A Year of Growth
Welcome to the THENA Financial Report for Q3/Q4 2024. Over the past two quarters, we’ve witnessed exceptional growth in user engagement, transaction volumes, and strategic partnerships—factors that have significantly strengthened our position in the DeFi landscape. Our community has expanded, transaction activities have surged, and innovative initiatives have further cemented our reputation as THE business development hub of BNB Chain.
This report provides a detailed analysis of our key performance metrics, highlights major achievements, and outlines the strategic initiatives driving our momentum. As we transition into 2025, we’re gearing up for transformative upgrades and groundbreaking innovations that will propel THENA toward our ultimate vision of becoming THE DeFAI SuperApp.
1. User Engagement
In Q4, THENA’s Daily Active Users grew to an average of 4,100 (source: Token Terminal), representing a remarkable 190% increase compared to Q3. This significant growth underscores THENA’s successful community engagement strategies and the effectiveness of its platform enhancements.
THENA experienced significant user growth in Q4, particularly in November when the total number of users surged to 318,395, marking an impressive increase of over 208% compared to October's figure of 103,433. Despite a modest 13% decline in December, bringing the total to 276,739, the overall Q4 growth trajectory reflects THENA’s ability to consistently acquire and retain users.
2. Platform Metrics
Transaction volumes on THENA experienced exceptional growth in Q4, surging to $8.23 billion, a 195% increase compared to Q3’s $2.79 billion. This substantial uptick highlights the increasing trading activity on the platform, driven by enhanced liquidity, a growing user base, and the efficiency of THENA’s ve(3,3) tokenomics model.
The number of wallets connected to THENA also saw significant growth during Q4. In November, connected wallets surged to 149,347, reflecting a 120% increase from October’s 67,913. This upward trend continued into December, with wallet connections climbing further to 173,680, representing a 16% month-over-month growth. These metrics underscore THENA’s ability to onboard and retain users effectively, reinforcing its position as a leading DeFi platform.
The number of wallets connected to THENA also saw significant growth during Q4. In November, connected wallets surged to 149,347, reflecting a 120% increase from October’s 67,913. This upward trend continued into December, with wallet connections climbing further to 173,680, representing a 16% month-over-month growth. These metrics underscore THENA’s ability to onboard and retain users effectively, reinforcing its position as a leading DeFi platform.
3. Performance Highlights
In H2 2024, THENA reinforced its leadership in DeFi through a robust community engagement strategy. Nearly 2.5 years since launch, our X (formerly Twitter) account has consistently delivered daily content, cultivating a loyal and engaged following that continues to drive our market presence.
Complementing our social media efforts, our Zealy sprints have been instrumental in scaling organic engagement and high-quality content creation. Over a 184-day period from July to December 2024, we conducted 10 structured sprints—with 9 fully executed in H2—that incentivized participation through a dynamic quest-based system. These initiatives rewarded community members with $60,000 (213,804 $THE) in total, engaging 3,193 participants who collectively completed 103,941 quests. This sustained effort not only deepened long-term community involvement but also fostered skill development across our user base, further solidifying THENA’s position as a leading innovator in the DeFi space.
Content Creation Highlights:
Over 610 high-quality community posts generated (1,500+ views or 30+ likes).
More than 2,800 original community posts published across platforms:
2,000+ X posts
142 Binance Square posts
698 DeBank posts
Content on platforms like Instagram, TikTok, and YouTube.
Expanded Global Reach: Prominent Offline Presence
As part of THENA’s broader vision, Q3/Q4 saw significant efforts to enhance global visibility through active participation in major blockchain conferences and side events, these initiatives successfully increased brand exposure and attracted potential partnerships with institutional and traditional finance players.Hosted Offline Side Events:
South Korea: ETH Seoul (Q2)
Vietnam: GM Vietnam (Q2)
Japan: EDCON
Singapore: Token 2049 (DeFi 2049: Beyond THE Horizon)
In collaboration with Venus, ListaDAO, Simon’s Cat, Orbs, and Algebra.
Attracted nearly 400 registrants.
Insights shared by many high-profile panelists from TradFi
Garnered extensive media coverage and online engagement.
France: Crypto Crunch hosted by BNBChain in Paris
Thailand: BNB Chain Takeover during Devcon hosted by THENA and Seraph
Empowering Builders: BNB Chain Hackathon Sponsorship
THENA proudly sponsored the BNB Chain Hackathon, challenging participants to design a memecoin incorporating a charitable mechanism. With a prize pool of $10K + veTHE, the event strengthened THENA’s positioning as a leading innovator while laying a strong foundation for Q4 collaborations with Binance Alpha projects.Official Launch of THENA ARENA
After extensive beta testing and over 70 permissionless competitions, THENA ARENA was officially launched on September 1, offering users access to more than 270 assets. Supported by a BNB Chain Grant, this launch represents a pivotal milestone in THENA’s journey toward revolutionizing SocialFi trading and fostering community growth."THE Story" Campaign: Engaging Creativity
Successfully launched "THE Story" campaign, seamlessly integrated into the platform. This initiative gamifies the user experience, guiding participants on an engaging journey to familiarize them with THENA's key features, including Swap, LP, Lock & Vote, perpetual trading on ALPHA, and the ARENA trading competition.
Strategic Collaborations: Paving the Way for a SuperApp
THENA’s rapid expansion in Q3/Q4 was driven by a series of high-impact strategic partnerships, reinforcing our vision of evolving into a comprehensive DeFi SuperApp. We secured over 30 key collaborations, aligning with emerging industry narratives such as Chain Abstraction, BTCFi, LST, BNB Restaking, and Telegram trading bots.
Notable partnerships include Lido, Particle Network, YieldNest, Solv Protocol, and Shuriken, alongside an additional 20+ leading protocols and projects in Q4, such as Simon’s Cat, $WIF, Space ID, Seraph, Trade Tomato, Hooked Protocol, First Digital Labs ($FDUSD), Avalon Finance, Magpie ecosystem, Bedrock, Ignition, RWA Inc, $Koma, Brevis, Wise Monkey, Loop, and $Cheems.
These alliances not only enhance THENA’s ecosystem but also position us at the forefront of DeFi innovation, solidifying our role as the go-to liquidity hub on BNB Chain. As we continue attracting top-tier projects, we remain committed to delivering an all-encompassing, next-generation DeFi experience.
Strengthening Community Engagement
Launched an official Spanish community and hosted its inaugural AMA.
Conducted the first-ever global THENA Community AMA, fostering inclusivity and enhancing user engagement.
Reinforcing Security with Hacken & Hypernative
THENA’s V3,3 audit by Hacken received a near-perfect 9.9/10 score, with all 32 identified issues successfully resolved—a testament to our unwavering commitment to security.
Beyond audits, THENA has integrated Hypernative’s real-time threat detection and automated response, proactively mitigating risks and ensuring robust asset protection. This partnership enhances security and reliability, safeguarding both users and liquidity providers.
THENA’s achievements in Q3/Q4 highlight its relentless drive for innovation, deep community engagement, and strategic growth. Through impactful campaigns, groundbreaking collaborations, and an uncompromising commitment to product excellence, THENA is reshaping DeFi and paving the way for what’s next.
With an ever-expanding network of top-tier partners, THENA continues to strengthen its position as a leading hub for DeFi innovation and opportunity. As we scale, our focus remains on onboarding premier projects, forging industry-defining alliances, and delivering unmatched value to our ecosystem.
4. Growth Trends
Following THENA’s listing on Binance, the price of $THE surged significantly from $0.15 to a peak of $4.00. This increase has reflected a consequent increase in the value of $THE emissions that are distributed weekly to THENA's LPs.
During Q4, over $7.3 million worth of $THE was distributed to LPs on THENA, marking a 215% increase from the $2.3 million distributed in Q3.
The increase in $THE emissions values incentivized liquidity providers, contributing directly to the growth in TVL. This expanded liquidity, in turn, facilitated higher trading volumes, boosting fee generation. The ve(3,3) model further enhanced this cycle by aligning governance incentives with liquidity provision, creating a virtuous growth loop for the ecosystem.
In Q4, the TVL on THENA reached $63 million, reflecting over 110% growth compared to the $30 million recorded at the end of Q3. This substantial increase underscores THENA's strengthened market position and growing investor confidence. By leveraging its ve3,3 tokenomics model, THENA has successfully attracted and retained capital, positioning itself as a key player in the DeFi space.
THENA’s total fees generated in Q4 soared to $6,129,555, representing a 153% increase from Q3’s $2,420,594. This growth was fueled by the platform’s expanding trading activity and increasing transaction volume, showcasing the ecosystem’s ability to drive user engagement and economic value.
Voting incentives experienced exceptional growth in Q4, reaching $2,279,214, a 229.78% increase from $691,130 in Q3.
By offering rewards, these partners encourage veTHE holders to direct their governance power toward specific liquidity pools, ensuring deeper liquidity and optimized trading conditions for their tokens. This mechanism has created a competitive environment within THENA’s liquidity marketplace, driving increased participation from partners and enhancing the overall ecosystem.
In Q4, the combined total of fees and voting incentives surged to $8,408,769, reflecting an impressive 170.23% increase from $3,111,724 in Q3. This growth underscores the strength of THENA’s ve(3,3) tokenomics model, which aligns stakeholder incentives across the ecosystem.
veTHE token holders benefit directly from this model, earning a share of both the fees and the voting incentives deposited by partners.
By aligning the interests of liquidity providers, partners, and governance participants, THENA has established a virtuous growth cycle that continues to drive ecosystem expansion and value creation.
5. Keep Building
THENA is ready to unveil a major upgrade in Q1 2025 – the V3,3 of our DEX. This release will introduce an array of groundbreaking enhancements to our protocol, including:
Algebra Integral introduces Plugins (similar to Uniswap V4’s Hooks), modular upgrades that can be integrated into the liquidity engine to unlock new functionalities and use cases.
RWA Integration with Plugin-powered AML/KYC-compliant liquidity pools, currently being tested through a Proof of Concept (PoC) in collaboration with Brickken.
Idle assets in the pool can be supplied to lending platforms like Venus to generate additional yield and enhance competitiveness.
New AMMs including Balancer-Style 80/20 Weighted Pools: Tailored for LSTs, reducing incentive costs as LPs can park 80% of assets instead of 50%.
Liquidity Bootstrapping Pools (LBPs), a powerful tool for new projects launching their tokens on-chain, helping to establish liquidity and facilitate efficient price discovery during their Token Generation Event (TGE).
Option for manual liquidity providers to farm $THE, enhancing yield opportunities for users who prefer to actively manage their own positions.
Introduction of delta-neutral strategies and institutional-grade vaults, combining the strengths of multiple DeFi platforms—utilizing THENA for organic yield generation and Venus for risk hedging.
Cross-chain functionality for veTHE, allowing governance token holders to allocate votes to pools across multiple chains.
Big things are coming in Q1. THENA—together with our partners—is set to launch a new physical and digital debit card, enabling seamless crypto spending through integrated on/off-ramp services.
At the same time, we’re rolling out major enhancements to ARENA, our SocialFi platform for Trading Competitions, fully integrated with THENA’s Spot and Perpetual Exchange.
ARENA can be leveraged to:
✔ Engage communities
✔ Boost brand awareness
✔ Increase trading activity
Currently, the platform supports PnL-Based Trading Competitions, but we’re actively developing Volume-Based Competitions, introducing new incentives to drive even greater trading volumes for our partners.
AI is also becoming a key part of our ecosystem. Our latest collaboration with Singularry will integrate an AI agent layer that interacts directly with both THENA and Venus functionalities. This will allow users to seamlessly deploy advanced strategies—like hedging, leveraged yield farming, and automated risk management—without deep technical expertise. The AI handles the complexity, delivering a simplified and efficient user experience.
Additionally, we’re developing internal AI agents to scale our operations as we continue expanding.
THE Road Ahead
2024 was a breakthrough year for THENA, marked by exponential user growth, surging transaction volumes, and strategic partnerships that reinforced our market position. As we transition into 2025, we’re set to build on this momentum with transformative upgrades and innovations that will redefine the DeFi landscape on BNB Chain. With the forthcoming V3,3 upgrade, the integration of advanced AI agents, expanded cross-chain capabilities, and enhanced yield generation strategies, we’re not only improving our platform’s efficiency and security but also delivering a seamless and engaging experience for every user.
These strategic initiatives will drive further community growth, attract premier partnerships, and cement our role as THE leading DeFAI SuperApp. In 2025, THENA is ready to set new benchmarks in innovation, user engagement, and ecosystem value—fulfilling our ultimate vision of becoming the definitive hub for decentralized finance and beyond.
Join us for the next chapter!
