THENA’s official definition: decentralized exchange and liquidity hub on BNBChain and opBNB.

In fact, the liquidity center does not need much explanation. Liquidity is the basic service of all DEXs, and trading is only possible with liquidity.

We need to look at the decentralized exchange business. THENA includes both spot and contract transactions. Everyone is familiar with spot transactions, which are also called exchanges on the chain. On-chain contracts are also a relatively popular track.

However, THENA’s vision is to become the most modular liquidity layer ever, so from now on it will just be a #链抽象 concept!

Data performance:

According to DefiLlama data, THENA's data in June was a 24-year high, with a total locked market value (TVL) of 51.36M and daily fee capture (Fees) of 52.28k.

Subsequently, TVL and Fees data gradually declined until early August. Until Binance announced its launch, TVL had been stable at around 30M, and Fees had been stable at around 18K.

However, in November, the Fees data doubled to around 40K, but the TVL data did not increase. Happy guessed that the main reason was that Thena held the "THE Dawn of DeFi" trading competition event with multiple DeFi projects, including VenusProtocol, XcademyOfficial, lista_dao, TarotFinance, Brickken and ApeBond.

What caught Happy’s attention was that THENA also adopted the veToken token governance model.

Token Economics:

Next is veToken. Fans who are familiar with Happy probably already know veToken very well. Happy’s favorite way to describe veToken is to use the internal and external double circulation.

This time, I will briefly describe veToken again: In the internal cycle of the project, veToken requires users to pledge $THE native currency to obtain $veTEH, and obtain dividends and voting rights from the project's revenue. Dividends are token empowerment that both small retail investors and large investors can obtain, and voting rights are more often provided to large investors. Because some voting options in the project directly affect the income of large investors, if large investors want to choose a result that is beneficial to them, they must participate in the lock-up and pledge. Conversely, if large investors find that a certain choice is not favorable to them, they will also lock tokens to participate in voting, thereby locking more tokens. The pledge and lock-up of these tokens will reduce the selling pressure of tokens and reduce the resistance to token increases.

Back to THE’s native currency, in addition to veToken’s voting governance, THE also provides incentives for users who provide liquidity, and liquidity is one of the exchange’s moats.

Think one step further:

Happy is very optimistic about the DEX track because: when any ecosystem prospers, the first to benefit are Gas coins, followed by the leading decentralized exchanges.

So before this, only the leading positions were deployed on DEX, but why did Binance choose to launch another DEX? You should know that the BNB ecosystem is actually not short of DEX.

There are two possible reasons. First, it is to develop its own decentralized contract trading DEX. Second, it is to put some pressure on other DEXs in the ecosystem (there is no better internal incentive than raising Gu).

What is the HODLer Airdrop:

👉 Rules: From 08:00 on November 6, 2024 to 07:59 on November 14, 2024 (GMT+8), users who use BNB to subscribe to the regular and/or current products of the EarnCoin platform will receive airdrop allocations.

As the name suggests, HODLer is a benefit for long-term $BNB holders, and it is a retroactive logic. New purchases do not count, and you must hold and deposit before the news is announced. This kind of irregular surprise can not only bring monetary value to Holders, but also bring full emotional value.

But Happy missed a lot this time, as he only took out the pledged $BNB a week ago.🥺