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What is the ve(3,3) model? Can THENA understand it?

Have you heard of the ve(3,3) model? It doesn’t matter if you haven’t heard of it. When I first heard this name, I thought I was listening to a formula in physics class and almost prepared to look up the high school textbook.

Later, I found out that this thing has a lot to do with DeFi. To put it simply, ve(3,3) is a plug-in for the crypto world that provides "locking + voting + dividends", which can theoretically maximize profits. But the question is, it sounds so great, but can it really be played?

Take THENA for example. It uses the ve(3,3) model on BNB Chain, saying that it wants to make it easier for everyone to "get the benefits and make DeFi simpler." Then the question is, how to play THENA?

What's going on with ve(3,3)?

Let's first explain what ve(3,3) is, otherwise you might be confused. It is an economic model, and its core is three things:

Locking: Locking tokens for a period of time in exchange for "ve tokens", which have governance voting rights and dividends. The longer you lock, the more you get.

Win-win: There is a concept called (3,3) in game theory, which means that everyone plays together to maximize the benefits. In simple terms, it means "joining forces to earn more".

Traffic diversion: Let users vote on the direction of liquidity flow and use resources where they are needed most.

This theory is indeed beautiful, but not every project can withstand it when it is actually put into use.

In history, there was a project called Solidly, whose TVL (total locked value) soared to $1 billion within a month after its launch, but it soon collapsed due to code problems. So ve(3,3) is a double-edged sword. It is a tool if used well, but a disaster if used poorly.

How does THENA work?

THENA is one of the successors of the ve(3,3) model, but it is not a copy, but a lot of its own. To sum it up in one sentence: "Not only is the model good, the user experience is also good, and users can really make money."

1. Make liquidity smarter

THENA has introduced a solution called "centralized liquidity" (don't be scared by the name, it is essentially a highly efficient liquidity pool). This design allows for higher capital utilization, with less money to generate more transaction fees. To put it bluntly, you don't need to "own a mine" to get a share of the pie.

2. Add functions, better than the original version

THENA did not stop at "copying Solidly", but brought in its partner Orbs to launch decentralized limit orders (dLIMIT) and fixed investment functions (dTWAP). You don't have to watch the price every day, you can also set up strategies to make profits, and truly realize "lazy investment".

3. Serving more users

Some people think that only big players play DeFi, but THENA supports low-cost chains such as opBNB, so even if you only have $10, you can play with liquidity. In more vulgar terms, this is called "down-to-earth".

Did it make any money?

To be honest, THENA did make some money, and the data is quite interesting:

Revenue in 2023: $11.4 million distributed to users, and total on-chain revenue is approaching $18 million.

User base: More than 40 well-known DeFi projects use it, such as Frax Finance and Ankr.

Speed ​​of innovation: perpetual contracts, aggregators, social trading…functions are launched one after another.

But to be honest, making money is one thing, but THENA is still a long way from being a "phenomenal" project. Its current challenges are mainly in two aspects: first, the story of ve(3,3) is no longer new, and everyone is looking at its execution; second, it has not yet attracted the widest user base.

Will THENA work?

Objectively speaking, THENA is a very ambitious project, and it has done some things to make the ve(3,3) model more useful. It is not the strongest, but it is currently one of the players who understands ve(3,3) better.

Advantages: THENA is not just about storytelling, it has practical functions and benefits, and the experience is relatively friendly, especially suitable for users who want to "get started easily".

Challenges: It also needs a larger user base and higher market visibility, such as listing on a Tier 1 CEX, which is also the direction of its next effort.

Last words
Having said all that, ve(3,3) itself is not a panacea, but projects like THENA give us a glimpse into its possibilities.

When it comes to the price of the project itself, it doesn’t really matter how much it is at the moment.

But you have to understand that new projects on Binance
If the market value is still in the tens of millions of US dollars, then there is room for profit.

In fact, valuation benchmarking is still effective for VC coins. Here is a jingle to summarize it:

VC new coins exclusively launched on Binance

Ten million underestimated, no brain rush
A few hundred million to see, research, whether it can be
Billions of dollars need to be carefully considered, it is a great project that can go anywhere.

$BNB