CZ recently quoted a tweet about the growth of BNB Chain, especially Thena, causing the value of the $THE currency to grow by 100%. So what is Thena? And why should you care about this project? Let’s find out in the article below!
Not sure what this means exactly, but #BnB chain Defi getting discovered. https://t.co/tRMS8iQWPQ
— CZ 🔶 Binance (@cz_binance) February 16, 2023
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What is Thena?
Thena is one of the leading decentralized exchanges on the BNB Smart Chain and aims to become the original liquidity class & AMM on the chain.
The platform is built around the concept of Solidly with Andre Conji’s (3,3) model along with some improvements, mainly:
- Overcoming token inflation
- Reduce the impact of dilution mechanisms
- Improve the initial token distribution
Thena is currently the most prominent project in the BSC ecosystem with a large TVL (US$150 million) while the market cap is only about US$10 million. Not only in TVL, Thena Finance is also growing in other aspects:
- $100M 7D volume, ranked 5th on BSC
- 14,000 trades in the last 24 hours
- $13,300 generated in fees
- 150M TVL ($50M in 6 days)
- MC ~$30,000,000 (over 20 million locked)
But compared to (3,3) platforms from different chains, it is only ranked 3rd, after Solid (Ethereum) and Velo (Optimism), while the market cap is only about US$10 million -> there is still room for growth.
Development team
The Thena development team is completely anonymous, but has a lot of experience in researching and developing projects in the DeFi market.
Tokenomics
- Token: $THE
- Price: $0.78
- Circulating Supply: ~ 12 million
- Circulating Market Cap: ~ US$10 million
- TVL: ~ US$150 million
Token distribution and vesting schedule
Fair launch with no VC behind, most tokens have been airdropped to users in the form of THE or veTHE.
veTHE Protocol Airdrop – 19% to airdrop to partner projects contributing to liquidity with Thena.
Airdrop $THE/veTHE for users – 25%. Users have been selected based on behaviors that promote the long-term stability of the above protocols, such as: lock, stake, and continue to support Thena.
Airdrop $THE/veTHE for NFT Minters – 9%. Those who minted theNFT will be airdropped:
- 40% when veTHE is locked for 2 years
- 60% in the form of $THE
Sponsorship for the ecosystem – 25% to be used to support a range of projects to promote the development of THENA.
Team – 18%, allocated to development team members as follows:
- 60% when veTHE is locked for 2 years
- 40% when $THE is assigned for 2 years with a 1-year term
Liquidity – 4% for the $BUSD and $BNB pair to provide sufficient liquidity when launched.
$THE’s utility
- Reward for LP (Liquidity Provider)
- veTHE model: lock THE to get veTHE – use veTHE to vote on liquidity pools. The pool with more votes will receive more $THE rewards. Therefore, people usually vote on the pool they are providing liquidity to receive more rewards.
- In addition, veTHE holders will also receive fees and bonus rewards from the pool they have voted for. However, to get veTHE, users must lock THE for 6 months to 2 years. Currently, more than 26 million THE (~$20M) have been locked.
Lock $THE to receive veTHE here.
TheNFT
TheNFT Thena Finance also has an NFT collection with a total of 1734 NFTs (each NFT is valued at around 6.69 BNB). Staking NFTs will receive a percentage of transaction fees and 2% royalty rewards from NFT transactions on the market.
Stake NFTs here.
On-chain Analysis
On-chain In the past 7 days, the on-chain data of $THENA has been quite positive.
Volume has increased significantly (after CZ tweeted about Thena), demonstrating the strong interest from investors.
The amount of locked veTHE has increased significantly in the past 7 days -> users buy Thena and lock it to get veTHE.
The amount of liquidity has decreased -> more people are buying and holding the token (top wallets have shown signs of buying in the past 7 days).
Follow Thena’s Whale wallet at: https://s.depocket.com/fsMbXF
Roadmap
Currently, one weakness is that Thena Finance has not made its upcoming roadmap public. The team only revealed that there will be more stablecoin pools as well as upcoming partnership information.
Conclusion
With a market cap of only 10 million while TVL has reached hundreds of millions, good user growth, and positive on-chain data, Thena is a project that is attracting a lot of attention and may bring good profit performance to investors in the near future.
