Source: Jinse Finance, Binance, Thena official website, white paper Compiled by: Jinse Finance
On November 26, 2024, Binance announced that the Binance HODLer airdrop has launched its second project, Thena (THE), a DEX and liquidity-providing network built on BNB Chain and opBNB. Users who use BNB to purchase periodic and/or flexible products on the coin-earning platform during the period from November 6, 2024, 08:00 to November 14, 2024, 07:59 (UTC+8) will receive airdrop allocations. The THE HODLer airdrop page is expected to be launched within twelve hours, and new tokens will be distributed to users' spot wallets one hour before trading begins.
About the Binance HODLer airdrop
The Binance HODLer airdrop takes a historical snapshot based on users' BNB principal coin-earning holdings and rewards token airdrops to BNB holders. By using BNB to purchase products on the coin-earning platform, users will automatically qualify for the HODLer airdrop (as well as Launchpool and Megadrop rewards).
Unlike other coin-earning methods that require continuous operation, the HODLer airdrop rewards users retrospectively, providing a simpler way to earn extra coins. By using BNB to purchase products on the coin-earning platform, users will automatically receive token rewards.
I. THE HODLer Airdrop Details
Token name: Thena (THE)
Current total supply of tokens: 206,863,770 THE
Maximum token supply: 326,120,291 THE
Total amount of HODLer airdropped tokens: 21,750,000 THE (accounting for 7% of the maximum token supply)
Smart contract details: Binance Chain, 0xF4C8E32EaDEC4BFe97E0F595AdD0f4450a863a11
BNB holding cap: Individual user's average BNB holding amount / Total average BNB holding amount * 100% ≤ 4% (if holding ratio exceeds 4%, the BNB holding ratio will be calculated at 4%)
II. Introduction to Thena
THENA is a community-driven decentralized exchange that utilizes a self-optimizing ve3,3 model to meet the liquidity needs of BNB Chain projects. Founded by a team of experienced DeFi developers, THENA aims to break through the current barriers in the DeFi market and build a more inclusive, user-friendly, and efficient decentralized finance platform. The team's vision is to make THENA the 'Super App' in the DeFi realm, catering to the needs of various assets through modular liquidity solutions, including stablecoins, liquid staking tokens (LSTs), real-world asset tokenization (RWAs), Memecoins, and AI tokens. Meanwhile, THENA is dedicated to simplifying on-chain trading, ensuring that both novices and experienced users enjoy a CEX-level user experience.
Built on BNB Chain and opBNB, the THENA ecosystem encompasses a comprehensive range of products and services, including:
THENA: A spot DEX where users can exchange and acquire digital assets and generate passive income.
ALPHA: Perpetuals DEX offering trading of over 270 cryptocurrency pairs with leverage of up to 60 times.
ARENA: A trading competition social platform that provides users with a gamified experience and growth hacking tools for THENA's partners.
WARP: (Launchpad - Coming Soon)
III. Thena Token Economics
1. Tokens (THE, veTHE, theNFT)
$THE
$THE is the BEP-20 utility token of the protocol, with two main objectives for its issuance:
1. Promote liquidity: $THE is used as liquidity mining rewards to incentivize deep liquidity, thereby achieving optimal trading conditions.
2. Support decentralized governance: $THE can be used to participate in platform governance, driving its ongoing development. The long-term goal is to achieve true decentralization.
veTHE
veTHE is the ERC-721 governance token of $THE, existing in the form of NFTs (non-fungible tokens).
• Users can lock their $THE for up to two years to receive veTHE, with longer lock-up periods resulting in more voting power for the veTHE obtained.
• To encourage users to continuously lock and participate long-term, the user's veTHE balance will gradually decrease over time until it reaches zero at the end of the lock-up period.
• Positions of veTHE can be increased, split, and resold on the secondary market.
• veTHE holders can share platform revenue (including 90% of total transaction fees and 10% of voting incentives deposited by the protocol).
theNFT
theNFT is an ERC-721 founder token, existing in the form of NFTs, belonging to non-dilutable NFT collectibles.
• theNFT can be staked to participate in revenue sharing.
• The staking pool will receive 10% of the total transaction fees from THENA, as well as royalty income from the trading of theNFT in the secondary market.
2. Initial Supply and Issuance Plan
Initial supply
veTHE protocol airdrop
19% of the initial supply is allocated to protocols that demonstrate willingness to collaborate with the THENA liquidity layer as an airdrop. Multiple factors were considered in assessing available protocols, such as TVL (Total Value Locked), trading volume, and product performance, while seeking a balance between native BNB protocols and cross-chain protocols. The list of protocols accepting the airdrop will be updated after finalization.
$THE / veTHE user airdrop
• 25% of the initial supply is allocated to regular users of existing BNB Chain protocols and new users joining through THENA.
• Users are selected based on the following behaviors that promote long-term stability of the protocol:
• Locking, stacking, holding
• Participate in governance
• Continue to support in the face of challenges
$THE / veTHE airdrop to theNFT creators
• 9% of the initial supply is allocated to theNFT creators and can be claimed directly when THENA goes live.
• theNFT creators' allocation ratio of $THE and veTHE airdrop:
• 40% is locked for 2 years as veTHE
• 60% for $THE
Ecosystem funding
• 25% of the initial supply is allocated to a dedicated fund to support various projects aimed at accelerating the development of THENA.
• The core team will provide comprehensive support for selected projects, including smart contract development, marketing, and business development.
Team allocation
• 18% of the initial supply is allocated to the team to ensure their long-term commitment to the success of THENA.
• Team allocation ratio between veTHE and $THE is as follows:
• 60% is locked for 2 years as veTHE
• 40% for 2 years of linear release of $THE (1 year lock-up period)
• The core team ensures alignment of interests with THENA by allocating governance tokens, enabling long-term participation in protocol growth from a long-term perspective.
Initial liquidity providers
• 4% of the initial supply is used to pair with $BUSD or $BNB to provide sufficient initial liquidity.
2. Token Issuance
ve(3,3) dynamic model
• THENA's ve(3,3) dynamic model aligns the interests of the main stakeholders of typical AMMs on the BNB chain, including veTHE holders, liquidity providers (LPs), traders, and the protocol itself.
veTHE holders: Incentivized to support the liquidity pools with the highest trading volume (the higher the trading volume, the more fees generated) or to start liquidity pools with voting incentives deposited by the protocol. This mechanism can create a positive feedback loop, especially during periods of high token trading volume.
Liquidity providers (LPs): Incentivized to participate in liquidity provision through token issuance based on 'real yield' metrics.
Traders: Benefit from low slippage, aided by advanced vAMM and sAMM technology-supported liquidity.
Protocol: Obtaining a cooperation-oriented liquidity layer, enjoying capital-efficient trading conditions, and incentivizing liquidity through 'bribery' to veTHE holders.
Issuance Specifications
• Weekly issuance (initial): 2,600,000 $THE
• Weekly issuance decay: 1%
• Developer wallet allocation: 2.5% (reduced from the original 4%)
• Weekly veTHE rebasing: up to 30%
• Liquidity providers' allocation: 67.5% (an additional 1.5% added from the developer allocation)
• Maximum supply under a 1% weekly decay scenario: 310,000,000 $THE (corrected data, originally 315M)
Total supply changes over time. Note: The number of circulating tokens will significantly decrease.
IV. Thena Roadmap
