Staking Circle
Staking Circle
Feb 29, 2024
11 min read

Deep Dive into Thena’s World

Deep Dive into Thena’s World

Thena, a rising player in the decentralized finance (Defi) space, revealed its grand plans to transform the cryptocurrency trading scene during our recent AMA session. Thena is redefining innovation in the space by introducing up to 50x leverage, expanding its platform to include over 150 crypto assets, and launching arena, a social trading platform.

Significant UI improvements, strategic BNB chain expansions, and an in-depth examination of Thena’s distinct tokenmics model area among the highlights of the AMA. Join us as we dive into the highlights and explore the future Thena is shaping for the world of Defi:

X Spaces: Deep Dive into Thena’s World


  • Theseus: CEO & Co-Founder of Thena


  1. Thena Overview
  2. Progress from Thena V1 to V3
  3. Arena: Social Layer
  4. Modular Liquidity Framework
  5. User Benefits
  6. Defi onboarding Challenges
  7. Thena UI and Account Abstraction
  8. Educational Content and Community Effort
  9. Upcoming Features and Roadmap
  10. Strategic Partnerships and Collaborations

1. Thena Overview

  • Thena began as a DEX on the BNB chain using Uni V2 AMM with Ve(3,3) Tokenomics. Token holders control emissions by locking tokens from 2 weeks to 2 years, gaining voting power and a share of fees and bribes:

“So Thena, originally, it started as a decentralized exchange on the BNB chain that was based on the Uni V2 AMM at the time with what we call Ve(3,3) Tokenomics. So to give you a quick rundown of what Ve(3,3) Tokenomics are, it's essentially on TINA, token holders control our emissions going toward pools. And basically, the way to do that is that you're going to lock your token from a period to two weeks up to two years. And the longer you lock it for, the bigger your voting power.”

  • The initial goal was on the BNB chain as Ve(3,3) Dex, but now includes a trading platform offering spot-concentrated liquidity markets with automated liquidity management and intent-based perp stacks with more than 150 crypto assets and up to 50x leverage.

“I would refer to Thena as a 360 trading platform that is offering spot-concentrated liquidity markets with automated liquidity management that is directly accessible from our DApp. So we have various automated liquidity managers like Gamma, EG, DeFi, Edge, and we're adding others to diversify our offering and essentially removing barriers to entry for retail (...) We've currently have more than 150 cryptos to trade, and this number is increasing every week. With up to 50x leverage.”

2. Progress from Thena V1 to V3

  • V1 included a Uni V2 based AMM with additional Ve(3,3) tokenomics.

“We were so uni V2 based AMM. With Ve(3,3) tokenomics on top and that's basically all we were. So at the time what we did is that we did this huge go to market where we onboarded like 20 and plus protocols and big ones like Frax, like Anchor, like XCAD and many others that were stakeholders initially on TINA. We allocated the position to them and in return they made TINA their main liquidity marketplace on BNB.”

  • V2 introduced concentrated liquidity, boosting capital efficiency by more than 600% and integrated automated liquidity managers.

“We introduced our V2 and the big advancements of our V2 was concentrated liquidity. So to give you a quick rundown since we introduced concentrated liquidity we increase the. Our capital efficiency of our DEX by more than 600%, meaning we make more than six times more fees per dollar of TVL. So yeah, it's been a game changer for us in terms of efficiency and profitability for the DEX. (...) what we did is that on top of that we integrated various automated liquidity managers like Gamma, Gamma was actually the first one, so that basically they can handle all the liquidity management for the user. So from the user standpoint, providing liquidity on Thena through our concentrated liquidity AMM was as easy As providing liquidity on the old Univ2 AMM, you know, where you put 50 of an asset, 50 of the others, and that's it. You can just keep it there and earn yield. So the experience was kind of similar. And that's what retail love.”

  • V3 features include Balancer curves, Integral plugins for added functionality, cross-chain gauges with voting, and optimization and code upgrades addressed in an audit by OpenZeppelin. The second audit for V3 is due as of March.

“So Thena v3 aims to expand on our goal and bring forward the most modular DEX in existence. And I'm going to give more details a bit later on about what is modularity. But so at the AMM level with our v3, we're introducing two new curves from Balancer that have been key to their growth in the LST and DeFi sector. So we will have metastable AMM and weighted pools. On top of our CLAMM, StableAMM and UniV2AMM. So essentially we'll be offering all the best in class AMMs available on the market to serve the need from all niches in the market.(...)We already had an audit with OpenZeppelin. We had quite a few comments, so we fixed those. And now we're gearing up for our next audit for v3, which should start in March.”

3. Arena: Social Layer

  • Arena, a social trading platform, is set to launch in the next month and is designed as a tool to onboard and keep users. It will add social-fi elements, letting users build profiles, start/join trading contests, and compete. It will use plug-ins to offer benefits directly within the Thena ecosystem.

“We wanted to build this social-fi sub-app directly connected. To the Thena offering, and it will allow users to build a long lasting presence on Thena and give them all the tooling features to connect, perform, share and compete. So at first the MVP, it will allow users to build up their profiles by getting their hands on a Thena ID. It's essentially an NFT. Anyone will be able to create or join a trading competition for both our spot market and our perks on Alpha.”

4. Modular Liquidity Framework

  • Thena V3 offers a modular design, adjustable to various needs including those of real-world asset deployers and institutions.

“And so FINA vFree with the integral implementation, we're solving this because so you have the base AMM, then you have a liquidity layer for the vFree model, but then protocols can build on top and customize their strategy depending on their own needs. And so the main benefactors from that are going to be builders because they have a versatile DEX that can offer full flexibility depending on what they're looking for.”

  • Protocols will have access to different AMM curves, customizable fee structures, automated liquidity management tools, and the ability to tailor strategies for liquidity depending on needs via plugins, increasing versatility.

“So to show you exactly the degree of modularity that we're aiming for with our V3. Well, so first, protocols will have access to every major AMM curves that are in existence, whether it's CL, metastable pools, weighted pools, you name it. They'll be able to set their desired level of fees at the pool level, and on top of that, at the dynamic component. Then they'll be able to choose the way their liquidity is managed by working with one of the ALMs that are integrated directly through Thena”

5. User Benefits

  • Traders access more liquid and efficient markets, benefiting from a system that can shift to provide efficient markets.

“For traders, they will benefit from a more liquid and efficient market because everything in the background can be tailored to offer. That efficient market, then it's up to the builders. But the first beneficiaries, it's the protocols.”

  • LPs can earn extra yields on inactive positions, like earning 8% on BTC waiting to sell at $70k while it's looped on Venus.

“And the second one, it's LPs, because now LPs will be able to, for example, earn extra yields on their idle position. So, for example, you intend to exit Bitcoin at 70K, you put the liquidity out of range. And in the meantime, it's on Venus being looped three times to earn 8% yields. So instead of having the... The BTC is all in your wallet. You're earning 8% on it while having your limit order set. And this is just a basic example of what you could do.”

  • Traders with Thena tokens could receive perks like fee discounts, and potential changes to interactions with the AMM by adding additional steps. “Traders that actually own our token and participate on a regular basis in our Dapp. They will have perks like fee discounts, for example, by holding our token.”

6. DeFi Onboarding Challenges

  • Theseus pointed out the complicated process for newcomers, particularly when purchasing and staking crypto in DeFi protocols. Highlighting the importance of direct on and off-ramps for a DEX as a key part of the trader's journey.

“To see the amount of hurdles that's going to come in your way and how complicated it is currently to get there. Even if it's better than a year ago, we're still very far from it. The first thing the person is going to be looking to do is going to be on-ramping. So for me, having on and off-ramp directly for your DEX is a crucial part of the trader's journey. It's how it starts and how it ends.“

7. Thena UI and Account Abstraction

  • Theseus mentioned Thena's new UI release and in one week's time, Thena will include account abstraction with Particle Network integration, aiming to make the wallet creation process easier. This integration will allow wallet creation through social media platforms and provide social media account recovery.

“So today we're releasing our new UI, and within a week, we'll have account abstraction with our integration of Particle Network. So it will allow you to create a wallet for your socials, and you will have socials recovery.”

  • Thena is considering subsidizing gas fees, which are a major barrier for new users, noting this is doable on other chains but not on Ethereum due to higher costs.

“We can also subsidize gas, and I think it's very important for anyone looking to get started. That's another big hurdle. (...) So being able to subsidize gas, especially for chains that are very cheap because, well, you cannot do that on Ethereum, for example. But it's going to be crucial to onboard new users.”

8. Educational Content and Community Effort

  • Theseus pointed out the shared need for educational content in the industry, not just one DEX's duty because of their current full capacity. Thena will depend more on existing high-quality educational content from others, but might consider creating its own when they have more resources.

“I think educational content is also key, but I would say it's a collective effort. More than just a single dap having to put this effort. Of course, we can educate about specificities of our dap, but... I know for sure we have other dedicated businesses or platforms that are providing educational content that will be way better than what we can print ourselves. And especially we would love to do it, but right now we're literally at full capacity on all sides. So we would more rely on others educational content than ours, but in the future it's definitely something we would be looking at when we have more capacity.”

9. Upcoming Features and Roadmap

  • Theseus outlined that Thena will begin audits in March and concentrate on creating a plugins marketplace to encourage development within the ecosystem.

“We're going to start the audits in March. And then we're going to have a heavy focus on building a plugins marketplace because that's one thing to get plugins capacity. But then you actually need to attract an ecosystem to start building and experimenting on it. So this is going to be a... A big focus for us.”

  • Thena is examining offramp solutions and virtual debit cards to permit spending of crypto, to be known as Athena but outsourced.

“We would love to offer Offramp and a virtual debit card to start with so that people can spend their crypto as they wish. Like Athena branded card and everything, but everything would be outsourced. We just deal with the DeFi parts on our side. And we have a couple of other surprises, but for now, let's keep it like that.”

  • Announced a sponsorship of a hackathon with BNB Chain, Gamma, and Algebra for developing experimental plugins, with prizes totaling over $20,000.

“We're currently sponsoring a hackathon with the BNB chain, along with Gamma and Algebra. There are more than $20,000 of rewards for the top experimental plugins. So if you're a builder looking to participate, feel free to check it out and build the future of Ramp with us.”

10. Strategic Partnerships and Collaborations

  • Theseus expressed that Thena is community-oriented, returning 100% of revenue to token and NFT holders.

“We've always been a community-centric DEX. And when we say community, it's not only our token holders or supporters. It also entails builders. We're a DEX that is redistributing 100% of its revenue to our token and NFT holders. So a key point of our growth strategy is to rely on a network of great partners and builders that can offer state-of-the-art technology to our users.”

  • They cataloged partnerships with Algebra, Simio, Orbs, and IntentX for sharing R&D in the front end.

“We're very lucky to have among us some of the best builders in the space, I think. So Algebra is powering our concentrated liquidity AMM and make sure we're ahead of the curve. And especially soon with the Algebra integral implementation. Then we have Simio, which is which is powering our intent based perp stacks. Then. We also have Orbs, which are main investors, but they're builders at heart. (...) And so most recently this week... We just announced a partnership with IntentX. (...)”

  • They mentioned conversations with Nansen for a possible deep analytics integration for arena users but indicated it would be time-consuming if it materializes.

“To give you, for example, right now, to give a bit of alpha, we've been in discussion with Nansen to provide some deep analytics for arena users, so portfolio analytics, competition analysis, that kind of stuff. It's going to take a lot of time. But it would definitely be amazing to be able to source data directly from Nansen because they're keen at what they're doing.”

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