I called it an iceberg because at first glance it's just a DEX in several networks. Yes, it occupies a good position - 1st place on opBNB and 2nd place on BNB, but still it remains a simple exchange, right? Let's find out the answer to this question by diving into the depths to see not only the top. You may have already guessed what project it is, but if not, try to guess during the review of the main functions!

So, the main functionality👇

Concentrated liquidity by Algebra

As far as I know, for the first time concentrated liquidity was offered by Uniswap, this allows to compress the liquidity in the pool around the current price instead of evenly distributing it across the entire price scale. Due to this, the depth of liquidity and revenue from swaps increases several times.

The efficiency of capital is disproportionately high compared to other methods of AMM.

Gamma Strategies - Liquidity Manager

As you could understand from the definition of concentrated liquidity above, liquidity should be where the current market price is, because if the token price is 1$, there is little use from liquidity around the price of 0.1$. You must constantly adjust the range in which your liquidity is located, making it as narrow as possible in order to increase the efficiency of capital. However, a problem arises because the narrower the range and the stronger the volatility, the more often you have to adjust it. Gamma helps to get rid of unnecessary hassle by offering several strategies to automatically rebalance your liquidity when the asset price goes out of range.

Orbs Layer 3 infrastructure

Thanks to a recent partnership and an investment of $600,000 by ORBS, THENA has opened up exciting opportunities provided by the Layer-3 infrastructure created by ORBS. With the help of the Liquidity Hub, THENA in addition to its own liquidity layer, will be able to aggregate other sources available on BNB and opBNB

THE Liquidity Hub software is an optimization layer on top of AMMs and connects to external liquidity sources for better price execution and lower price impact on users. It will also allow you to perform gas-free swaps

In the past, THENA has been looking for the best route within our somewhat limited liquidity pools. Now this process has been improved by using various other sources.

ve(3,3) Model

Ve(3,3) is one of the pillars of the THENA universe. This can be quite difficult for a beginner if you want to get an in-depth understanding, in my opinion this is the best article on this topic: mirror.

In the traditional model, in order for the DEX to work, pools need liquidity, thanks to which swaps will take place. Liquidity is attracted using the token, which is printed each block (for example) in a certain (or not) amount and given to liquidity providers as a reward for the provided liquidity, however, the distribution of tokens does not happen from hand to hand, but is sent to pools as a staking reward. Here lies the problem, imagine that there are 3 pools, in the first the team allocates 10% of the issue, in the second 90%, and in the third 0%. A few simple facts are already obvious:

In the ve(3,3) model, the distribution stage is completely decentralized and is carried out based on the results of voting in each epoch. The power of the voice is measured by the number of your tokens (THE) multiplied by the time the tokens are blocked (veTHE), where the unlocked tokens do not have the power of the voice, and tokens blocked for a maximum period of 2 years have the maximum power of the voice. Let's imagine we have 3 pools again, but now we have new variables such as the number of pool fees generated per epoch and bribes, now the first pool has generated 30k$ fees, the second 50k$ fees, and the third has just appeared and generated 0$. The project that owns the third pool does not want to attract its own liquidity and decides to try to buy votes by putting a 20k$ bribe in the pool's rewards, now it is more attractive to voters and will most likely receive about 20% of the issue if the trust in all 3 pools is about the same. At the end of each epoch, the pools receive a percentage of the issue of this epoch equal to the percentage of votes cast, and the voters receive all the generated fees and bribes of the pool for which they voted, depending on their share of the vote.
Considering all of the above, I think the effectiveness of the ve(3,3) model is obvious.

ALPHA - NextGen Perpetuals

Perpetuals are one of the key branches of THENA development and now you will understand why. Just imagine...

ALPHA revolutionizes onchain derivatives. It introduces Intent-Based OTC derivatives. It streamlines trading by eliminating the complexities of traditional order books. The platform also boasts zero reliance on oracles, avoiding related vulnerabilities and inefficiencies. With ALPHA, you can trade all assets with unprecedented capital efficiency, and confidence, thanks to isolated trades that eliminate tail-end risks.

ALPHA start by introducing a vast array of crypto assets. However, the model accommodates other categories as well, such as stocks and commodities, given there is a hedger for them. The future is limitless.

The SYMMIO Engine

The SYMMIO engine introduces pioneering technology that is set to vastly outpace competing solutions. It presents a suite of features aimed at reshaping the trading landscape, promising a broader selection of assets, reduced spreads, and lower fees.

SYMMIO introduces a cutting-edge trading infrastructure that pioneers an automated market for quotes (AMFQ), enabling efficient onchain derivatives trading. Through symmetrical agreements, every trade ensures mutual collateral lock-in and full isolation, eliminating system-wide risks.

The result? Intent-based and scalable onchain derivatives with leverage. By emphasizing peer-to-peer transactions over LP-centric models, the SYMMIO engine seamlessly blends the strengths of order books and AMMs for unmatched capital efficiency.

The combination of technologies concentrated in ALPHA is designed to accelerate the ve(3,3) flywheel of THENA

WARP - Launchpad Accelerator

THENA also has its own launchpad and accelerator, which has already been attended by 2 projects. But what is more interesting is what kind of partners they have.

Binance labs? LFG!

CORE - Social Hub

The main functionality of this part of the project is name service and trading competitions. Theoretically, it will be more profitable for projects to stimulate liquidity and trading activity in their pools not directly through the liquidity marketplace by adding bribes to attract the attention of voters, but through trading competitions. This can significantly increase trading volumes on both the main dex and perpetual (Alpha).

Finally...

I didn't mention many more interesting things, such as audits, partnership with ICHI, partnership with DefiEdge, media partnerships, active development on opBNB, Integration of Chainlink CCIP and automation for inter-network token transfers and automatic commission distribution, crazy trading volume, ankr partnership, beefy, 1inch, and more.

You can do your own research and learn more. I hope this research was useful for you and you learned that this is a real iceberg ready to sink something bigger than the Titanic:)