Component B: Thena Integral protocol take rate

- **Purpose**: Determine the specific percentage of swap fees retained by the protocol.
- **Logic**: `CommunityFee` events from `AlgebraPoolV2` contracts are parsed to extract the protocol fee tier. The raw fee value is normalized by a factor of 1,000 to represent the percentage of the fee allocated to the protocol. These rates are filled forward chronologically to ensure every trade is associated with the most recent protocol fee configuration.
- **Key fields**: `in_communityFeeNew`, `block_timestamp`

### Component C: Thena Integral voting incentives capture

- **Purpose**: Capture additional revenue generated through voting-related reward distributions.
- **Logic**: `RewardPaid` events are parsed from `VotingIncentives` contracts. These events represent rewards distributed to the protocol for its role in gauge-based liquidity direction. The specific reward asset and its quantity are extracted for each event.
- **Key fields**: `in_reward`, `in_rewardsToken`

### Component D: USD conversion and final aggregation

- **Purpose**: Normalize all revenue streams into a single USD-denominated metric.
- **Logic**: Swap-based revenue is calculated by multiplying the daily trading volume of each pool by its respective protocol fee tier. Voting incentive revenue is aggregated based on the timestamp of reward distribution. All amounts are normalized by asset-specific decimal precision and multiplied by end-of-day price feeds. Values are aggregated to a daily granularity using UTC day boundaries.

*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 Integral

Archived

Revenue

Revenue

Chain breakdown