Decrypting $THE and veTHE: Thena's Token Economic Model and Potential Increase Analysis

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远山洞见2024/11/27 07:04

By:远山洞见

I. Project introduction

Thena is a decentralized exchange (DEX) and liquidity network built on BNB Chain and opBNB, aiming to provide users and partners with comprehensive trading and liquidity management services. Its ecosystem covers a variety of products, including spot trading, perpetual contracts, social trading platforms, and the upcoming Launchpad, to meet the diverse needs of different users.

As one of the core products, THENA provides user-friendly spot trading functions, supporting digital asset exchange and passive income generation. ALPHA is a perpetual contract trading platform that supports more than 270 cryptoassets, providing trading options with up to 60x leverage. At the same time, ARENA incorporates social elements into trading, creating a competitive User Experience and helping partners increase market participation. In addition, the WARP launch platform is about to be launched, providing early investment opportunities for emerging projects.

Thena's vision is to become the "SuperApp" of the DeFi world. By providing User Experience close to centralized exchanges (CEX), Thena hopes to attract more users to join the on-chain ecosystem. With the liquidity layer of Modularization, Thena is committed to meeting various liquidity needs, including stablecoins, liquidity staking tokens (LSTs), asset tokenization (Tokenized RWAs), Meme coins, and AI tokens.

Thena's core mission is to build the future of decentralized finance through convenient User Experience and flexible liquidity management. Whether novice or experienced traders, Thena hopes to become their preferred platform for entering the DeFi world.

Decrypting $THE and veTHE: Thena's Token Economic Model and Potential Increase Analysis image 0

II. Project highlights

1. Full-chain ecology and Modularization

Thena is built on two major networks, BNB Chain and opBNB, fully leveraging its performance advantages to support various Modularization AMM models, including Concentrated Liquidity AMM, Stable AMM, and Classic Uniswap V2 AMM, flexibly meeting the liquidity needs of diverse assets such as stablecoins, Meme coins, and AI tokens, providing efficient and customizable solutions for partners and users.

2. Innovative ve (3, 3) Incentive Mechanism

The platform adopts a unique ve (3,3) incentive model, allowing partners to flexibly configure liquidity pool incentive strategies through an open incentive market. Project parties can adjust token incentive intensity according to market dynamics to achieve precise liquidity management and inject more vitality into the ecosystem.

3. User-centric simplified experience

Thena focuses on reducing user barriers, providing convenient on-chain interaction experiences from wallet abstraction, fiat currency recharge/withdrawal to cross-chain bridging. At the same time, the upcoming debit card and banking services will further achieve seamless connection between traditional finance and DeFi, meeting the diverse needs of global users.

4. Continuous innovation and global expansion

ARENA's social trading platform attracts users through a competitive experience. ALPHA provides contract trading services with up to 60x leverage. The upcoming WARP launch platform and permissionless trading competition feature will drive global user participation and capital inflows. Thena is committed to becoming a "super application" in the DeFi world, building a long-term sustainable financial ecosystem for users and partners.

III. Market value expectations

Based on THE's initial circulating supply of 55,167,151.878, the current price is 1.33 dollars, and the current circulating market value is approximately $73,176,478.769. Referring to the data and market potential of the benchmark project, we estimate the possible market value performance of THE in the future as follows:

Benchmark project:

1. Decentralized trading infrastructure ZRX

Unit price: 0.5327 dollars

Market capitalization: $451,498,780.078

Circulating supply: 848,396,562.907 ZRX

Calculation result: If THE's circulating market value reaches the level of ZRX, the unit price of $THE is about 8.19 dollars, an increase of about 6.16 times.

2. Decentralized Exchange CAKE

Unit price: 2.7 dollars

Market capitalization: $769,146,510.088

Circulating supply: 284,933,557.945 CAKE

Calculation result: If THE's circulating market value reaches the level of CAKE, the unit price of $THE is about 13.94 dollars, an increase of about 10.48 times.

3. Decentralized transaction protocol UNI

Unit price: 11.4 dollars

Market capitalization: $6,851,669,441.63

Circulating supply: 600,425,073.71 UNI

Calculation result: If THE's circulating market value reaches the level of UNI, the unit price of $THE is about 124.21 dollars, an increase of about 93.37 times.

By comparing these important projects in the DeFi ecosystem, THE has the potential to occupy a place in the decentralized trading market with its BNB Chain and opBNB-based Modularization Liquidity Network and ve (3,3) incentive model.

IV. Thena (THE) Token Economics

Thena's token economy system optimizes governance mechanisms, liquidity incentives, and community participation through the combination of $THE and veTHE, aiming to create a highly decentralized and sustainable ecosystem. The following is the detailed allocation and functional mechanism of $THE.

1. $THE allocation model

Thena's initial supply is divided into several key parts, clearly supporting ecological development and liquidity construction.

User airdrops (25%, 12,500,000 coins) $THE and veTHE were airdropped to early users to motivate community participation and support ecosystem expansion.

The protocol airdrop (19%, 9,500,000 coins) is allocated to protocols willing to interact with the Thena liquidity layer, promoting multi-party cooperation and establishing an early ecosystem.

The team allocation (18%, 9,000,000 coins) is used to reward the contributions of the core team and promote the long-term development of Thena.

The Ecological Fund (25%, 12,500,000 coins) is used to support the construction of the ecosystem, including developer incentives, partner rewards, and platform feature expansion.

The NFT holders airdrop (9%, 4,500,000 coins) distributes $THE to the NFT holders as a reward for their support of the platform and to strengthen community stickiness.

The initial liquidity (4%, 2,000,000 coins) is allocated to establish the initial liquidity pool of the platform to ensure smooth trading.

2. veTHE: Governance and revenue tokens

VeTHE is the voting hosting version of $THE, which combines Olympus DAO's anti-dilution mechanism and Curve's lock-up model to optimize governance participation and profit distribution.

Acquisition method: Users obtain veTHE by locking $THE (up to 2 years). The longer the locking time, the higher the voting weight.

Agreement income rights:

VeTHE holders can vote on the liquidity pool (Gauge) every week and receive the following benefits:

90% transaction fees: transaction fees from the voting pool.

100% voting incentive: The agreement is a reward for attracting votes to be deposited.

Governance participation: Influencing protocol improvement and distribution strategy of $THE through voting.

Anti-dilution mechanism: The platform uses the ve (3,3) mechanism to dynamically allocate veTHE through Rebase every week, minimizing the dilution of early holders.

Flexibility: veTHE can be split, merged, or traded on the secondary market, increasing the liquidity of governance tokens.

3. Gauge dynamic liquidity pool

Gauge is the core of the platform's liquidity pool, with veTHE holders voting weekly to determine the allocation ratio of $THE.

Mechanism features: No negative voting to ensure positive incentives. The liquidity pool dynamically adjusts incentive allocation based on voting results to improve capital efficiency. After the weekly voting ends, trading fees and voting incentives are allocated to veTHE holders.

4. The NFT: The NFT is a non-dilutible collection of NFTs that shares revenue with the platform through staking.

Source of income:

10% of platform transaction fees.

Secondary market NFT royalty income.

V. Team and financing

1. Team members

Theseus: Co-founder and CEO, responsible for platform strategic direction and overall management.

0xApollo: Co-founder and CMO, focusing on marketing and branding.

CHIA-BAO YAO: Head of Growth, responsible for user growth and community operations strategy.

2. The financing situation

On December 8, 2023, Thena announced the completion of a financing round led by Orbs, with a financing amount of $600,000.

In addition, Thena has recently received strategic support from BNB Chain to promote the innovative development of its SocialFi trading platform and THENA ARENA. This strategic funding will further consolidate Thena's leading position in decentralized finance and help it continue to innovate in the liquidity market.

VI. Risk Warning

1. The governance incentive of veTHE depends on the transaction fee income of the platform and the incentive funds deposited by external agreements. If the transaction volume of the platform fails to continue to grow, or the external agreement decreases the investment in Gauge incentives, it may lead to a decrease in the income of veTHE holders, thus affecting the governance participation and long-term locking willingness.

2. The income of veTHE holders mainly comes from transaction fees and voting incentives deposited in external agreements. If the platform's transaction fees are not competitive enough, it may lead to a decrease in the overall income of the agreement, affecting the return of veTHE holders. The dependence of external agreements on Gauge incentives may be too high. If external funds decrease, it will directly affect the health of the platform's liquidity ecosystem.

VII. Official link

Website：https://thena.fi/

Twitter：https://x.com/ThenaFi_

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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