Sources: Golden Finance, Binance, Thena official website, whitepaper, organized by Golden Finance
On November 26, 2024, Binance announced that the Binance HODLer airdrop has now launched the second phase project Thena (THE), a DEX and liquidity providing network built on the BNB Chain and opBNB. Users who subscribe to regular and/or liquid products on the earn platform using BNB from 08:00 on November 6, 2024, to 07:59 on November 14, 2024 (UTC+8) will receive an airdrop allocation. The THE HODLer airdrop page is expected to go live within twelve hours, and the new tokens will be distributed to users' spot wallets one hour before trading begins.
About Binance HODLer airdrop
The Binance HODLer airdrop takes a historical snapshot based on users' BNB principal earning positions and rewards token airdrops to BNB holders. By using BNB to subscribe to earn platform's regular and/or liquid products, users will automatically qualify for the HODLer airdrop (as well as Launchpool and Megadrop rewards).
Unlike other earning methods that require ongoing operation, the HODLer airdrop rewards users in a retrospective manner, providing a simpler additional earning method. By using BNB to subscribe to earn platform products, users automatically receive token rewards.
1. THE HODLer airdrop details
Token name: Thena (THE)
Total current token supply: 206,863,770 THE
Maximum token supply: 326,120,291 THE
Total amount of HODLer airdrop tokens: 21,750,000 THE (7% of maximum token supply)
Smart contract details: Binance Chain, 0xF4C8E32EaDEC4BFe97E0F595AdD0f4450a863a11
BNB holding cap: Individual user BNB average holding amount / Total average BNB holding amount * 100% ≤ 4%, (if the holding proportion exceeds 4%, the BNB holding ratio will be calculated at 4%)
2. Introduction to Thena
THENA is a community-driven decentralized exchange that adopts a self-optimizing ve(3,3) model to provide liquidity needs for BNB Chain projects. THENA was founded by a group of experienced DeFi developers dedicated to breaking the current barriers in the DeFi market to build a more inclusive, user-friendly, and efficient decentralized finance platform. The team's vision is to make THENA a 'super app' in the DeFi field, fulfilling the needs of various assets including stablecoins, liquid staking tokens (LSTs), real asset tokenization (RWAs), Memecoins, and AI tokens through modular liquidity solutions. At the same time, THENA is committed to making on-chain trading simpler so that both novices and experienced users can enjoy a CEX-level user experience.
A trading center and liquidity layer built on the BNB Chain and opBNB, the THENA ecosystem encompasses a comprehensive range of products and services, including:
THENA: A spot DEX where users can swap, acquire digital assets, and generate passive income.
ALPHA: Perpetuals DEX offering trading of over 270 cryptocurrency pairs with leverage up to 60 times.
ARENA: A trading competition social platform that provides users with gamified experiences and growth hacking tools for THENA's partners.
WARP: (Launchpad - Coming Soon)
3. Thena Token Economics
1. Tokens (THE, veTHE, theNFT)
$THE
$THE is the BEP-20 utility token of the protocol, which has two main goals:
1. Promote liquidity: $THE is used as liquidity mining rewards to incentivize deep liquidity, thus achieving optimal trading conditions.
2. Support decentralized governance: $THE can be used to participate in the platform's governance, driving its sustainable 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 obtain veTHE, with longer lock-up periods resulting in more veTHE voting rights.
• To encourage users to continue locking and participating long-term, users' veTHE balances will decrease over time until they reach zero at the end of the lock-up period.
• Positions of veTHE can be increased, split, and resold in the secondary market.
• veTHE holders can share platform revenue (including 90% of total transaction fees and 10% of voting incentives deposited by protocols).
theNFT
theNFT is an ERC-721 founder token, existing in the form of NFT, belonging to non-dilutable NFT collectibles.
• theNFT can be used for staking to participate in revenue sharing.
• The staking pool will charge 10% of the total transaction fees from THENA and the royalty income from theNFT trading 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 show willingness to cooperate with the THENA liquidity layer as an airdrop. Various factors were considered when evaluating 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 final confirmation.
$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 behaviors that promote the long-term stability of the protocol:
• Locking, stacking, holding
• Participate in governance
• Continue to support in the face of challenges
$THE / veTHE airdropped to theNFT minting creators
• 9% of the initial supply is allocated to the minting creators of theNFT, and can be claimed directly when THENA goes live.
• Distribution ratio of $THE and veTHE airdropped to theNFT minting creators:
• 40% is for veTHE locked for 2 years
• 60% is $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 expansion.
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 of veTHE and $THE is as follows:
• 60% for veTHE locked for 2 years
• 40% is $THE for 2-year linear release (1-year lock-up period)
• The core team ensures alignment of interests with THENA by allocating tokens for voting custody, thus being able to participate in protocol growth with 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 main stakeholders of typical AMMs on the BNB Chain, including veTHE holders, liquidity providers (LPs), traders, and the protocol itself.
veTHE holders: Incentivize voting to support the liquidity pool with the highest trading volume (the larger the trading volume, the more fees generated) or deposit voting incentives to initiate liquidity pools. Protocols can form a positive feedback loop in this way, especially when token trading volume is high.
Liquidity providers (LPs): Incentivized to participate in liquidity provision through token issuance based on 'real yield' metrics.
Traders: Benefit from low slippage, gaining from advanced vAMM and sAMM technology-supported liquidity.
Protocol: Gain a cooperation-oriented liquidity layer, enjoy capital-efficient trading conditions, and incentivize liquidity by providing 'bribery' to veTHE holders.
Issuance specifications
• Initial weekly issuance: 2,600,000 $THE
• Weekly issuance decay: 1%
• Developer wallet allocation: 2.5% (reduced from the original 4%)
• Weekly veTHE rebasing: up to 30%
• Distribution for liquidity providers: 67.5% (an additional 1.5% increase from the developer allocation)
• Maximum supply under 1% weekly decay: 310,000,000 $THE (revised data, originally 315M)
The total supply changes over time. Note: The circulating token amount will significantly decrease.
4. Thena Roadmap
