Thena (veTHE)
Thena is BNB Chain's leading ve(3,3) DEX with self-optimizing liquidity and Chainlink-powered automation. veTHE holders govern emissions, earn trading fees, bribes, and rebases.
What is veTHE?
Lock THE tokens to receive a veTHE NFT representing your locked position. This grants:
- Voting power to direct THE emissions to liquidity pools
- 90% of trading fees from pools you vote for
- 100% of bribes from protocols competing for your votes
- 30% weekly rebase to protect against dilution
Lock periods range from 1 week to 2 years. Voting power decays linearly toward the lock end date.
What Makes Thena Different
- Self-optimizing liquidity — ve(3,3) flywheel automatically routes emissions to the most productive pools
- Chainlink automation — Auto-claim, auto-vote, and auto-extend features powered by Chainlink Keepers reduce active management overhead
- Deep discount market — veTHE consistently trades at steeper discounts than most other veTokens, creating attractive entry points
- Established BNB Chain DEX — Strong TVL and growing ecosystem with active governance participation
Typical Discounts
| Lock Remaining | Typical Discount |
|---|---|
| Under 3 months | 40–50% |
| 3–12 months | 50–60% |
| 1–2 years | 55–65% |
Thena's deeper discounts reflect the BNB Chain ecosystem dynamics. Check current listings for real-time pricing.
Things to Know
Chainlink automation is optional. You can enable auto-vote and auto-claim through Thena's UI, which removes the need to manually vote each epoch. Factor this convenience into your valuation.
Rebases transfer with the NFT. Unclaimed rebases come with the position when purchased — check for accumulated rebases before buying.
Active management maximizes returns. Without automation enabled, weekly voting is required for optimal fees and bribes. Missing epochs means missing rewards.
BNB Chain gas is cheap. Transaction costs for voting and claiming are minimal on BNB Chain, making active management practical even for smaller positions.
If you merge a listed veTHE with another position, the listing stays active at the original price but now includes the combined amount. Always delist first, then merge, then relist.