The history of Thena coin is as follows:

- Background of birth: Thena is the first native liquidity layer DEX on the BNB chain, aiming to solve the problem of low liquidity incentive efficiency of the BNB chain. Its underlying technology adopts the VAMM/SAMM hybrid model to support more efficient circulation of assets.

- Early development: In January 2023, the Thena project was born. At first, it was not well-known, and then the lock-up volume gradually increased. On January 20, users began to lock up for votes. From January 24 to February 1, the lock-up value and the lock-up volume of Thena coins showed a bottom divergence.

- Value fluctuation: In February 2023, Thena coin fluctuated greatly in a short period of time. For example, the price on January 24 was $0.446, depreciated to $0.302 on February 1, and appreciated to $0.424 on February 2. From May to June 2023, its price showed an overall downward trend. On May 2, the market value was 6,734,792 US dollars, and on June 1, the market value dropped to 3,950,069 US dollars.

- Market performance: In February 2023, the Thena project ranked 7th in the BSC chain lock-up volume only one month after its birth, and the TVL exceeded 130m US dollars on February 8.