• Thena, a liquidity layer and decentralized exchange (DEX) on the BNB Chain, has experienced a massive uptick in total value locked (TVL) to $90 million from $5 million since its launch last week.
• The protocol offers yields of up to 9.93% for liquidity providers that stake stablecoins, while yields of 222.86% are available to those who stake the platform’s native token, THE.
• The decentralized finance (DeFi) sector has benefitted from the recent recovery in major crypto assets like bitcoin and ethereum.
The BNB Chain-based DeFi protocol Thena has achieved an impressive feat in its first week of launch, with its Total Value Locked (TVL) surging to $90 million. Launched on the 10th January 2021, Thena is a liquidity layer and decentralized exchange (DEX) that enables users to swap assets at low costs and with fast settlement times.
Thena’s protocol offers attractive yields of up to 9.93% for traders that stake stablecoins, while yields of up to 222.86% are available to those who stake the platform’s native token, THE. THE is currently trading at close to US3 cents with a circulating market cap of just $4.2 million, according to data on blockchain analytics platform Dune. It draws inspiration from Curve’s vote-escrow model as well as Olympus’ anti-dilution mechanism, with holders controlling 100% of Thena’s emissions and benefitting from weekly rebases.
The surge in Thena’s TVL to $90 million is a testament to the growing demand for DeFi products. The decentralized finance (DeFi) sector has experienced a major boost in recent weeks, as the recovery in major crypto assets like bitcoin and ethereum has led to an influx of capital into the space. TVL across DeFi has increased from $38.75 billion to $45.46 billion since the turn of the year as capital sidelined during the bear market begins to resurface.
Thena has also issued an airdrop for early investors that mint the protocol’s tokens. The airdrop is open until the end of February and is aimed at incentivizing liquidity providers and encouraging adoption of the protocol.
Thena is the latest DeFi project to launch on the Binance Smart Chain, with many believing its surge in TVL will lead to further development of the BSC ecosystem. With the DeFi sector continuing to expand, Thena is well-positioned to capitalize on the growing demand for yield-bearing assets, and its TVL is likely to continue to increase in the coming weeks.