THENA โ Statistical Analysis
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2.5
With $2.3M TVL concentrated 100% on Binance and 0 audits, THENA V3 shows moderate trading traction ($116.3M 30d volume) but thin per-pair liquidity (~$52K TVL/pair) and elevated operational risk.
1. Market Overview
- TVL stands at $2.3M with a +0.80% 24h change, placing the venue in a small-liquidity regime.
- Reported 24h volume is $2.0M (alt feed shows $4.5M), with a sharp -37.22% 1d volume changeโindicative of unstable short-term flow.
- Scale over time: $24.0M (7d) and $116.3M (30d) volume suggests recurring usage, but not matched by TVL depth.
2. Capital Efficiency
- 24h turnover (Volume/TVL) is 0.87x using $2.0M volume (or 1.96x using the $4.5M print), signaling relatively high utilization for a $2.3M liquidity base.
- 7d turnover: $24.0M / $2.3M = 10.43x (โ 1.49x TVL per day on average).
- 30d turnover: $116.3M / $2.3M = 50.57x (โ 1.69x TVL per day on average). High turnover with low TVL typically implies sensitivity to large trades and episodic liquidity provisioning.
3. Liquidity & Pair Spread
- Asset surface: 27 coins across 44 pairs โ 1.63 pairs/coin, implying limited routing redundancy and likely concentration in a subset of pairs.
- Average liquidity density proxy: $2.3M / 44 = ~$52.3K TVL per pair (or ~$85.2K per coin). At this level, spreads and price impact can widen quickly under moderate order sizes.
- The combination of high turnover and ~$52K/pair average liquidity points to โactivity without depth,โ a common signature of incentive-driven flow rather than organically balanced liquidity.
4. Chain Dominance
- TVL deployment is $2.3M on Binance, i.e., ~100% chain concentration.
- Single-chain dependence simplifies liquidity aggregation but increases exposure to Binance-specific risks (network conditions, ecosystem demand cycles, and correlated liquidity exits).
- With no cross-chain TVL diversification, growth and stability are tightly coupled to Binance-native user flow.
5. Analyst Verdict
- Monetization: $5.2K fees (24h), $33.7K (7d), $226.5K (30d); revenue is reported equal to fees ($226.5K 30d), implying a ~100% feesโrevenue mapping in the dataset.
- Implied take rate: $226.5K / $116.3M = 0.195% (โ 19.5 bps) over 30d; 24h take rate is $5.2K / $2.0M = 0.26% (โ 26 bps), suggesting fee yield is meaningful but volume is volatile.
- Risk/maturity flags: 0 audits and Trust Score: N/A reduce institutional readiness; despite $12.1M market cap and $3.7M all-time fees, the low TVL per pair and single-chain concentration keep the risk-adjusted profile below mature DEX venues.