$THE The underlying logic of Thena Coin is mainly reflected in the following aspects:

Technical Architecture Logic

Thena adopts a vamm/samm hybrid model as its underlying technology. Among them, samm is a stable pool derived from the Curve pool contract, suitable for assets expected to trade at a constant price, such as stablecoins or synthetic coins, allowing traders to enjoy narrower spreads and lower price impacts; vamm is similar to the traditional model of Uniswap, commonly used for assets with high volatility. The combination of the two supports more efficient circulation of assets, and users can obtain better trading prices based on this.

Economic Incentive Logic

Thena's liquidity market adopts a ve(3,3) model, through which DeFi protocols can incentivize ve holders to vote to adjust the The reward distribution of specific liquidity pools. The protocol attracts liquidity providers in this way, increasing the total locked value of the platform and generating more trading fees. A portion of the fees is distributed as rewards to liquidity providers, and a portion is used for repurchase and burning of The, reducing the token supply, enhancing the value of The, forming a virtuous cycle, and promoting the development of the platform.

Governance Logic

The holders can obtain veThe by locking tokens to participate in platform governance. They can vote on proposals such as protocol upgrades and parameter adjustments, determining the platform's development direction, ensuring that the platform's development aligns with community interests and market demands, safeguarding the project's sustainability. At the same time, this enhances the interaction and connection between users and the platform, increasing user participation and loyalty.

Application Scenario Logic

In trading scenarios, users can use The to pay transaction fees and enjoy discounts; in liquidity mining scenarios, liquidity providers can deposit assets into liquidity pools and receive The as rewards; in governance scenarios, The holders participate in voting governance to ensure the platform develops according to community expectations. These application scenarios increase the demand and liquidity of The, enhancing its value capture ability.