> For the complete documentation index, see [llms.txt](https://docs.thena.fi/thena/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.thena.fi/thena/thena-overview.md).

# THENA Overview

THE trading hub and liquidity layer built on BNB Chain

THENA is a modular liquidity layer and trading ecosystem on BNB Chain. It connects the liquidity behind onchain markets with the tools to trade, earn and participate in governance.

For traders, it provides spot markets, advanced orders and perpetual trading. For liquidity providers, it offers control over how capital is deployed and rewarded. For protocols, it provides a way to build liquidity through emissions directed by veTHE voters.

These products form the foundation of THENA 2.0: a broader DeFi access layer built around connected markets and productive liquidity.

### Modular by design

At the core of THENA V3,3 is Algebra Integral, an architecture that separates the pool’s core liquidity and swap logic from customizable plugins.

Plugins extend how a pool operates, including fee behaviour and additional checks. This allows pool functionality to evolve without requiring liquidity migration for those plugin updates.

For protocols, this provides a flexible foundation for markets with different liquidity needs. For LPs and traders, it allows the infrastructure around their markets to develop while liquidity remains in place. Each pool’s capabilities depend on its deployed plugins and configuration.

### Spot trading with more control

[THENA Swap](https://thena.fi/swap) uses Kyber-powered smart routing to find swap paths through THENA liquidity pools.

Orbs-powered advanced orders give traders more control over execution:

* **Limit:** Set the price at which you are willing to trade.
* **TWAP:** Spread an order into smaller trades over time.
* **Stop-Loss and Take-Profit:** Set trigger conditions for an order to become active.

Execution depends on the order’s conditions and available liquidity.

### Liquidity that serves the market

LPs can choose a price range and manage their concentrated liquidity position directly, or use an available automated liquidity-manager strategy.

Manual concentrated liquidity supports two reward modes:

* **Earn THE:** Participate in an eligible pool’s gauge to earn THE emissions.
* **Earn Fees:** Receive 87.5% of the trading fees generated by the position. The remaining 12.5% goes to the protocol treasury.

Explore the available markets and strategies on [Pools](https://thena.fi/pools).

### Perpetual markets powered by Orbs Ultra

[THENA Perps V2](https://perps.thena.fi/) provides long and short exposure through perpetual contracts, powered by Orbs Ultra.

Market-specific leverage and position limits define the exposure available to traders. Leveraged positions can be liquidated, so review each market’s conditions before trading.

### Governance connected to liquidity

THENA’s ve(3,3) model connects liquidity incentives with participation in the protocol.

Users lock THE into veTHE and vote on how emissions are allocated across eligible pools. Protocols can deposit voting incentives to attract votes and support their liquidity needs.

Voters can earn trading fee rewards and voting incentives associated with their allocations. Voting rewards become claimable immediately after the epoch ends.

### THE direction of THENA 2.0

THENA 2.0 builds on this foundation to make a broader range of DeFi products accessible through a more connected experience.

Trading and liquidity remain at its core. New products and integrations will be documented as they become available, with clear information about supported assets, networks and terms.