$THE Token Rights

Updated Mar 11, 2026

Overview

Token(s): THEveTHE
Token Type: GovernanceUtility
Utility: Staking, Liquidity Incentives

The THE token is the native governance and utility token of Thena, a decentralized exchange (DEX) and liquidity layer on BNB Chain, utilizing a ve(3,3) model for spot and derivatives trading. Holders can lock THE to receive veTHE (vote-escrow THE), which grants voting power on emissions, revenue sharing from fees, and incentives.

Governance Rights

Control

Holders lock THE for veTHE to vote on emission allocations to liquidity pools and incentive distributions. Continuous THE emissions enable any party permissionlessly acquire influence over THENA’s governance and revenue flows. veTHE holders can also partake in governance and cast votes for protocol improvement proposals.

Governance Decisions

veTHE

Lock THE for up to 2 years to obtain veTHE (ERC-721 NFT). veTHE holders vote weekly on pools to direct THE emissions, with voting power proportional to locked amount and duration.

Treasury Decisions

N/A

Revenue Decisions

veTHE

veTHE holders vote to direct revenue flows & emissions.

Fee Switch

90% of protocol fees are redistributed to veTHE holders

Resources

List of smart contractshttps://docs.google.com/spreadsheets/d/1nk-OLHL6yZ3rvTYo2-OXTVpjgfo5PVyufmM1U4S8geA/edit?gid=0#gid=0

Primary Value Accrual

Protocol Revenue Share

Value accrues to veTHE voters through protocol emissions & trading fees

Equity Statement

Thena's model distributes all revenue to token holders. 18% of the initial supply was distributed to the team, 60% of that was veTHE locked for 2 years.

Economic Rights

Value Capture

Token holders convert THE to veTHE to vote for gauges on a weekly basis. 90% of the trading fees generated by LPs who opt to receive $THE emissions (instead of farming trading fees directly) as well as 100% of the voting incentives deposited by partners on the associated pool go to veTHE holders.

Buybacks

N/A

Dividends

veTHE

Protocol revenue & emissions are distributed to veTHE voters

Burns

N/A

No burn mechanism is currently active

Ownership

Raise History

1 round · $600,000 total

Date	Amount	Round	Valuation
Dec 08, 2023	$600,000	Strategic	—

Fundraising: Unknown
Equity Revenue Capture: Partial