Thena is a decentralized exchange (DEX) developed on the BNB network, listed on Binance on November 27, 2024, and also the second project on the Binance Airdrop Portal after Banana Gun.
One, What is Thena?
Thena is a decentralized exchange (DEX) built on the BNB Chain, offering token swaps, cross-chain transfers, liquidity pools, and more.
While Thena offers various features, its main focus is on the AMM DEX (Automated Market Maker DEX) model. This decentralized trading model uses smart contracts to automatically determine asset prices during swap transactions.
Notably, Thena adopts the ve(3,3) model, optimizing liquidity supply through features like limit orders and best limit orders. This mechanism has been successfully implemented on renowned platforms like Solidly (Ethereum) and Velodrome (Optimism), enhancing liquidity and improving users' trading experience.
On November 26, 2023, Binance announced that Thena became the second project to launch on the Binance Holder Portal after Banana Gun.
Two, What Products Does Thena Offer?
1. Exchange Functionality
Spot Exchange: Allows users to directly exchange tokens. For example, you can exchange BNB for THE.
Perpetual Contracts (Perps): Similar to futures trading on centralized exchanges (like Binance or OKX), allowing investors to use leverage for long/short positions. However, due to lower liquidity, prices on DEXs tend to be more volatile.
Cross-Chain Swaps: Facilitating the transfer of assets between different blockchains, such as from Ethereum to BNB Chain or Optimism.
Buying Cryptocurrency: Allows users to directly purchase tokens using a bank account or Visa card.
2. Features
Investors can leverage their assets to provide liquidity, earning THE tokens as rewards.
Key Highlights of Thena
Thena combines two well-known DeFi models:
Voting Escrow Tokens (veToken): Launched by Curve Finance (veCRV), this mechanism incentivizes long-term investors with appealing benefits.
Staking/Re-basing/Binding - Game Theory (3,3): Developed by Olympus DAO.
By merging these, Thena implements the ve(3,3) mechanism. On the BNB Chain, Thena enhances this model through the following features:
Fixed Emission and Release Schedule.
Reasonable Initial Token Distribution.
The launch of Thenian NFTs provides users with trading fee discounts.
Three, Performance of Thena
Total Locked Value (TVL): Approximately $30 million, ranking 21st in the BNB Chain ecosystem.
Weekly Trading Volume: Between $40 million and $50 million, peaking at $185 million per week in March 2023.
Four, The Team
Founder: Baptiste Miani, who holds a Bachelor's degree in Economics from the University of Montreal and a Master's degree in Corporate Finance from Paris IX. Before becoming CEO of Thena in January 2023, he held significant positions in banking institutions in France.
Five, Partners and Investors
On December 8, 2023, Thena successfully raised $600,000 from Orbs.
Major Partnerships Include:
Infrastructure: Particle Network, Paraswap, 1inch, SYMMIO.
Stablecoins: Frax Finance, Lista DAO, QiDao.
Liquid Staking: Etherfi, Stader, Ankr.
Lending: Radiant, Venus, Segment.
Similar Projects
Thena operates similarly to other well-known DEX platforms such as Uniswap, Pancakeswap, and Cetus.
Six, Overview of THE Token
Basic Information
Token Name: Thena
Ticker: THE
Blockchain: BNB Chain
Smart Contract: 0xF4C8E32EaDEC4BFe97E0F595AdD0f4450a863a11
Current Price: $1.37
Market Cap: $76 million
Fully Diluted Valuation (FDV): $436 million
Max Supply: 315 million
Circulating Supply: 55 million
Seven, THE Token Distribution
User and Partner Airdrop: 25%
Ecosystem Development Fund: 25%
Protocol Airdrop: 19%
Development Team: 18%
NFT Minters: 9%
Initial Liquidity Provision: 4%
Eight, Token Distribution Timeline
Weekly Emission: 2,600,000 THE (reducing by 1% weekly).
Max Supply: Approximately 310 million.
Use Cases for THE Token
Activity Rewards.
Staking veTHE can:
Participate in Governance.
Earn Weekly Rewards.
Receive a Share of Trading Fees.
Nine, The Potential of Thena
Advantages
Strong Support from Binance: Listing on the Binance Holder Portal indicates its potential for long-term growth and sustainability.
BNB Chain Ecosystem: Operating on one of the largest blockchain ecosystems with low fees and high scalability.
Diverse Products: Offering a wide range of services, from AMM DEX to cross-chain features and NFT utilities.
Challenges
Intense Competition: Competing with established players like Pancakeswap.
Liquidity and Price Volatility: Strategies are needed to attract liquidity providers and stabilize token prices.
Complexity of ve(3,3): This mechanism may be challenging for new users and requires community education efforts.
Token Issuance Volume: Relatively high issuance volume (2.6 million THE/week) may generate sell-off pressure, especially during market turmoil.
Ten, Conclusion
Thena shows great potential in the DeFi space, particularly with its innovative model and the support of Binance. However, potential investors should carefully consider risks such as competition, sell-off pressure, and market volatility. This project is best suited for those who believe in the long-term trends of the BNB Chain ecosystem and DeFi.
