BNB chain has over 1m+ daily active users and continues to grow.
If you are bullish on BSC and are looking for a way to capitalise…. @ThenaFi_ could be the answer.
With its innovative Solidly model, real yield and a thriving community, Thena is poised to explode in growth.🧵
Let’s dive in…
$THE
Price = $0.33
DEX
BNB Chain
Market cap = $7m – Rank 1123
All time high = $0.995914 (-66.5%)
All time low= $0.257983 (29.5%)
Thena was launched at the start of 2023 and is Decentralised exchange based on the Solidly ve(3,3) model.
It aims to improve on Andre Cronje’s original concept and become THE native liquidity layer of BNB Chain. On the protocol you can
Swap tokens
Provide Liquidity
Lock $THE to $veTHE & earn rewards
Vote on LPs to earn bribes
A great thread by @defi_naly
https://twitter.com/defi_naly/status/1596515318230581248?s=20
Revenue
Amongst other DEXs, Thena comes in 15th overall for 7-day total revenues. Over the last 24hrs numbers are
Revenue = $9,018
Fees = $9,018
Fees have been stable in a range from $5k - $25k daily and all revenue goes to holders which is excellent.
8 for Revenue.
Treasury
There is no ‘Treasury’ as such for Thena, but 25% of the initial supply was allocated to the Ecosystem Grant. This is to support a wide range of projects and accelerate the growth of THENA.
12.5m THE at $0.33
TOTAL $4.13m USD
7 for Treasury.
Tokenomics
The initial token distribution for the project was
19% - Airdrop to Protocols
25% - Airdrop to Users
9% - Airdrop to theNFT minters
25% - Ecosystem grant
18% - Team
4% - Initial LP
There are three main tokens
$THE
$veTHE
theNFT
THE is the utility token of the protocol and its purpose is to
Incentivise liquidity for optimal trading conditions
Encourage decentralized governance
$veTHE is the vote escrowed version of $THE (Similar to Curve). You can lock for a maximum of two years and the veTHE balance declines to zero at the end of the lock period.
theNFT is the founders NFT token that can be staked for revenue sharing- only 1,734 have been minted.
At the heart of the protocol is the ve(3,3) emission mechanics. Its purpose is to align and incentivise the behaviour of all participants and create a flywheel.
Solidly is a combination of the Curve and Olympus model
Curve- Vote escrowed model to strengthen incentives for long-term token holders
Olympus DAO - Staking/Rebasing/Bonding or (3,3) game theory
The mechanics are quite complex, I recommend reading @SimplifyDeFi ‘s thread.
https://twitter.com/SimplifyDeFi/status/1625345157787688960?s=20
9 for Tokenomics.
Locked up funds
These are the current supply stats
Circulating supply = 21m
Total supply = 90.8m
Max supply = 315m
Market cap = $7m
FDV = $30m
Market cap/ FDV = 0.23
Currently, around 29% of THE is currently in circulation (91m / 315m). However, due to the vote locking mechanics a total of 62% of THE is locked for an average of 1.92 years, reducing overall sell pressure.
7 for Locked up funds.
Use case
Total TVL is sitting at $83m– 10th amongst other protocols on BSC chain. A lot of room for growth if they can continue to successfully execute. The BNB chain is the 3rd largest chain in terms of total TVL (Behind Ethereum & Tron).
It has just under 600 protocols and 1.1m active users. This means a huge amount of growth potential for Thena and its innovative AMM Solidly model should capture an increasing share of liquidity among projects launching on BSC.
8 for Use case.
Roadmap
Thena Fusion was released in April and comes with it the following improvements
Users can add concentrated liquidity which is managed automatically
More consistent rewards to LPs
Core/ stable pools could create self-sustaining flywheels
Read more about the exciting update by @Slappjakke
https://twitter.com/Slappjakke/status/1645763685460373505?s=20
After the V2 migration has been completed, there isn’t a lot of info from the team on future roadmap.
7.5 for Roadmap.
Team & Funding
Thena was launched in Jan 2023 and is led by mostly an anonymous team. They pride themselves on being a community run protocol with no VCs and no seed round. The tokens (THE and veTHE) were airdropped to early users and other BNB chain protocols.
A strong community of Thenians is being built and the team have already partnered with some impressive DeFi projects.
8.5 for Team & Funding.
Summary
TLDR summary for each category’s score out of 10.
8 - Revenue – $9k daily revenue- all to holders
7 - Treasury– $4.13m in Ecosystem Grant
9 - Tokenomics – Improved Solidly ve(3,3) mechanics
7 - Locked up funds – 29% tokens in circulation (315m max supply)
8 - Use case – $83m TVL, BNB chain growing
7.5 - Road map – V2 released- Fusion
8.5 – Team & funding – Anon team, No VCs or seed rounds
TOTAL- 8.2 weighted avg. score
Thena is one of the more exciting and innovative DeFi projects I have covered recently. It has great tokenomics and has positioned itself well within the BNB chain ecosystem to benefit from the influx of new protocols and liquidity.
As it is a young protocol with a small market cap, there are of course risks involved with being early. However, I do believe that the project has strong potential.
The purpose of this thread is for education and research- not financial advice. I am not a paid advisor or ambassador of Thena.
Always DYOR before Apeing in. Here is a framework I prepared earlier.
https://twitter.com/jake_pahor/status/1603039685609152515?s=20&t=7ffpmNn4CGlUR9pBxRWpvA
The current macro conditions are still very choppy so stay safe out there frens.
Tagging some fellow Thenians who are all worth a follow
@rektdiomedes
@crypthoem
@schizoxbt
@Slappjakke
@SimplifyDeFi
@resdegen
@crypto_linn
@NickDrakon
@DeFiSurfer808
@CryptoDamus411
@drakeondigital
@blockbytescom
@CompleteDegen
@CryptMoose_
@danblocmates
@SmallCapScience
@0xKhmer
Bro you wanna check out elephant.money on the BNB chain.
They like the 4th largest bnb holder out there.
Great project with farms to stake your bluechip coins and a futures contract that pays out 0.5% a day in BUSD.
You won't be sorry bud 👍🚀