# THENA Overview THE trading hub and liquidity layer built on BNB Chain and opBNB The THENA ecosystem encompasses a comprehensive suite of products and services, including: * **THENA**: A Spot DEX where users can swap, acquire digital assets, and generate passive income. * **THENA Perps**: A perpetual DEX offering trading on over 300 crypto pairs with up to 50x leverage. * **ARENA**: A social platform for trading competitions that provides a gamified experience for users and growth hacking tools for THENA's partners. * **Launchpad**: (Upcoming) *** ## THE Vision THE Vision of THENA is to become a DeFAI “**SuperApp**” set to onboard the masses onchain with a CEX-grade experience. THENA has a versatile approach as we envision to become the most modular liquidity layer ever built to corner any type of liquidity needs from our Partners: Stablecoins, LSTs, Tokenized RWAs, Memecoins, AI tokens, and more. THENA is is progressively deploying the foundations of a **DeFAI SuperApp** — alongside [Venus](https://venus.io/) (Lending Protocol) and [Singularry](https://singularry.org/) (Autonomous AI Infrastructure) — an integrated application where AI agents will seamlessly coordinate liquidity, lending, trading, and advanced financial tools to deliver a unified, frictionless onchain experience. *** ## User Mass Onboarding We have built our platform with the goal of simplifying the onboarding process and enhancing the experience for users of all levels, from beginners to the most experienced. Our ultimate objective is to become THE DeFAI SuperApp of BNB Chain, offering a highly decentralized alternative to Binance, where users can benefit from: * **Wallet Abstraction**: Simplifies the onboarding process. * **FIAT On/Off Ramp**: Facilitates initial purchases. * **Debit Card and Banking Services**: Upcoming features to integrate traditional banking with DeFi. * **Cross-Chain Bridge Functionalities**: Enables seamless asset transfers across different blockchains. * **Digital Asset Acquisition**: Instant access to spot market trades. * **Self-Custodial Earn Service**: Includes single staking of key assets such as BTC, ETH, BNB, and USDT. * **Crypto Perpetuals Trading**: Trade over 300 crypto assets with up to 50x leverage. * **Permissionless Trading Competitions**: Upcoming feature to monetize trading activities. * **Exclusive Access to Launchpools**: Upcoming opportunities for early investments in new projects. *** ## Building the Most Modular Liquidity Layer * **Incentives**: The ve(3,3) tokenomics structure offers a flexible on-chain liquidity management tool. Through weekly voting incentives deposits, partners can bootstrap and scale liquidity pools according to their needs. * **AMM Offering**: We provide a diverse array of AMM models, including Concentrated Liquidity AMM, Classic UniV2-AMM, 80/20 Balancer-style AMM and a Curve-style Stable-AMM. * **AMM Modularity**: The integration of Algebra Integral allows for a granular customization of our AMMs with the implementation of various plugins. * **Liquidity Management**: Our Automated Liquidity Managers (ALM) partners offer a wide range of strategies to address specific liquidity management needs. # THE Onboarding How to connect your Binance wallet to THENA ## Setting up Binance Web3 Wallet with THENA

**Open Binance Mobile App:** * Launch the Binance Mobile App on your device. * Navigate to “Wallet” at the bottom panel of the app. * Click “Web3” at the top.

**Create a New Wallet:** * Click on “Create Wallet” to initiate the creation of a new wallet. * Follow the on-screen instructions to complete the wallet creation process.

**Backup Your Wallet:** * After the wallet is created, it’s crucial to backup your wallet. * Follow the app’s instructions to securely backup your wallet. This will help you recover your wallet if you lose access.

**Navigate to Discover:** * Go to the “Discover” section at the bottom panel of the app.

**Find THENA:** * Use the search bar to search for “THENA”. * Select the correct app from the search results.

**Access THENA:** Click “Open dApp” to access THENA.

Congratulations. You are now using THENA with Binance mobile Web3 Wallet.

\
# THE Spot DEX THENA's Regular Swap engine is designed to provide users with efficient, low-cost trades across a wide range of digital assets. Harnessing the advanced routing technology of [ODOS](https://www.odos.xyz/), it ensures optimal trades with minimal slippage though THENA's liquidity pools. Users can benefit from seamless, instant swaps with competitive fees, all within a highly secure and user-friendly interface. Our swap engine integrate as well [ORBS](https://www.orbs.com/) Liquidity Hub, an optimization layer on top of the AMMs that taps into external liquidity sources for better price execution and lower price impact for users. If Liquidity Hub is unable to execute the trade at a better price than the Regular Swap engine, the trade will fallback to the AMM contract and execute as usual.

THENA's UI abstracts the complexity of the liquidity hub, delivering a seamless and enhanced user experience

Liquidity Hub sources: 1. **Onchain solver auction**: Third-party solvers who compete to fill swaps using on-chain liquidity like AMM pools or their own private inventory. 2. **Decentralized orders via API**: Decentralized orders are accessible using API, enabling institutional/professional traders, such as market makers, to submit bids and compete to fill swaps. # Swap Guide How to execute your first transaction in THENA 1. **Prerequisites:** Ensure you have a Web3-enabled browser and sufficient balance in your wallet to cover both the swap amount and gas fees. 2. **Navigating to Swap:** Navigate to ‘Swap’ on the upper left corner of [thena.fi](http://thena.fi), and click ‘Spot Trade’. Alternatively, you can follow this link: .

3. **Choose Chain:** Choose the blockchain network that you want to interact with. Make sure your wallet is set to the same network. Here we use ‘BNB Chain’ to demonstrate.

4. **Connect your Wallet:** Connect your wallet by clicking the ‘Connect Wallet’ button in the upper right corner of the site. Here we use ‘Binance Web3 Wallet’. For an in depth guide on how to set up Binance Web3 Wallet, you can refer to [https://academy.binance.com/en/articles/what-is-binance-web3-wallet-and-how-does-it-work
](https://academy.binance.com/en/articles/what-is-binance-web3-wallet-and-how-does-it-work)

5. **Select token:** Choose the token pair you wish to make a swap on. As an example, we will swap from WBNB to THE.

6. **Enter token swap quantity:** Enter the amount of token you would like to swap.

7. **Review your transaction**

8. **Swap and confirm:** Click ‘Swap’ and confirm the transaction from your wallet.

9. After the transaction is confirmed, your swap is complete. You can now check your balance in your wallet.

# Limit Order Introduction to limit Orders A limit order is a tool from CeFi in which users can buy or sell assets at a specified price or better, instead of relying on the market price at the time of execution. In a limit order, while the price is guaranteed, the order being executed is not - limit orders will be executed only if the price meets the order qualifications. THENA has integrated the dLIMIT protocol, powered by Orbs, that brings this order type to DeFi in a decentralized manner. Users can use this tool to create decentralized limit orders by following the directions below. The dLIMIT protocol for DEXs ensures that limit orders are executed at an optimal price and at fair fees, in a decentralized and reliable manner. ## :bulb: How to set-up Limit Orders ? 1. **Prerequisites:** Ensure you have a Web3-enabled browser and sufficient balance in your wallet to cover the order amount and gas fees. 2. **Navigate to Limit:** Select ‘Limit’ from [thena.fi/swap](http://thena.fi/swap)

3. **Select Token:** Choose the token pair you wish to make a swap on. As an example, we will swap from WBNB to THE.

4. **Enter token swap quantity:** Enter the amount of token you would like to swap.

5. **Limit Price:** Type the highest price for trades in your order. Trades will ONLY be executed when the limit price you set is lower than or equal to the spot price.

6. **Place Order:** Click ‘Place Order’

7. **Confirmation:** After checking the trading details and the disclaimer, click ‘Confirm Order’ at the bottom of the column.

8. **Approve transaction:** Confirm the transaction from your wallet.

9. Once your transaction is approved, your Limit order is now waiting to be executed in the background. You can view the order history and progress on the page.
# TWAP Order Introduction to dTWAP TWAP (Time-weighted Average Price) is a common order type used in CeFi that breaks an order into smaller trade sizes and executes them at regular intervals. The main goal of a TWAP order is to reduce the order’s price impact. It can also be useful if a user wants to implement a dollar-cost averaging strategy (DCA) and buy a certain token on a consistent schedule (i.e. once a month). Therefore, TWAP is best used when the order size is large compared to the available liquidity, or when a user anticipates a high price volatility period with no clear up or downward trend. THENA has integrated the dTWAP protocol, powered by Orbs, that brings this order type to DeFi in a decentralized manner. Users can use this tool to create dTWAP orders by following the directions below. ## :bulb: How to set-up TWAP Orders ? 1. **Prerequisites:** Ensure you have a Web3-enabled browser and sufficient balance in your wallet to cover the order amount and gas fees. 2. **Navigate to TWAP:** Select ‘TWAP’ from [thena.fi/swap](http://thena.fi/swap)

3. **Select Token:** Choose the token pair you wish to make a swap on. As an example, we will swap from WBNB to THE.

4. **Enter Order Details:** * **Enter token swap quantity:** Enter the amount of token you would like to swap. Your trade size should be at least 50 USD.

* **Limit Price:** By enabling this option, you can set the highest price for trades in your order. Trades will only be executed when the limit price you set is equal or lower than spot price.

* **Trade Interval:** Enter the time interval between each trade execution. \*Note that this time includes an allowance of two minutes for bidder auction and block settlement, which cannot be predicted exactly, so the actual time may vary.

* **Max Duration:** Set the total duration over which your full order should be executed. Your order may be completed earlier than this time, partially completed, or not completed at all. This can depend on factors like the price you set, the frequency of trades, and current market conditions.

5. **Review Your Order:**

6. **Approve Order:** Click ‘Approve’ and confirm the transaction from your wallet.

7. Once your transaction is approved, your TWAP order will run in the background. You can view the order history and progress on the page.

# SL/TP Orders dSLTP: Decentralized Stop-Loss & Take-Profit Orders THENA supports Stop-Loss (SL) and Take-Profit (TP) orders directly in the Swap interface. These orders let you automate trades at price levels you choose, using fully decentralized execution through [Orbs’ dSLTP protocol](https://docs.orbs.network/v3/protocols/dsltp-protocol). SL/TP is useful when you want to manage risk, secure profits, or automate exits without monitoring the market. dSLTP is part of the Orbs Layer-3 Advanced Orders Suite, which also powers [dLIMIT](https://docs.thena.fi/thena/the-spot-dex/limit-order) and [dTWAP](https://docs.thena.fi/thena/the-spot-dex/twap-order).

## What SL and TP Do A **Stop-Loss** order activates when price falls into your chosen trigger price. Useful for limiting loss or protecting a position during volatility. A **Take-Profit** order activates when price rises into your chosen trigger price. Useful for capturing profits at predefined levels. The **Trigger Price** is the level that activates the order. Before it’s reached, nothing is reserved and no trade attempts occur. Once the market hits the trigger, the order becomes active and dSLTP **starts attempting execution** based on your selected execution mode. ## Execution Mode Execution is controlled through the **Limit Price toggle**: **Market Execution** (toggle off) * The trade fills as soon as the trigger is hit, with no minimum acceptable price. * Execution is prioritized, but the fill may be worse than the trigger price during volatility. **Limit Execution** (toggle on) * You set a Limit Price, and the order executes only at that price or a better one. * Price is prioritized, but execution is not guaranteed if the market moves below your limit. * **A gap of at least 2–3 %** between the trigger and limit greatly improves the chance of executing. Both modes can result in partial fills depending on liquidity and market movement. Each order includes an **Expiry** setting that defines how long the order stays open. If the trigger does not occur before expiry, the order is canceled automatically. ## How to Place an SL/TP Order 1. Open the Swap interface and select Stop Loss or Take Profit.

2. Choose the token pair and amount to trade; the minimum size is 50 USD. 3. Set the Trigger Price. 4. Enable or disable the Limit Price toggle and enter a Limit Price if needed. 5. Set Expiry to define how long the order should remain open. 6. Click Place Order and confirm in your wallet. After submitting, your order remains inactive until the trigger price is reached. ## Managing Orders All Orbs-powered orders — including SL/TP, TWAP, and LIMIT — appear in the View Orders section. You can see active, triggered, expired, and canceled orders there. Active orders can be canceled at any time. Stop-Loss and Take-Profit orders do not cancel each other automatically. If you place both, either one may trigger first while the other stays open until you remove it or its conditions are met. Partial fills may occur based on market conditions and your limit parameters.

### Learn More About dSLTP
# Cross-Chain Interoperability powered by Axelar and Squid Router At the heart of THENA's Cross-Chain Swap lies the innovative combination of Axelar's foundational infrastructure and Squid Router's application layer. Axelar serves as a powerful blockchain "internet infrastructure," ensuring seamless and secure cross-chain communication. In tandem, Squid Router, leveraging Axelar's prowess, facilitates efficient asset transfers and swaps across chains with a single click. This service enable the exchange of assets across a myriad of blockchains. Whether you're looking to swap assets or bridge different blockchain ecosystems, THENA's Cross-Chain Swap, empowered by Axelar and Squid Router, promises unmatched efficiency and security. # THE Tokenomics Introduction to THE tokenomics A self-optimizing decentralized exchange and a liquidity layer, owned by protocols and the community. A grand design with tokenomics that seek to inspire the best behavior from all participants for the greater good of all stakeholders. # Tokens (THE, veTHE, theNFT) Definition of THENA token economy ## THE — BEP-20 utility token of the protocol ### THE Utility * **Liquidity Incentives**: `$THE` is distributed as emissions to attract liquidity providers on THENA, provide optimal trading conditions for end users and drive revenue for THENA. * **Governance Decentralisation**: Continuous `$THE` emissions ensure that any party can permissionlessly acquire influence over THENA’s governance and revenue flows—supporting an open and dynamic ecosystem. ### THE — Cash-flow based token Balancing weekly inflation with sustained locking demand helps preserve `$THE` fair market value over time: 1. `$THE` weekly emissions attracts Liquidity Providers 2. This liquidity generates organic trading fees and attracts external voting incentive deposits from partner protocols seeking deeper liquidity. 3. To capture these revenue flows, `$THE` must be locked into `veTHE`. *** ## veTHE — ERC-721 governance token in the form of an NFT (non-fungible token) `veTHE` is the vote-escrowed version of `$THE`. Users can lock their `$THE` tokens for up to 2 years to get `veTHE`. The longer the lock, the higher the amount of `veTHE` voting power received. To encourage continuous relocking and sustained participation from stakeholders, the `veTHE` balance of users declines over time until it reaches zero at the conclusion of the initial locking period.

### veTHE Utility * **Protocol Revenue Access**: `veTHE` holders can vote for gauges on a weekly basis, and access 90% of the trading fees generated by LPs who — opt to receive `$THE` emissions (**\***) — as well as 100% of the voting incentives deposited by partners on the associated pool. * **Governance Participation**: `veTHE` holders can partake in governance and cast votes for the protocol improvement proposals. \* (LPs who choose to farm trading fees directly do not contribute fees to `veTHE` holders.) ### veTHE Specifications * **ve(3,3) Concept**: Combination of the anti-dilution rebase mechanism introduced by Olympus DAO and Curve’s vote-escrowed model. The ve(3,3) concept was initiated by Andre Cronje in the original Solidly DEX. * **Gauge**: Smart contract that distributes token emissions (`$THE`) to a specific liquidity pool based on votes cast by `veTHE` holders. * **Voting Incentives**: Custom amounts of tokens deposited by partners on a gauge to attract votes from `veTHE` holders. * **Anti-Dilution Rebase**: `veTHE` holders are protected from dilution through a weekly rebase: 30% of `$THE` weekly emissions are distributed to `veTHE` holders, as an increase of their locked position (*i.e. cannot be claimed before the unlock of the position*). * **Max Lock**: 2 years. * **Flexibility**: `veTHE` positions can be increased, relocked, merged, split, and sold on the secondary market. * **Automation — Powered by Chainlink**: `veTHE` holders can automate weekly tasks such as claiming rewards, extending lock durations, and casting votes — no manual actions required. ### veTHE Voting Mechanisms Voting operates on a weekly cycle, known as an Epoch, which resets every 7 days. At the end of each epoch, rewards are distributed exclusively to `veTHE` holders who voted for specific gauges (liquidity pools). You only earn revenue from the pools you’ve actively voted on during that period: * Trading fees and voting incentives become claimable as a lump sum after the end of the Epoch. * Unless the Chainlink `veTHE` Automation service (available in the UI) has been configured, voting must be cast each epoch to remain eligible for reward. One-clic “Revote” function is also available. * Thanks to the Chainlink `veTHE` Automation service, vote preferences can be pre-approved for multiple epochs. Otherwise, all vote weights reset at the start of each new epoch; voting is required every epoch to maintain eligibility for rewards. * Votes can be modified or reset at any time. *** ## **theNFT — ERC-721 founders' token in the form of an NFT (non-fungible token)** `theNFT` is a non dilutive NFT collection that can be staked for revenue sharing. The staking pool receives 10% of total trading fees from THENA, as well as royalties from secondary sales of `theNFT`. `theNFTs` are a non dilutive collection of 1,734 units. Originally minted by THENA early adopters to bootstrap the ecosystem, each one grants a non-dilutive access to: * 10% swap fees generated by THENA * 3% Royalty Fee on secondary sales: 2% goes to a pool to which the original minters, 1% goes to theNFT staking pool * Dedicated role within THE community. *** ## Secondary Marketplaces * `veTHE`: * `theNFTs`: *** ## Token Addresses * `$THE` (BNB Chain): `0xF4C8E32EaDEC4BFe97E0F595AdD0f4450a863a11` * `$THE` (opBNB): `0x9d94a7ff461e83f161c8c040e78557e31d8cba72` * `veTHE`: `0xfBBF371C9B0B994EebFcC977CEf603F7f31c070D` * `theNFT`: `0x2Af749593978CB79Ed11B9959cD82FD128BA4f8d` # Initial Supply and Emissions Schedule Breakdown of initial supply and token inflation ## Initial Supply

### **veTHE Protocol Airdrop** 19% of the initial supply was dedicated to airdrop protocols that demonstrate their willingness to engage with our liquidity layer. When evaluating the available protocols, we have examined a wide range of factors, such as TVL, trade volumes, and product. We have also sought to find a balance between native BNB protocols and those from other chains. List of protocols receiving the airdrop will be updated once finalized. ### THE/veTHE **Airdrop for Users** 25% of the initial supply was distributed to regular users of existing BNB Chain protocols, as well as those new to the chain through THENA. Users has been chosen based on behaviors that promote long-term stability of said protocols, such as: locking, stacking, holding, participating in governance, and continuing to support despite the challenges faced. ### THE/veTHE Airdrop for theNFT Minters 9% of the initial supply was allocated to `theNFT` minters and is claimable right at launch on THENA. `theNFT` minters Airdrop balance between `$THE` and `veTHE`: * *40% as* `veTHE` *locked for 2 years* * *60% as* `$THE` ### **Ecosystem Grant** 25% of the initial supply was dedicated to a specific fund that will be used to support a wide range of projects that aim to accelerate the growth of THENA. Shortlisted projects will receive significant backing from the core team (smart contract development, marketing, business development, etc.). ### **Team** 18% of the initial supply has been distributed to the team to engage them in the long term success of THENA. The team allocation is balanced between `veTHE` and `$THE` vested tokens. The core team members will have their interests align with THENA by receiving a percentage of the initial supply in the form of voted escrow tokens. This allocation allow team members to participate in the upside of the protocol while having a long-term oriented position. Team allocation balance between `$THE`and `veTHE`: * *60% as* `veTHE` *locked for 2 years* * *40% as* `$THE` *vested 2 years* *with a 1-year cliff* ### **Initial Liquidity Providers** 4% of the initial supply have been paired with `$BUSD` and/or `$BNB` to provide enough liquidity at launch. *** ## **Emissions** ### **ve(3,3) Dynamics** The main stakeholders of a typical AMM (on BNB Chain), including `veTHE` holders, LPs, users, and protocols, are all aligned by the ve(3,3) dynamics that determine THE emissions.

* **`veTHE` holders** — are incentivized to vote either for the highest volume pools (because the greater the volume, the greater the amount of fees produced as a result), or the ones on which protocols have deposited voting incentives to bootstrap their liquidity. This allows these protocols to create positive feedback loop, if the token generates strong volume. * **Liquidity Providers (LPs)** — are incentivized with emissions driven by “Real Yield” based metrics. * **Traders** — benefit from the low slippage thanks to the liquidity provided, in concert with the latest and greatest battle-tested vAMM / sAMM tech. * **Protocols** — have access to a cooperation oriented liquidity layer. They benefit from capital efficient trading conditions for their tokens, and they can incentivize their liquidity via bribes offered to `veTHE` holders. ### **Emissions specifications** * **Weekly emissions** *(at inception)*: 2,600,000 `$THE` * **Weekly emissions decay**: 1% * *Emissions for liquidity providers*: 67.5% * *Weekly* `veTHE` *rebase*: 30% * *Weekly developer wallet allocation*: 2.5% * **Minting Event**: 25,000,000 `$THE` minted at Week97 fully allocated to `$THE` Binance Listing - HODLer Airdrop Campaign (*Including Airdrop and Listing Fee*) * Binance PR: [Thena (THE) on Binance HODLer Airdrops](https://www.binance.com/en/support/announcement/detail/7c06e61804694408b3401e0a380f954f) * Decentralised governance voting process: [THE-01](https://governance.thena.fi/#/proposal/0xe0734cf285f21e1c67b361b7f38d73be615853d0934495c5ec9da7d38bdfca12) * **Maximum supply**: 335,000,000 `$THE`

# veTHE Guide How to create a veTHE position, How to vote and earn, Voting FAQ and How to collect rewards ## How to create a `veTHE` position? 1. **Navigate to Lock**: From ‘Dashboard’ , navigate to ‘Lock’ and click on ‘Get veTHE’. Alternatively, you can follow this link: .

2. **Create a Lock:** You will now see this on your screen

3. **Select Amount and Duration:** Choose how much $THE to lock and for how long. Longer durations grant more voting power. A higher voting power in turn grants you a larger share of revenue.

4. **Confirm Lock:** Click on ‘Create New Lock’ and sign the series of transactions with your wallet.

5. After the transactions are complete, you can view your new veTHE position under ‘Dashboard’ → ‘Lock’. ## How to vote and earn with `veTHE`? 1. **Navigate to vote:** You can do so by heading to ‘Dashboard’ --> ‘Vote’. Alternative, you can follow this link:

2. **Choose Pool(s):** You can view the different pools with their corresponding reward amount and voting APR. You can hover over the rewards to see the tokens you will receive rewards in if you vote for the pool. Note that reward amount and voting APR is not final until the end of the Epoch.

3. **Vote:** You can vote for multiple pools with one veTHE position. For demonstration purposes, we will split our votes between liveTHE/THE and SOL/BNB pool in a 77%/23% split. Once you have allocated your votes, Click vote to proceed.

4. **Confirm vote:** Sign the series of transactions with your wallet

5. **Congratulations**, you have completed your first weekly voting! Remember to vote again next Epoch! ## Voting FAQ ### How should I choose the best pool to vote for? While there is no clear guideline on which pools are the best, here are some factors you can consider when choosing the best pool to vote for. APR (Annual Percentage Rate): A primary factor is the APR offered by the pool. Generally, a higher APR translates to greater rewards, assuming other factors remain constant. Reward tokens: Since you can only claim your voting rewards after the next Epoch ends, the value of your rewards might fluctuate within this period. Risk-averse voters might find voting for stablecoin or majors cryptocurrency pools more attractive, placing less emphasis on the pool’s APR. Dollar-Cost Averaging (DCA) Strategy: If you aim to accumulate a specific cryptocurrency, consider voting for pools that align with this strategy. For instance, if you're accumulating DOGE, consistently voting for a DOGE/BNB pool ensures a steady inflow of DOGE as rewards. Total Rewards in Pool: Consider the total rewards available in the pool and the number of votes it receives. For those with significant voting power or when voting in pools with limited total rewards, it’s crucial to consider the potential dilution effect from your votes. Voting in pools with a larger reward pool may mitigate this dilution. ### When is the best time to vote? The best time to vote is near the end of the Epoch. This is when the rewards estimate is the most accurate and most protocols have deposited their voting incentives. As such, the voting APR is the most accurate and you can make the best choices! However, to avoid missing the voting period, you can also choose to vote earlier. ### Why should I extend my lock? Your voting power correlates with the remaining duration of your token lock. Consider a hypothetical scenario where you earned $500 from voting with a one-year lock. Had you extended your lock to maintain the two-year duration, your voting power would have remained higher, and you could have earnt more. ### How do I minimize my gas fees used? We will soon be introducing cross-chain voting, where you can vote for opBNB and other upcoming network with almost zero gas-fees, allowing those with smaller veTHE positions to take part in weekly voting effectively. You can also accumulate rewards from many voting Epochs to collect at once in order to save on gas fees. ## How to collect rewards? There are two parts of your rewards – rebase and the rewards that you voted for. 1. Rebase rewards: You can claim your rebase immediately after the current Epoch ends (n+1 Epochs).

3. Voting rewards: You can claim your voting rewards after the next Epoch ends (n+2 Epochs).

# THENA Perps Introduction [THENA Perps](https://perps.thena.fi/) is a cutting edge “Intent-Based” perpetual DEX powered by SYMMIO and hosted by THENA that gives users access to (up to) 50x leverage trading over a range of more than 300 crypto assets.

The “Intent-Based” model connects DeFi users on-chain to third parties called “Hedgers”, that are able to provide liquidity in a trustless manner. Inspired by the Request for Quote -model (“RFQ”), Hedgers are automatically filling perpetual intents from DeFi users to create onchain and permissionless derivatives. This infrastructure pioneers the first Automated Market For Quotes engine (“AMFQ”) that seamlessly blends the strengths of order books and AMMs for an unmatched capital efficiency for both end users and professional market makers. The counterparty risk of each position minted remains isolated through symmetrical onchain agreements, and covered at any time by the collateral locked into each party’s cross-margin account, making the system fully trustless. In these bilateral agreements, the gains of a party mirrors the losses of the other one. \ \ The THENA Perps model surpasses the competition by eliminating systemic inefficiencies and dependence on oracles. It presents a platform that is not only user-friendly but also financially robust. # Key Concepts ### Perpetuals Assets traded on THENA Perps are onchain Perpetuals, a specific type of bilateral contracts that never expire. At the closing of the position, a cash-settlement payment is exchanged between holders of the two sides of the contracts, long and short. The payment is equal to the difference between the underlying asset price at the opening and at the closing of the trade, according to the leverage agreed between the two sides. ### Collateral & Cross-Margin Account To start sending and accepting Intents and ensure their solvency within Derivatives contracts, users are required to deposit collateral ($USDT) into their cross margin account. Compared to Order Book based DEXs, cross-margin accounts are a risk management tool that provide improved liquidity, financial flexibility and unnecessary liquidation of positions achieved by reduced margin requirements. Through this unique approach, THENA Perps is acting as the first decentralized and trustless clearing house on the BNB chain. Traditionally in trading, a margin refers to an amount of money borrowed to a broker to purchase a financial instrument. As the trades are executed with leverage in THENA Perps, the unrealized gains of one of the two parties can quickly exceed the amount deposited as collateral in its own account. This situation translates into an ongoing loan by the other party, though its own margin account. One particularity of THENA Perps is the cross-margin nature of the capital employed as collateral. The position margins of a user are aggregated altogether in order to offset positive and negative unrealized gains, all with the same collateral. It not only enhances the trading experience of users, but also allows for an unmatched capital efficiency of the collateral deposited. ### Funding Rates Funding rates are periodic payments between traders holding perpetual contract positions. Since perpetual futures contracts have no expiration date and can be held indefinitely, a price discrepancy can happen between the perpetual contract prices and the spot price of the underlying cryptocurrency. When the funding rate is negative, shorts compensate for longs, and when it's positive, longs pay shorts. In a bullish market, the funding rate tends to be positive and increase, while in a bearish market, the opposite occurs. Since Hedgers might be willing to hedge themselves on third party entities, such as CEXs, that are likely to charge them funding rates, which are to be implemented to the system at a later date.
# Trade on THENA Perps THE user interface walk-through

### 1. Unrealized Profit and Loss (“UPNL”) It represents the potential gain or loss that you would realize if you were to close your current open position. This calculation is derived from the variance in USD value between your average entry price and the current index price. ### 2. Open Interest The Open Interest (“OI”) refers to the total value of perpetual contracts that are actively held by traders. These contracts have been opened but not been closed yet, and can be used as a proxy for the overall activity on the market.

### 3. Account Health Your account health is represented as a percentage and indicates the health of your position. When your Equity Balance reaches the level of your Maintenance Margin, your account health will deteriorate, and you will face the risk of being liquidated. `AccountHealth = (EquityBalance - MaintenanceMargin ) / EquityBalance` ### 4. Maintenance Margin The Maintenance Margin, also known as the CVA (Collateral Value at Risk), functions as your "Security deposit." If your equity balance (comprising your account balance and unrealized profit or loss) falls to this level, you will face liquidation. Maintenance Margin is locked, non-transferable, and represents the total across all your open positions. ### 5. Equity Balance Your Equity Balance is the sum of your allocated account balance and your unrealized Profit and Loss (PnL). It serves as your potential future balance. If it ever falls to the Maintenance Margin amount you've locked, you will face liquidation. Once you close your trades and settle your PnL, your account balance will match your Equity Balance minus any applicable fees. `EquityBalance = AllocatedBalance + UPNL` ### 6. Allocated Balance The allocated Balance is the sum of funds designated by the user for a specific Margin Sub-Account. These funds can be employed to initiate margin positions or can be unallocated and transferred back to the Main Account for withdrawal following a predefined Fraud Proof window. Within this Fraud Proof window, third-party validators conduct checks to verify the accuracy and legitimacy of the balance claimed for withdrawal. If the balance aligns with the correct amount, it can then be withdrawn. ### 7. Initial & Locked margin The Initial Margin contributes to your Locked Margin balance. Locked Margin represents the cumulative Margin tied up in all your active positions. Despite being part of your Equity, Locked Margin serves as a safeguard to prevent users from opening an excessive number of positions. ### 8. Available for Orders Account Balance that is still available for Requests and Orders. `AvailableForOrders = EquityBalance - LockedMargin - MaintenanceMargin` ### 9. Withdrawal & Proof of Time As SYMMIO’s architecture assumes that all transactions are final instantly, a fraud proof window has been integrated in order to address manipulation risks, including double spending. As a result, withdrawing your initial $USDT deposit needs to pass through a 12-hour fraud-proof period. The implementation of a third party providing instant withdrawal solutions is currently being studied. # Hedgers Plug into SYMMIO and start filling intents from DeFi users SYMMIO essentially mirrors the risk on-chain, creating a unique hybrid model that balances the strengths of both centralized and decentralized systems. It serves as a marketplace facilitating third parties, known as hedgers, to execute orders. These hedgers can essentially be anyone, opening up a plethora of possibilities. They can operate on any exchange, be it Binance, Bybit, KuCoin, Bitfinex, or even run their own market-making or product structuring operations. If you are interested to become a Hedger, feel free to reach out to us through [Discord](https://discord.gg/thena), or to contact directly the [SYMMIO](https://www.symm.io/)'s team. ### Example of a Delta Neutral Strategy Institutional actors such as Market Makers can leverage THENA Perps to execute their operations. A simple and profitable strategy consists of filling an intent and opening the opposite position in a CEX. As such, the Hedger's PnL profile is delta neutral and its profits consist of an initial spread and a premium charged on the funding rate. In addition, cross-margining multiple positions with one user makes it possible to replicate this risk-free strategy while lowering the collateral requirement.

### Trustlessness Although adding offchain operations can be extremely profitable for institutional players, SYMMIO has been designed to stay fully independent of any external actions. The counter-party risk of any symmetrical agreement is always covered onchain by the necessary amount of capital. It is essential to keep the following points in mind: * **Educational Use**: The above example is educational and not a comprehensive reflection of the entire SYMMIO protocol. It is structured to provide an introductory grasp of what it means to be a hedger and offers a primer on how one can undertake this role. * **Avoid Misconceptions**: Some readers have drawn the inference from this section that the SYMMIO system depends on Hedgers hedging themselves, leading to assumed trust dependencies on the Hedger side. However, this understanding is incorrect and could potentially lead to erroneous interpretations of the system's operation. * **Top-Down Relationship**: To reiterate and clarify, the relationship between a Hedger and the SYMMIO protocol is a top-down one. This means that whatever actions a hedger takes off-chain have no bearing on the on-chain events. Thus, there are no trust assumptions regarding the hedger side of things as they use off-chain systems to hedge themselves or the connection between these offchain systems and SYMMIO itself. * **Independent On-Chain Contracts**: The SYMMIO contracts function independently of any off-chain actions performed by a hedger. They operate exclusively within the on-chain environment, and are not influenced or impacted by any external actions. * **The SYMMIO system is fully isolated**: SYMMIO is fully isolated by any issues that may or may not arise from using offchain systems, centralized exchanges, trading desks or any other forms of hedging. We strongly recommend you to familiarize yourself with these points as well as the SYMMIO documentation for a better understanding of the Hedger's role and its interaction with the SYMMIO protocol. It's important to interpret the Hedger section in light of these clarifications to avoid misrepresentations of the SYMMIO protocol's actual functioning. ### Learn More about SYMMIO {% embed url="" %} # Charts by TradingView THENA Perps, the decentralized perpetual derivatives platform by THENA, proudly utilizes TradingView as our chart provider. Below is a comprehensive guide on navigating TradingView charts to enhance your trading experience.

In this guide, we will provide a basic introduction to using TradingView charts. You will learn how to view different time frames, select various chart types, compare different tickers, use indicators, reset charts, utilize drawing tools, as well as taking a snapshot of your graph. ### Time Frames Firstly, in the top left section, you'll find the time frame selection. The time frame determines the length of time each bar or candlestick represents on the chart. For example, a 1-hour time frame means each bar represents one hour of trading activity. We'll use the [BTC/USD chart](https://www.tradingview.com/symbols/BTCUSD/) as an example.

Time frames play a crucial role in understanding market movements. Short-term time frames, such as 1-minute or 5-minute charts, are ideal for day traders looking to capitalize on quick, intra-day price fluctuations. Medium-term time frames, like the 1-hour or 4-hour charts, suit swing traders who hold positions for several days to weeks. Long-term time frames, such as daily, weekly, or monthly charts, are best for investors focused on long-term trends and holding positions for months or years. Choosing the right time frame depends on your trading style and strategy. If you are a day trader, short-term charts will be more useful, while long-term investors will benefit from longer time frames. Combining multiple time frames can provide a more comprehensive view of the market, allowing traders to see both the broader trend and finer details for better decision-making.

You can "favorite" your favorite time frames by clicking on the star symbol, which pins them for easier selection next time. This feature allows you to quickly access the time frames you use most frequently. ### Chart Types Beside the time frame section, you can select the chart types. Popular chart types include line charts, bar charts, and candlestick charts.

Different chart types are used to provide various perspectives on price movements, helping traders make informed decisions. For example, a line chart, which connects closing prices over a period, is simple and easy to read, making it great for identifying overall trends. However, it lacks detail on price fluctuations within the selected time frame. In contrast, candlestick charts offer more information, showing opening, closing, high, and low prices for each period, but they can be more complex to interpret. Selecting the appropriate chart type is essential for tailoring your analysis to your trading strategy.

To change our hollow bar chart to a line chart, we simply select the corresponding chart type in our dropdown menu.

### Asset Comparison Beside the chart type section, there is an option to add multiple charts on a single graph. This allows traders to compare different assets simultaneously, providing insights into their relative strength and correlations.

For instance, we could add the [ETH Chart](https://www.tradingview.com/symbols/ETHUSD/) besides the [BTC chart](https://www.tradingview.com/symbols/BTCUSD/).

This comparison helps identify which asset is stronger or weaker. Observing relative strength can indicate bullish or bearish trends. From this chart, we could make the inference that Ethereum is showing relative weakness to Bitcoin, while at the same time being correlated to Bitcoin, and could suggest it does not offer much diversification for a risk sensitive investor. Overall, comparing symbols helps to identify relative strength, correlations, and trends, aiding in decision-making and portfolio management. ### Indicators TradingView on THENA Perps offers a myriad of indicators to enhance your trading analysis. Indicators are tools that help traders interpret price movements and predict future trends. Free users of TradingView can use up to 2 indicators on the chart Some of the more popular indicators are: 1. Moving Average (MA): This indicator smooths out price data to identify the direction of the trend over a specific period, helping traders to spot trends and reversals.

For example, this graph uses 2 Simple Moving Averages, 50 days (blue) and 200 days (Yellow) on the daily chart. The 50-day SMA represents the short-term trend, while the 200-day SMA reflects the long-term trend. When the short-term SMA (50-day) crosses above the long-term SMA (200-day), it could suggest a bullish signal, indicating potential upward momentum. Conversely, when the short-term SMA crosses below the long-term SMA, it suggests a bearish signal, indicating potential downward momentum. This crossover strategy helps traders identify trend reversals and make informed trading decisions. You can change the time period as well as the style of the Moving Averages by hovering near the indicators and clicking the settings icon.

2. Relative Strength Index (RSI): RSI measures the speed and change of price movements, indicating overbought or oversold conditions, which can signal potential reversals.

The RSI is displayed below the main price chart. The default RSI overbought and oversold levels are typically set at 70 and 30, respectively. However, these levels can be adjusted based on the trader's preference or the specific characteristics of the asset being analyzed. The RSI helps traders identify potential reversal points. For instance, when the RSI crosses above 70, it might signal that the asset is overbought and a bearish reversal could be imminent. Conversely, when the RSI crosses below 30, it might indicate that the asset is oversold and a bullish reversal could be expected. This makes the RSI a valuable tool for timing entry and exit points in trading strategies. 3\. Bollinger Bands: This indicator consists of a middle band (a moving average) and two outer bands that represent standard deviations. Bollinger Bands help traders identify volatility and potential price breakouts.

#### Deleting Indicators and resetting scale and resetting chart: To delete indicators, simply hover your mouse near the indicators section and click the “trash can” icon that appears.

To reset the chart to the default scale, you can click at the settings button at the bottom right and then select “Reset price scale”. Alternatively, you can press ‘Alt + R’ to reset the price scale.

To get a clean new chart, you can simply refresh the whole page. ### Drawing Tools TradingView offers the ability to draw freely on your chart or use pre-drawn tools like Fibonacci retracements. These tools, found on the left side of the chart, help traders annotate and analyze price movements by highlighting trends and identifying key support and resistance levels. On THENA Perps TradingView charts, you can find 11 drawing tools from top to bottom.

Some of the more popular ones include: Trend Line Tool: Trend lines enable you to highlight the direction of movement and significant price levels.

The Trend Line tool on TradingView allows you to draw lines to mark the direction of price movements and significant levels. By selecting the tool and clicking to set start and end points, you can easily create trend lines that help identify market direction, support, and resistance levels. This tool is useful for spotting trends, potential breakout points, and reversals, enhancing your technical analysis and trading strategy. Gann and Fibonacci Tools: These tools automatically create levels based on Fibonacci sequences and Gann theory.

The Fibonacci Retracement tool on TradingView allows traders to quickly and easily draw key levels on a chart with just a few clicks and drags. By selecting the tool and then clicking on the start and end points of a significant price move, the tool automatically plots the Fibonacci levels. These levels help traders identify potential areas of support and resistance, making it easier to anticipate possible reversal points in the price action. This automated feature saves time and enhances the precision of technical analysis. Forecasting and Measurement Tools: These tools help measure chart distances, predict price movements, and assess trading positions.

Forecasting tools on TradingView, such as Long Position and Short Position, allow traders to simulate potential trade scenarios. By selecting these tools and setting entry, stop-loss, and target levels, traders can visualize potential profit and loss, helping them evaluate risk and reward before executing trades.

You can easily adjust your forecasted risk, entry, profit, and stop levels by clicking on the settings icon that appears when you hover your mouse over the forecasting drawing on your chart. This feature allows for precise customization of your trade parameters. ### Taking a snapshot To take a picture of your graph, you can click the camera icon on the upper right corner of the graph, which allows you to either download the image or copy the image to your clipboard.

For a more detailed guide on how to use TradingView charting functions, you can visit [their official website](https://www.tradingview.com/support/). *Disclaimer: This article is a guide on how to use TradingView and does not constitute financial advice. We do not ensure the accuracy of the content.* # THENA Perps Trading Guide How to Trade on perps.thena.fi ### Step 1: Connect Your Wallet and Create an Account 1. Go to the [THENA Perps page](https://perps.thena.fi/trade/BTCUSDT) and click the top-right corner to connect your wallet.

2. Click “Create Account” in the same box.

3. Enter your preferred username and click “Create Account.”

4. Review the Terms & Conditions (T\&C) and click “Agree.”

5. Confirm the action through your wallet. Once completed, click “Ok!” to proceed.

*** ### Step 2: Make a Deposit 1. Click “Deposit” located at the bottom of the page.

2. Enter the amount of USDT you want to deposit and click “Approve Collateral.”

3. Approve the transaction through your wallet, then click “Deposit.”

4. Confirm again via your wallet to complete the process. 5. You can now see your USDT balance displayed in the bottom-left corner of the page.

*** ### Step 3: Set Up Your Position 1. Select a trading pair you want to trade (e.g.,FLOKI/USDT) from the dropdown menu.

2. Set up your position using the following parameters:

* Order Type: Choose Limit or Market. * Direction: Choose Long (expect price to rise) or Short (expect price to fall). * Price and Amount: Enter the desired values. * Leverage: Adjust the leverage (up to 60x) based on your risk tolerance. THENA Perps supports high leverage for advanced traders looking to maximize potential gains, but remember that this also increases risk. * TP/SL (Take Profit / Stop Loss): Set your target profit and stop loss to manage risk. 3. Once all details are correct, click the confirmation button below the settings section.

4. Double-check your position details, then click the button to open your trade.

5. Confirm the trade through your wallet to finalize it.
6. Your active position will now appear in the lower section of the page.

*** ### Step 4: Close Your Position 1. In the position bar, click “Close” next to the position you want to close.

2. After reviewing the details, choose “Close Position” or “Instant Close”.

3. A “Close Successful” notification will appear in the top-right corner, confirming the closure.

#### Disclaimer Please be note that THENA does not provide any financial advice. Trading futures risky, and may lead to significant gains or losses. Make sure to conduct your own research and fully understand the risks before setting up your positions. # Gauges & Voting Incentives The Open Marketplace for Liquidity The veTHE gauge voting system establishes a dynamic & self-optimizing marketplace for liquidity. Incentives are directed toward the most productive pools — those generating the highest trading volumes and fees — ensuring that liquidity flows where it is most efficiently utilized. This mechanism makes THENA a resilient, adaptive and capital-efficient DEX. * **Bootstrapping Liquidity**: Protocols can solve the initial cold-start of liquidity by depositing voting incentives. * **Liquidity Management**: Protocols can adjust their liquidity levels by modifying their weekly incentives deposit, enabling them to grow and maintain their pools in line with their strategic objectives * **Self-Optimizing Liquidity Allocation**: THENA’s ve(3,3) tokenomics structure automatically directs emissions toward pools generating the highest trading volumes and fees. ### Voting Incentives Specifications * **Voting incentive claim**: `veTHE` holders receive rewards after the following Epoch in the form of a claimable lump sum * **Epoch duration**: 1 week (Thursday to Thursday) * **Tokens**: Any whitelisted tokens can be deposited as voting incentive * **Voting incentive deposits**: Any time during the epoch To attract votes from `veTHE` holders, voting incentive must be deposited at least a few hours before the Epoch changes at 00:00 UTC Wednesday-Thursday night. Earning voting incentives (and trading fees) requires weekly voting. Learn more about[ veTHE Voting Mechanisms](/thena/the-tokenomics/tokens-the-vethe-thenft#vethe-voting-mechanisms). # Whitelist Tokens Get tokens whitelisted on THENA New tokens need to be whitelisted. The team keeps a control over new tokens being listed in order to filter out scams and illegitimate projects. \ \ **Update: Tax tokens are now compatible** ### How to whitelist a token? Contact the team through [Discord](https://discord.gg/thena) or [Twitter](https://twitter.com/ThenaFi_). # Add Gauges Anyone can add a gauge for a pool without holding `veTHE`. Adding a gauge will allow voting incentives to be deposited for the given pool. ### How to add a gauge? 1. Connect Wallet 2. Navigate to "More" -> "Protocols" 3. Select "Add Gauge" 4. Select your pool and confirm # Add Voting Incentives Anyone can add voting incentives to a pool for which a gauge has been added. The voting incentive must be deposited in tokens that have been whitelisted. The more voting incentives added for a gauge, the more `$THE` emissions it is likely to receive in the next epoch. ### How to add voting incentives? 1. Connect Wallet 2. Navigate to "More" -> "Protocols" 3. Select "Add Voting incentives" 4. Select your gauge, the amount of tokens for the Epoch, and confirm 5. Repeat the process every Epoch # Liquidity Provision THENA offers a variety of liquidity pools adapted to a wide combination of asset pairs and strategies. Our innovative pools combine Concentrated Liquidity AMM, dynamic fee structures, plugin compatibility and intuitive interface. From Classic UniswapV2 AMM and Curve-like Stable AMM, to innovative Concentrated Liquidity pools and Balancer-like 80-20 weighted pools, they enable protocols to achieve their liquidity objectives. # Concentrated Liquidity ## Algebra Integral CLAMM THENA V3 integrates **Algebra Integral**, the latest evolution of concentrated liquidity AMMs and a powerful alternative to Uniswap V4. While maintaining the core advantages of concentrated liquidity—capital efficiency, custom price ranges, and fee optimization—Algebra Integral introduces a new layer of **modularity and upgradability** through its **hook-based architecture**. *** ## Plugins Algebra Integral pools support a "hook" system—external smart contracts that plug into the core AMM to execute custom logic before or after any pool interaction (e.g. swap, mint, burn). This modular design enables THENA to embed new features and compliance logic without redeploying liquidity pools. ### Use Cases * **AML/KYC Compliant Pools**: THENA has developed, in partnership with Brickken, a proof-of-concept plugin that enforces identity and eligibility checks to onboard specific tokenized RWAs. This enables compliant access control, making it possible to onboard institutional partners and regulated assets in full alignment with applicable frameworks. * **veTHE Fee Tiering Plugin** \[*R\&D*]: Dynamic fee discounts based on veTHE position size, reinforcing community loyalty and veTHE locking rate. * **Options Market** \[*R\&D*]: Hook enabling options trading markets to attract advanced user or enable Market Neutral Strategies directly on THENA. *** ## Concept of Concentrated Liquidity In the classic Uniswap V2 AMM, liquidity is evenly distributed across the entire price curve of the token pair (0, +∞), equally rewarding dormant liquidity and liquidity effectively utilised for end-user swaps. DEX utility tokens emitted to rent LP liquidity are not capital efficient, and fees cannot be directed towards liquidity actively used for swaps. Concentrated liquidity pools enables the discrete allocation of the liquidity within specific price ranges, allowing them to collect trading fees when the current price falls within the established range. Similar to an order book, the aggregated liquidity exhibits a more "concentrated" distribution around the market price of the token pair. For end-users, concentrated liquidity provides better price execution than UniV2 pools for any given level of TVL, while more efficiently rewarding LPs. *** ## Impermanent Loss Risk In concentrated liquidity pools, passive LPs are more subject to impermanent losses. As the price shifts, LPs end up holding more of one asset while traders acquire more of the other. LPs may eventually hold a single asset position as the price of the pair approaches either the lower or upper limit of the range. The situation can worsen when the price surpasses one of the boundaries: the LP position now consists of a single asset that is decreasing in value and not generating trading fees. Given the inherent volatility of the crypto market, LP positions in concentrated liquidity pools need frequent rebalancing to avoid extreme impermanent losses. Although concentrated liquidity pools bring a higher level of granularity to DeFi, profiting from liquidity provision within custom ranges demands sophisticated market-making skills that may be beyond the reach of the average retail liquidity provider. *** ## Fee Structure Algebra Integral CLAMM includes a dynamic fee structure composed of: `Base fee`: Base component that can be freely set and modified by the core team without needing to redeploy liquidity to a new pool. This feature offers an extra layer of flexibility for THENA's protocol partners when executing their liquidity strategies on the BNB chain. `Dynamic fee`: Component that automatically adjusts according to market volatility, liquidity, and trading volume to maximize generated fees. During periods of high volatility, fees should be increased to compensate for potential losses faced by liquidity providers. Conversely, when trading volume is low and there is sufficient liquidity, fees should be reduced to attract more volume. *** ## Manual Concentrated Liquidity Provision

1. **Select your farming rewards** Manual Concentrated LPs can choose between earning $THE or Trading Fees: * **$THE**: veTHE holders vote on a single gauge per pool, and emissions are streamlined over the Epoch based on 1-second live LP performance. Whether a position is managed manually or by a whitelisted Liquidity Manager, emissions flow proportionally to their fee contribution * **Fees**: LPs earn 90% of the trading fees generated by their positions. Trading fees are not autocompounded in the position and needs to can be claimed on the Dashboard section 2. **Select your range** LPs can adjust their liquidity ranges within a visual environment displaying the recent volatility and liquidity depth distribution in the pool. * The lower section represents the liquidity depth summed between all ticks within the liquidity pool * The upper section displays the historical price volatility of the pair over the selected timeframe 3. **Visualise the estimated APR** The estimated APR reacts dynamically according to the user price range selection and is based on the past 7-day performance of the pool. 4. **Zapper function - powered by Kyber** LPs can enter any pool using a single token, all in a single transaction: swapping the necessary amount into the second asset (handling ratios and price ranges) and providing liquidity. *** ## Automated Concentrated Liquidity Provision: ALMs Integration The integration of concentrated liquidity pools with various Automated Liquidity Managers ("ALMs") addresses the complexity of these pools for liquidity providers seeking automation. ALM protocols automatically manage position ranges to optimize fee generation while mitigating impermanent loss, enabling passive yield generation without the need for active & manual rebalancing. ALM partners integrated natively integrated: * [Gamma](https://www.gamma.xyz/) * [ICHI](https://www.ichi.org/)
# Weighted Pools Weighted Pools are based on the Balancer architecture and allow the creation of customizable multi-asset liquidity pools. Users can include up to 8 tokens per pool and assign custom weights (e.g. 80/20 or 40/30/30), enabling tailored exposure and portfolio-style liquidity provisioning. This structure is ideal for building thematic baskets, capital-efficient incentives, or rebalancing strategies across correlated assets. ## Fee Structure * Static * Customizable at pool initiation ## Use cases * **Incentive-Efficient Pairing (Stablecoin & LSTs)** : Pair stablecoins or LSTs with a lower-weighted counterparty asset (e.g. 80/20) to optimize the capital efficiency of liquidity mining programs. * **Index Pools**: Create multi-asset thematic pools weighted according to their relative market-cap, enabling simplified portfolio management. For example: * Blue-chip Index: (ETH/BTC/BNB) * BNB native DeFi: (XVS/LISTA/THE) # Stable AMM Curve style of stable pool for correlated or loosely pegged pair of assets, such as `$lisUSD`-`$USDT` or `$USDT`-`$USDC`. v1 Stable Pool is a type of liquidity pool that is designed specifically for assets that are expected to consistently trade at near parity, such as stablecoins or synthetics. Unlike traditional AMMs, which use a constant product formula to calculate prices, sAMMs use a constant sum formula. This helps to reduce slippage and price impact, making sAMMs particularly well-suited for stable assets. ## Fee structure * Static * 0.01% ## Use cases * Stablecoins * Synthetic assets # Classic AMM UniV2-style variable pool designed for uncorrelated pairs of assets such as `$BNB`-`$USDC`. Classic Pools comprise two tokens that users can swap, with the exchange rate determined by each token's relative supply and demand through the constant product formula. These pools are ideal for trading more volatile tokens, as they can rapidly adapt to fluctuating market conditions. ## Fee structure * Static * 0.2% ## Use Cases * Highly volatile coins such as Meme coins. Since the liquidity is evenly distributed across the entire price curve of the token pair (0, +∞), LPs are less subject to Impermanent Losses. * Long tail assets # Introduction to FUSION FUSION is a collaborative development that abstracts and automates the management of concentrated liquidity pools, enhancing capital efficiency and user experience. FUSION pools are the combination of Algebra Concentrated Liqudity AMM with one of our blue-chip Automated Liquidity Manager partners (Gamma, DefiEdge and ICHI). ### Concept of Concentrated Liquidity In the classic Uniswap V2 AMM, liquidity is evenly distributed across the entire price curve of the token pair (0, +∞), equally rewarding dormant liquidity and liquidity effectively utilised for end-user swaps. DEX utility tokens emitted to rent LP liquidity are not capital efficient, and fees cannot be directed towards liquidity actively used for swaps. Concentrated liquidity pools enables the discrete allocation of the liquidity within specific price ranges, allowing them to collect trading fees when the current price falls within the established range. Similar to an order book, the aggregated liquidity exhibits a more "concentrated" distribution around the market price of the token pair. For end-users, concentrated liquidity provides better price execution than UniV2 pools for any given level of TVL, while more efficiently rewarding LPs. ### Algebra - Concentrated Liquidity AMM provider [Algebra](https://algebra.finance/) provides the underlying concentrated liquidity AMM technology for FUSION that enables the liquidity provision through custom price ranges, facilitating discrete liquidity provision and the execution of advanced market-making operations on THENA. ### Dynamic Fee Structure Algebra includes an innovative fee structure composed of: `Base fee`: Base component that can be freely set and modified by the core team without needing to redeploy liquidity to a new pool. This feature offers an extra layer of flexibility for THENA's protocol partners when executing their liquidity strategies on the BNB chain. `Dynamic fee`: Component that automatically adjusts according to market volatility, liquidity, and trading volume to maximize generated fees. During periods of high volatility, fees should be increased to compensate for potential losses faced by liquidity providers. Conversely, when trading volume is low and there is sufficient liquidity, fees should be reduced to attract more volume. ### Impermanent Loss Risk In concentrated liquidity pools, passive LPs are more subject to impermanent losses. As the price shifts, LPs end up holding more of one asset while traders acquire more of the other. LPs may eventually hold a single asset position as the price of the pair approaches either the lower or upper limit of the range. The situation can worsen when the price surpasses one of the boundaries: the LP position now consists of a single asset that is decreasing in value and not generating trading fees. Given the inherent volatility of the crypto market, LP positions in concentrated liquidity pools need frequent rebalancing to avoid extreme impermanent losses. Although concentrated liquidity pools bring a higher level of granularity to DeFi, profiting from liquidity provision within custom ranges demands sophisticated market-making skills that may be beyond the reach of the average retail liquidity provider. ### Active Liquidity Managers ("ALM") Integration The integration of concentrated liquidity pools with various ALM addresses the complexity of these pools for non-professional liquidity providers. An ALM protocol actively adjusts LP ranges to maximise the fee generation while mitigating the impermanent loss risk. ALMs are natively integrated into FUSION, providing LPs with a seamless experience and access to a battle-tested market-making service. ALM partners integrated into FUSION: * [Gamma](https://www.gamma.xyz/) * [DefiEdge](https://www.defiedge.io/) * [ICHI](https://www.ichi.org/) ### Learn More {% embed url="" %} # Liquidity Pools Typology ## FUSION (Automated Concentrated Liquidity AMM) ### Gamma - Narrow The narrow range strategy focuses on a tight price range between two assets. This strategy works well for assets with high and positive price correlation as it concentrates the price range where most trading activity occurs. The Narrow Range also maximizes the fee-earning potential during periods of low market volatility. However, in the long term, higher fees may not compensate for the higher impermanent loss risk. Fee structure : Dynamic ### Gamma - Wide The wide-range strategy involves distributing liquidity over an extensive price range between two assets. This approach is especially effective for assets with low price correlation and substantial price fluctuations. The strategy generates consistent fees during periods of market volatility, especially when high token volatility is expected, such as after a key release or unforeseen news. In the long run, the savings in impermanent loss will likely outweigh the higher fees associated with a narrow range. Fee structure : Dynamic ### Gamma - Stable Similar to the v1 Stable Pool, this pool strategy is specifically designed for assets expected to consistently trade at near parity, such as stablecoins or synthetics. The FUSION Stable Pool allows for improved price execution compared to the v1 Stable Pool, resulting in higher volumes and fees generation. However, in case of a depeg between the paired assets, the pool could become entirely imbalanced and consist of only one asset, making it impossible to rebalance the pool. This extreme situation would not occur with the V1 stable AMM. Fee structure : Dynamic ### Gamma - Correlated The Correlated strategy distributes the liquidity in a tight range around an evolutive price peg between a yield accruing token and its underlying based asset. \ \ This pool not only addresses the Liquid Staked Derivatives (LSD) tokens that are accruing the staking rewards over time (e.g `$ETH`-`$frxETH` or `$BNB`-`$ankrBNB`), but also any other tokens integrated into a yield-generating market. Fee structure : Dynamic ### DefiEdge DefiEdge strategies concentrate the liquidity close to the market price of the pair, through multiple ranges. The level of concentration of the liquidity deployed by DefiEdge strategies are in between the Wide and Narrow strategies from Gamma, offering an alternative risk/reward LP opportunity. The strategy can be adjusted directly with the core, on demand. Fee structure : Dynamic ### ICHI ICHI provides single token deposit strategies. LPs deposit a single token that the strategy pairs with another token to generate yield through automated liquidity management operations on THENA. The strategy actively accumulates the deposited token and generate trading fees. The deposited token always keep a \[65%-95%] weight within the pair, providing a directional edge to LPs. ICHI offers a wide range of custom strategies to help THENA's partners achieving liquidity goals such as treasury management, sell side incentives amd tailored on-chain market making operations. Fee structure : Dynamic ## Classic AMM UniV2-style variable pool designed for uncorrelated pairs of assets such as `$BNB`-`$USDC`. v1 Variable Pool comprise two tokens that users can swap, with the exchange rate determined by each token's relative supply and demand through the constant product formula. These pools are ideal for trading more volatile tokens, as they can rapidly adapt to fluctuating market conditions. Fee structure : 0.2% ## Stable AMM Curve style of stable pool for correlated or loosely pegged pair of assets, such as `$FRAX`-`$BUSD` or `$USDT`-`$USDC`. v1 Stable Pool is a type of liquidity pool that is designed specifically for assets that are expected to consistently trade at near parity, such as stablecoins or synthetics. Unlike traditional AMMs, which use a constant product formula to calculate prices, sAMMs use a constant sum formula. This helps to reduce slippage and price impact, making sAMMs particularly well-suited for stable assets. Fee structure : 0.01% ## Manual Concentrated Liquidity AMM The manual range strategy allows LPs to set their preferred price range and adjust it in a highly customisable way. Custom price ranges set-up is best suited for skilled investors confident in their market making skills. The Manual Range Pool allows for Market Makers individuals or organisations to build on top of THENA and earn 97% of the swap fees generated by their operations. 3% of the swap fees are retained and further deposited as voting incentives on FUSION gauges as a revenue share to veTHE holders. Manual Range Pools are not included in the gauges system, which means they are not eligible for earning `$THE` farming rewards. Fee structure : Dynamic # Earn THE Provide liquidity and stake your LP tokens to earn `$THE`. THENA is non custodial and there are no deposit or withdrawal fees. ### Pools eligible for THE emissions & liquidity provision ratios * **Manual CLAMM**: The UI will automatically suggest the correct ratio, which can be other than 50:50 * **Automated CLAMM**: Tokens need to be added in a 50:50 ratio * **Weighted Pools**: The UI will automatically suggest the correct ratio, which can be other than 50:50 * **Classic AMM**: Tokens need to be added in a 50:50 ratio * **Stable AMM**: The UI will automatically suggest the correct ratio, which can be other than 50:50 # Earn Trading Fees You can provide liquidity without staking the LP tokens. In this case you will earn all of the trading fees for your proportionate share of the pool. There is no deposit or withdrawal fees. You can remove liquidity at any time. * **Manual CLAMM**: LPs earn 90% of the fees * **Automated CLAMM**: LPs do not earn anything if their positions are not staked * **Weighted Pools**: LPs earn 90% of the fees * **Classic AMM**: LPs earn 100% of the fees * **Stable AMM**: LPs earn 100% of the fees # ARENA Where SocialFi meets trading ARENA is a unique Social Hub for trading competitions natively integrated into THENA’s ecosystem. In ARENA, whitelisted partners can create permissionless and fully-customizable trading competitions on both spot and perpetual markets to engage their community, create engagement around their tokens and boost their brand awareness. It is a growth hacking tool that can be leveraged by our partners at multiple levels to improve their user acquisition & retention rate, increase their website traffic and deepen their liquidity in THENA. ARENA has been designed to align the interest of three key stakeholders: ### Traders: * **GameFi**: ARENA offers a gamified experience where they can earn rewards based on their trading performance. ARENA also have other * **SocialFi**: ARENA includes features, such as event promotion, notifications, a profile view where they can analyze their own and other users’ activity. They will also be able to mint and be identified by their own .thena IDs, instead of the classic 0x address, for a more personal user experience. ### Partner projects * **Activity and deeper liquidity**: Trading competitions generate engagement, trading volumes and fees for a token. In THENA, emissions are governed by veTHE holders that vote for pools on a weekly basis, and capture a corresponding share of the fees and voting incentives deposited by protocols. As a result, the volumes and fees generated by trading competitions are an alternative way to attract more votes than the traditional “bribing” system to deepen the liquidity of a pool. * **Growth Hacking tool**: Whitelisted partners will be able to set-up their own trading competitions and relay them on socials to boost their reach. Running joint trading competitions between multiple partners enables some massive community crossover and helps raise each partner’s brand awareness. As each whitelisted partner will have their own profile page that include hyperlinks towards their website and socials, they will be able to increase their platform traffic, social engagement and ultimately improve their users acquisition rate. ### KOLs * **Audience monetization**: KOLs are able to create trading competition and earn up to 25% of the prize pool raised. No initial funding is needed, all they have to do is share the trading competitions created on their socials to attract users and increase the participation. Copy trading will be implemented in the future to enhance traders KOLs experience in ARENA and facilitate onboarding their community * **Community expansion**: As ARENA network effect increases with more Partners and Users being onboarded, KOLs will be able to leverage the platform as a user acquisition funnel to broaden their audience and increase their social engagements. Thanks to .thena IDs, KOLs could create trading competitions together and benefit from community crossover # THENA IDs THENA IDs are your primary identity within the THENA Ecosystem through our own Naming Service. By owning a THENA ID, your wallet address will be replaced with your chosen name, all across ARENA and THENA’s products suite. This way you can stand out from the crowd. THENA IDs minting prices start at 3 USDT and vary according to the length of the name chosen. They can also be gifted. THENA IDs let you customise your THENA profile with the following: * Displaying your own theNFT as a profile picture * Setting a custom name colour * Adding our website link * Linking your X profile * Displaying our bio * Suggesting your profile to others * Choosing profile’s theme background In the future, THENA ID holders will get special early access to new features and access to further profile customisation options. ### How to Mint THENA IDs ? **Step 1**: Navigate to THENA ID 1. Go to the THENA website ([thena.fi](http://thena.fi)) 2. Click on "Arena" in the website header. 3. Select "THENA ID" from the dropdown menu. Alternatively, visit[ thena.fi/arena/id](https://thena.fi/arena/id).

**Step 2**: Mint Your THENA ID 1. Click on "Mint". 2. Choose your unique THENA ID. **Note**: The shorter the length of your ID, the more USDT is required to mint it. 3. Once you have decided on a suitable ID, click "Mint Now". Remember, each unique THENA ID can only be minted once and is non-fungible. It cannot be changed once minted.

**Step 3**: Approve the Transactions 1. Approve the transactions with your wallet.

**Step 4**: View Your Minted THENA ID 1. Congratulations! You have now minted your unique THENA ID. 2. View your ID under "Profile". 3. Your ID will also be displayed whenever you use any of THENA’s ecosystem products.

# Trading Competition Guide how to create a trading competition ### Create Trading Competitions * Connect your wallet * If you're authorized to create a trading competition, you'll find a "Create Trading Competition" button on the main competitions page.

**Step 1**: Competition Details: Fill in the name of your trading competition & its description. Hit the next button once you’re done.

**Step 2**: Participant Limits and Registration Timing: * **Set Maximum Participants**: Control how many users can enter your competition. The current maximum limit is 1,000 participants. * **Registration Period**: Choose the start and end dates and times. Remember, registration should conclude before the competition starts. * **Time Limitations**: * Minimum Registration Duration: At least 1 hour. * Maximum Registration Duration: No more than 1 week. * Minimum Competition Duration: At least 1 hour. * Maximum Competition Duration: Up to 4 weeks (28 days). * After setting these times, define the precise start and end dates and times for the trading period. Participants can trade only within this timeframe. Click 'Next' to continue.

\ **Step 3**: Competition Type and Tradable Tokens: * **Select Competition Type**: Choose between spot or perpetuals. * **Tradable Tokens**: Select at least two tokens for trading. The more tokens you choose, the more dynamic the competition. * **Winning Token**: This is the token used for entry fees and the prize pool. You can also add your host contribution in this token. * **Optional Settings**: * Entry Fee: Participants' fees contribute to the prize pool. * Required Deposit: Set a deposit amount that participants use as their starting balance. Note: Additional deposits are not allowed once the competition begins. * Host Contribution: Optionally, add to the prize pool at the competition's creation. * Click 'Next' after these selections. **Step 4**: Prize Distribution: Set Prize Distribution: You may keep up to 25% of the total prize pool. The rest is distributed among top placements. **Final Step**: Preview and Create: Preview your competition setup. If satisfied, click 'Create'. Note the fixed creation fee displayed above the button. Once created, you'll be directed to your competition's page for sharing. # THE Roadmap

# Security ## Audits * THENA V1 has been audited by [PeckShield](https://github.com/peckshield/publications/tree/master/audit_reports/PeckShield-Audit-Report-Thena-v1.0.pdf). * THENA V2 has been audited by [OpenZeppelin](https://blog.openzeppelin.com/retro-thena-audit). * THENA V3 (including veTHE automation) has been audited by [Hackken](https://hacken.io/audits/thena/). * THENA is Real-Time protected by [Hypernative](https://www.hypernative.io/). * [Algebra Integral Audits](https://docs.algebra.finance/algebra-integral-documentation/algebra-integral-technical-reference/audits). THENA was originally adapted from Velodrome codebase, which is directly derived from the Solidly smart contracts that have been open sourced in March 2022.\ \ The AMM part of Solidly has been audited by PeckShield that revealed 5 low-severity and 1 informal findings. There have been no security-related incidents involving Solidly smart contracts since their deployment on Fantom in February 2022. The Velodrome codebase went through a security audit and a peer review as part of a Code4rena bug bounty contest. All high or medium risk issues were either resolved pre-deployment, except for one known issue (users can claim eligible rewards from ExternalBribe contracts more than once) that has been addressed via a wrapped contract solution. *** ## Multisig All transactions will have to go through a multisig. * *Setup*: 4/6 signers needed for a transaction, 3 from THENA, 3 publicly known entities from Ankr, GrizzlyFi, and Symmio (0x7d70ee3774325c51e021af1f7987c214d2caa184) * *Timelock*: 12 hours (0x5d7deb17be6c6243d6d65205b5293edceb676561) # Collaboration Join THE Ecosystem

We invite forward-thinking protocols to join our thriving ecosystem and collaborate with us in shaping the future of decentralized finance. By partnering with THENA, you will gain access to our state-of-the-art open marketplace for liquidity on BNB Chain, benefit from our cutting-edge technology, and experience unparalleled growth opportunities.\ \ The best way to reach us is through [Discord](https://discord.gg/thena). # Brand Assets Creating THENA related content? Look no further {% file src="/files/5d6OQDLh1WdpO5qgsVcn" %}

# Official Links Website [https://www.thena.fi](https://www.thena.fi/) X (Twitter) [https://x.com/ThenaFi\_](https://x.com/ThenaFi) Discord Telegram Telegram Announcements **Zealy Quests** Medium LinkedIn Github (deprecated) theNFT Collection veTHE Collection Dune Dashboards (outdated) \ \ BNB to opBNB Bridge [https://thena.zkbridge.com/](https://thena.zkbridge.com/bridge#transfer) List of smart contracts
# THENA Perps Legal Disclaimer Legal disclaimer for THENA Perps ## LEGAL DISCLAIMER \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ These Terms of Service, referred to as the "Terms'' or the "Agreement," establish a legally binding agreement between you (referred to as the "User," "Guest," "Customer," you, or your) and THENA.FI. (referred to as the "Company”," we, us, or our). By accessing or using (the "Website" “Platform”), the THENA.FI Platform accessible through the Website (the "Platform"), or any products and services offered on or through the Website or the Platform (the "Services"), whether as a guest or a registered user, you accept these Terms on behalf of yourself or the entity you represent. Please carefully read these Terms before using the Website, the Platform, or any of the Services. If you do not agree with any provision of these Terms, or if any of these Terms is unacceptable to you, you must not access or use the Website, the Platform, or any of the Services. #### If you have any questions or comments about these Terms, please contact us at To be eligible to use or access the Website and/or the Platform, including any Services offered on or through them, you must be of legal age to enter into a binding contract (at least 18 years old in most jurisdictions or the applicable age of majority and contractual capacity in your country of residence). By accessing or using the Website and/or the Platform, including any Services offered on or through them, you represent and warrant that you are of legal age to enter into a binding contract. If you are accessing or using the Website and/or the Platform, including any Services offered on or through them, on behalf of a legal entity, you represent and warrant that such legal entity is duly organized and validly existing under the applicable laws of its jurisdiction and that it authorizes you to act on its behalf. Any person or entity, including anyone acting on their behalf, that is based, domiciled, located, or incorporated in, or is a citizen, resident, or green card holder of any territory under the jurisdiction of the United States of America (including any state or the District of Columbia), Canada, Republic of Korea, Singapore, the People’s Republic of China, Bosnia, Albania, Belarus, Burma, Côte D'Ivoire (Ivory Coast), Cuba, Democratic Republic of Congo, Congo-Brazzaville, Congo-Kinshasa, Iran, Iraq, Liberia, North Korea, Sudan, Syria, Tajikistan, Russia, Zimbabwe, or any other country or territory included in the OFAC or any other US, UN, EU, or other applicable sanctions list (referred to as "Restricted Areas"), as well as an individual employed by or associated with an entity identified on BIS's denied persons, unverified, or entity lists, or OFAC's list of specially designated nationals, foreign sanctions evaders, or list of consolidated sanctions, or DDTC's debarred parties list, may not access or use the Website, the Platform, and the Services and must immediately leave the Website (referred to as "Ineligible Persons," and each such person or entity individually as "Ineligible Person"). The Company is not responsible for fraudulent, deceptive, or malicious use of any tools by any Ineligible Person to access or use the Website, the Platform, and the Services, falsely claiming to originate from any jurisdiction outside the Restricted Areas. ### GENERAL 1.1. Description of Service The Platform provides a user interface for trading perpetual contracts in cryptocurrency, allowing users to enter into and manage positions based on the price movements of various cryptocurrencies. The Platform provides real-time market data, trading tools, and account management features to facilitate cryptocurrency trading. 1.2. User Registration Responsibility: To access the Platform, you may be required to create an account by providing accurate and complete information. You are responsible for maintaining the confidentiality of your account credentials and for all activities that occur under your account. You agree to notify the Company immediately of any unauthorized use of your account or any other breach of security. 1.3. Perpetual Contracts: This Platform facilitates the trading and management of perpetual contracts which are not prepared or belong to the Company. Perpetual contracts are complex financial instruments and involve significant risks. The trading of perpetual contracts carries the potential for substantial financial loss, and it is not suitable for all investors. You should carefully consider your risk tolerance, investment objectives, and financial situation before engaging in perpetual contract trading. 1.4. We retain the right to periodically revise and update these Terms at our sole discretion. Any changes will take effect immediately upon being posted on the Website (with the "Last Revised" date indicated at the top). It is understood that the Company will not explicitly notify you of potential amendments and modifications. By continuing to use the Website, the Platform, or the Services after revised Terms have been posted, you indicate your acceptance and agreement to the changes. We recommend checking this page each time you access the Website, the Platform, or the Services to stay informed of any changes, as they are binding upon you. 1.5. Any other compulsory policies of the Company accessible on the Website or other agreements separately entered into between you and the Company are deemed an integral part of these Terms and carry the same legal effect. Your use of the Website, the Platform, and the Services is contingent upon your acceptance of all additional terms published on the Website. ### TERMS 2.1 The following capitalized terms used in these Terms shall have the meanings ascribed to them below, unless the context clearly indicates otherwise: "Company," "we," "us," or "our": refers to the entity identified in the preamble of these Terms. "End User(s)": refers to individuals or entities that utilize Service Based Works. "Ineligible Person(s)": has the same meaning as defined in the preamble of these Terms. "Intellectual Property": encompasses all intellectual property owned by us, including inventions, discoveries, processes, methods, compositions, formulae, techniques, information, source code, brand names, graphics, user interface design, text, logos, images, information, and data about the Services, regardless of whether they are patentable, copyrightable, or protectable under trademark law, as well as any trademarks, copyrights, or patents derived from them. “Website”/"Platform": refers to the THENA.FI platform, located at , including any future modifications developed by the Company. "Privacy Policy": refers to the THENA.FI Privacy Policy, accessible on the Website and incorporated herein by reference, which provides additional information regarding our privacy terms. "Services": denotes the products and services offered by the Company on the Website and the Platform, including any future modifications, as outlined in Clause 5. "Restricted Area(s)": has the same meaning as defined in the preamble of these Terms. "Terms": refers to these THENA.FI Terms of Service, including any schedules and other documents incorporated by reference. "User," "Customer," "you," "yourself," or "your": refers to any individual, whether a natural person or a legal entity, accessing and using the Website, or utilizing the Platform and the Services directly or indirectly. ### ACCESS TO THE WEBSITE, PLATFORM, AND SERVICES. ACCOUNT SECURITY 3.1 We retain the right to withdraw or modify this Website, the Platform, and any of the Services at our sole discretion without prior notice. We shall not be held liable if any part or the entirety of the Website, the Platform, or any of the Services becomes unavailable at any time or for any duration. Occasionally, access to certain sections of the Website, Platform, or Services may be restricted or limited to specific users, including registered users. 3.2 In order to access the Website, the Platform, and any of the Services or utilize the resources they provide, you may be required to provide certain registration details or other information. It is a condition of using the Website, the Platform, and any of the Services that all the information you provide is accurate, correct, current, and complete. You acknowledge that any information you provide is subject to our Privacy Policy, and you consent to our actions regarding your information in accordance with our Privacy Policy. 3.3 Any other compulsory policies of the Company accessible on the Website or other agreements separately entered into between you and the Company are integral to these Terms and carry the same legal effect. Your use of the Website, the Platform, and the Services is contingent upon your acceptance of all additional terms as published on the Website. 3.4 Account security. You are responsible for implementing reasonable measures to secure your account, including your username, password, and any other confidential information associated with our security procedures. You must not disclose this information to any other individual or entity. You acknowledge that your Website and Platform accounts are personal to you and agree not to grant access to this Website, the Platform, or any portion of it to any other person using your username, password, or other security details. Using another customer's account is strictly prohibited. You agree to promptly notify us of any unauthorized access or use of your username, password, or any security breach. Additionally, you agree to ensure that you log out of your account at the end of each session. Exercise caution when accessing your account from a public or shared computer to prevent others from viewing or recording your password or personal information. The Company cannot be held liable for any loss or damage resulting from your failure to comply with this Clause 3.4 or to secure your Website and Platform accounts and passwords, including the selection of a strong password that is difficult to compromise. 3.5 Your information. We may utilize aggregated statistical information about your activity, including your activity on the Platform, Website, and logins to various websites, for marketing or any other purpose at our sole discretion. However, we will not disclose your personally-identifiable information to any third party without your consent, except as permitted by law or as stated in these Terms or any other compulsory policies of the Company accessible on the Website. ### ACKNOWLEDGEMENT OF USER AND ASSUMPTION OF RISKS 4.1 You acknowledge and agree that there are inherent risks involved in accessing and using the Website, the Platform, and receiving the Services, as disclosed and explained in the Risk Disclosures provided in Schedule 1 attached hereto. If you have any inquiries regarding these risks, please contact us at . 4.2 Furthermore, you recognize that you have been duly informed about the following risks associated with the Website, the Platform, the Services, and other relevant technologies mentioned herein. By accepting these Terms, you absolve and hold the Company harmless from any liability arising from any damages related to the risks listed below. 4.3 UPON ACCEPTING THESE TERMS, ACCESSING AND USING THE WEBSITE, THE PLATFORM, AND THE SERVICES, YOU FULLY AND IRREVOCABLY ACKNOWLEDGE, ACCEPT, AND ASSUME ALL THE RISKS OUTLINED IN SCHEDULE 1 ATTACHED HERETO. UPON ACCESSING AND/OR USING THE WEBSITE, THE PLATFORM, AND THE SERVICES, THE RESPONSIBILITY FOR ANY LOSS IS TRANSFERRED TO YOU. ### THE SERVICES 5.1 We retain the right to modify or discontinue any portion of the Services, suspend or terminate your access to the services provided on our Website and/or the Platform at any time, and we may do so without explicit notice to you, but only under specific circumstances as described herein. 5.2 You agree that we shall not be held liable to you or any third party for any modification or termination of the Services, or the suspension or termination of your access to the Services, except as expressly stated in these Terms. 5.3 License to use the Services. Subject to your ongoing compliance with these Terms, we grant you a personal, worldwide, revocable, non-exclusive, and non-transferable license to use the software provided to you as part of our Services. This license is solely for the purpose of allowing you to use and enjoy the Services as permitted by these Terms. 5.4 Ownership of the Services. We own all rights, titles, and interests in and to the Services, including, but not limited to, any copyrights in and to any content, code, data, or other materials that you may access or use on or through the Website, the Platform, and the Services. Except as expressly stated herein, your use of or access to the Website, the Platform, and the Services does not grant you any ownership or other rights in them. 5.5 Use and sharing of your feedback. Any feedback, including comments, bug reports, ideas, or other suggestions, that you provide about our Website, Platform, and Services is entirely voluntary. You agree that we are free to use or not use any feedback received from you as we see fit, including copying and sharing such feedback with third parties, without any obligation to you. 5.6 Service Materials and Service Based Works. The Services include an integrated development environment and related assets and tools that we make available (referred to as "Service Materials"). You may incorporate the Service Materials distributed within our Services into your programs or applications and distribute them as part of those programs or applications. You acknowledge and agree that the Services and Service Materials are not intended for use in or in connection with any illegal, unauthorized, or improper activities, scams, frauds, or any activities related to money laundering, terrorist financing, and the like. You further represent and warrant that you will not use the Services in such a manner. You are solely responsible for any liability that may arise from such use. In addition to the rights granted to you under these Terms, the Company grants you a limited, revocable, non-exclusive, non-sublicensable (except to End Users as provided below), non-transferable license during the legal, authorized, and proper usage of these Terms to: * Use, reproduce, modify, and create derivative works of the Service Materials to develop and support your programs or applications (referred to as "Service Based Works"). * Use, reproduce, modify, create derivative works of, publicly display, publicly perform, and distribute the Service Based Works to End Users. * Sublicense the rights to your End Users solely for the purpose of enabling them to use the Service Based Works. You and your End Users are responsible for all decisions, advice, actions, and failures to act based on the use of the Services, Service Materials, Service Based Works, and any of your programs or applications built, distributed, or incorporated using our Services and/or Service Materials. It is your sole responsibility to provide your End Users with all legally required information regarding your Service Based Works, including obtaining any necessary data and consents to comply with KYC/AML/CFT procedures and applicable laws and regulations. You represent to us that you have provided all necessary information and obtained all required data and consents. You are responsible for notifying us if any Service Based Works must be stopped, frozen, or deleted under applicable law. You are prohibited from using the Services, Service Materials, and/or Service Based Works, directly or indirectly, to develop or improve a similar or competing product or service, and you shall not allow any third party to do so. ### GENERAL USE, PROHIBITED USE, AND TERMINATION 6.1 Limited License. We grant you a personal, non-exclusive, non-transferable, non-sublicensable, and limited license, subject to these Terms, to access and use the Website, the Platform, and the Services solely for approved purposes as permitted by the Company. Any other use of the Website, the Platform, and the Services is expressly prohibited. This Agreement does not grant you any ownership rights or licenses to the Website, the Platform, and the Services, except for the express, limited license provided. You are prohibited from copying, transmitting, distributing, selling, licensing, decompiling, reverse engineering, disassembling, modifying, publishing, creating derivative works, performing, displaying, incorporating into another website, or exploiting any content available on the Website, the Platform, or any part thereof, for commercial or non-commercial purposes. Prior written permission is required for framing or displaying the Website or the Platform (or any portion thereof) as part of another website or work of authorship. Violation of this Agreement may result in termination of your permission to access and use the Website and the Platform, and may also be subject to legal remedies available to us. 6.2 Website Accuracy. While we strive to provide accurate and timely information on the Website and the Platform, please note that they may not always be entirely accurate, complete, or current, and may contain technical inaccuracies or typographical errors. 6.3 Prohibited Use. In connection with your use of the Platform, the Services, and interactions with other users and third parties, you agree and represent that you will not engage in any illegal, unauthorized, or improper activities that violate any applicable laws, contracts, intellectual property rights, or the rights of third parties. Specifically, you will not: * Use any electronic communication feature of the Website, the Platform, or the Services for unlawful, tortious, abusive, intrusive, harassing, libelous, defamatory, embarrassing, obscene, threatening, or hateful purposes. * Upload, post, reproduce, or distribute any information, software, or other materials protected by copyright or any other intellectual property rights without obtaining the necessary permissions. * Use the Website, the Platform, or the Services for any commercial purposes not pre-approved by the Company in writing. * Engage in surveys, contests, pyramid schemes, chain letters, junk email, spamming, or any duplicative or unsolicited messages (commercial or otherwise). * Defame, abuse, harass, stalk, threaten, or violate the legal rights of others. * Publish, post, distribute, or disseminate inappropriate, profane, defamatory, obscene, indecent, or unlawful topics, names, materials, or information. * Engage in any conduct that restricts or inhibits others' use or enjoyment of the Website, the Platform, or the Services, or that may harm the Company or other users, or expose them to liability. * Put your personal information at risk, such as by leaving, transmitting, or publishing login credentials. * Upload or make available files that contain images, photographs, software, or other materials subject to intellectual property rights unless you have the necessary permissions. * Use the Website, the Platform, or the Services in a way that disables, overburdens, damages, or impairs them or interferes with others' use. * Use any automated or manual means to monitor, copy, interfere with, or disrupt the Website, the Platform, or the Services without our prior written consent. * Introduce viruses, trojan horses, worms, cancelbots, corrupted files, or any other software that may damage computers or property. * Advertise or offer to sell or buy goods or services for any business purpose. * Falsify or delete any copyright management information, legal notices, or proprietary designations. * Violate any code of conduct, guidelines, applicable laws, or regulations. * Harvest or collect information about others without their consent. * Create a false identity to mislead others. You acknowledge and agree that any violation of these Terms, including providing false or misleading information, may result in termination of your use or participation in the Website, the Platform, or the Services. This may include deletion of your account and any content or information posted, at our sole discretion and without warning. ### FEES AND TAXES 7.1 Pricing and Fees. The fees or prices for the Services offered on the Website and/or the Platform will always be clearly stated and accessible to you prior to making a purchase. Unless explicitly stated otherwise, all fees and prices are exclusive of VAT and any other applicable taxes. 7.2 Taxes. You are solely responsible for the payment of any taxes, duties, and assessments imposed by any governmental authority related to your use of the Website, the Platform, and the Services, as well as any taxes resulting from the use or exploitation of crypto assets and interactions with smart contracts. Please note that the tax treatment of blockchain-based transactions is uncertain due to their novel nature. 7.3 Transaction Costs. Unless stated otherwise, the prices listed are exclusive of any transaction costs charged by the blockchain network in its native currency. These transaction costs, also known as "Gas Fees," are designed to compensate for the computing energy required to process and validate transactions on the blockchain. Payment of Gas Fees is entirely separate and independent from payments made to us for our Services. ### RETENTION OF INTELLECTUAL PROPERTY RIGHTS 8.1 Assignment of Intellectual Property. These Terms do not imply the assignment of any Intellectual Property rights unless explicitly defined as such within these Terms. You are not authorized to use any Intellectual Property unless you have obtained our express, prior written consent. 8.2 Ownership and Protection of Intellectual Property. The Website, the Platform, and the Services, including their design elements, concepts, and underlying Intellectual Property, such as copyrights, patents, service marks, registered trademarks, domain names, and other proprietary rights, are the property of the Company. They are protected by copyright, patent, trade secret, and other intellectual property laws. Unless expressly stated otherwise, the Company retains all rights, title, and interest in the Website, the Platform, and the Services, including all Intellectual Property rights, including copies, modifications, extensions, and derivative works. Your right to use the Website, the Platform, and the Services is limited to the rights explicitly granted in these Terms. The use of any trademarks or Company brands does not imply or grant any licenses unless expressly stated. All rights not expressly granted to you are reserved and retained by the Company. ### RELIANCE OF USER ON INFORMATION POSTED 9.1 Information Accuracy. The information presented on the Website, the Platform, or the Services is provided for general informational purposes only. We do not warrant the accuracy, completeness, or usefulness of this information. Any reliance you place on such information is strictly at your own risk. We disclaim all liability and responsibility for any reliance placed on such materials by you, other visitors to the Website, or anyone informed of its contents. 9.2 Corrections. There may be instances where the Website or the Platform contains typographical errors, inaccuracies, or omissions, including in descriptions, pricing, availability, and other information. We reserve the right to correct any errors, inaccuracies, or omissions and to change or update the information on the Website or the Platform at any time, without prior notice. 9.3 Third-Party Content. The Website, the Platform, or the Services may include content provided by third parties, such as materials from other users, bloggers, third-party licensors, syndicators, aggregators, or reporting services. Any opinions or statements expressed in these materials, including articles, responses to questions, and other content, are solely the opinions and responsibility of the person or entity providing them. They do not necessarily reflect the opinion of the Company. We are not responsible or liable for the content or accuracy of any materials provided by third parties. 9.4 Advertisers. Certain areas of the Website or the Platform may display advertisements and other information from advertisers, such as sidebar advertisements or banner advertisements. If you are an advertiser, you are fully responsible for the advertisements you place on the Website or the Platform, as well as any services or products sold through those advertisements. As an advertiser, you warrant and represent that you have the necessary rights and authority to place advertisements, including intellectual property rights, publicity rights, and contractual rights. We only provide the space to display such advertisements and have no other relationship with advertisers. 9.5 Links to Third-Party Websites. The Website or the Platform may contain links to other websites and resources provided by third parties. These links are provided for your convenience only, including links within advertisements such as banner advertisements and sponsored links. We have no control over the content of those sites or resources and accept no responsibility for them or for any loss or damage that may arise from your use of them. If you choose to access any third-party websites linked to the Website or the Platform, you do so at your own risk and subject to the terms and conditions of those websites. ### LIMITED LIABILITY 10.1 Disclaimer of Damages. To the fullest extent permitted by applicable law, neither the Company nor any associated parties shall be liable for any indirect, special, incidental, consequential, punitive, or exemplary losses or damages of any kind arising out of or in connection with this Agreement, the use of the Website, the Platform, and/or the Services, or otherwise related to these Terms. This includes, but is not limited to, loss of revenue, income, profits, diminution of value, loss of use or data, loss or depletion of goodwill, loss of business opportunity, loss of contract, damages for business interruption, loss of anticipated savings, or similar damages. This limitation applies regardless of the form of action, whether based in contract, tort (including negligence), or any other legal or equitable theory, even if the party has been advised of the possibility of such damages and regardless of whether such damages were foreseeable. 10.2 No Liability for Certain Events. Additionally, no THENA.FI. indemnified party shall be liable for any damages caused in whole or in part by user error, server failure or data loss, blockchain or crypto asset network malfunctions, changes in value of any crypto asset, changes in law or regulation, events of force majeure, or any actions of third parties. 10.3 Liability for Misuse of Tokens. To the fullest extent permitted by applicable law, neither the Company nor any associated parties shall be liable for the use of cryptographic tokens, tokenized assets, or traditional assets (such as stocks or commodities) on the Website, the Platform, or the Services in a manner that violates legal rights, promotes illegal activity, causes harm or harassment, infringes on privacy rights, or engages in any unauthorized or improper activities. 10.4 Use of Services at Your Own Risk. Access to and use of the Services, products, and third-party sites and products are at your own discretion and risk. You will be solely responsible for any damage or loss of data resulting from such use. In no event will the cumulative liability of the THENA.FI indemnified parties to you or any other user exceed a certain amount. 10.5 No Virtual Currency as Damages. Under no circumstances shall any THENA.FI indemnified party be required to deliver virtual currency as damages or provide specific performance. If damages are calculated based on the value of virtual currency, both parties agree that the calculation shall be based on the lowest value of the virtual currency during the relevant period. 10.6 Exceptions to Limitations. The limitations set forth in this clause shall not limit or exclude liability for gross negligence, fraud, or intentional, willful, or reckless misconduct of the Company. 10.7 Jurisdictional Variations. Some jurisdictions may not allow the limitation or exclusion of liability for incidental or consequential damages. Therefore, some of the limitations in this clause may not apply to you. ### NO WARRANTIES OF THE COMPANY 11.1 Service "As Is." The Services are provided on an "as is" and "as available" basis. We and our indemnified parties make no guarantees of any kind regarding the Services. To the maximum extent permitted under applicable law, the Company and the indemnified parties disclaim all warranties and conditions, whether express or implied, including but not limited to the warranties of merchantability, fitness for a particular purpose, and non-infringement. We disclaim all responsibility and liability for the accuracy, completeness, currentness, reliability, uninterruptedness, timeliness, security, or error-free nature of the Website, the Platform, and the Services. Any reliance on the Services is at your own risk. Information available through the Service is provided for general information purposes only and should not be relied upon as the sole basis for making decisions. You assume all risk associated with the use of the Services. 11.2 Disclaimer of Responsibility. We and our indemnified parties are not responsible for any injury, damage, loss, or unauthorized access or use of the Services. The Services may contain audio-visual effects, strobe lights, or other materials that may affect your physical senses and/or condition. We and our indemnified parties are not liable for any loss or damage caused by another user's conduct, unauthorized actors, or any unauthorized access or use of the Services. We also disclaim any representation, warranty, or undertaking regarding the truth, accuracy, and completeness of the information in this Agreement and the project documentation. We are not responsible for the cryptocurrency market or the value of cryptographic tokens. The value of cryptographic tokens can be volatile, and we are not liable for any losses incurred by holding or trading cryptographic tokens. We make no representations or warranties concerning the quality, suitability, usefulness, accuracy, or completeness of the Services or any materials therein. 11.3 No Financial Advice. We do not provide investment advice in any manner. Any information available on the Website and the Platform should not be construed as providing investment or financial advice. It is recommended that you seek independent financial and/or investment advice and conduct your own research before using our Website, Platform, or Services. Any decisions or investments based on the content of the Website are your sole responsibility. ### INDEMNIFICATION 12.1 You agree to indemnify, defend, and hold harmless the Company, its affiliates, service providers, officers, directors, agents, employees, representatives, partners, and licensors (collectively referred to as "Indemnified Parties") from any claim or demand, including reasonable attorneys' fees, made by any third party arising out of or related to: (a) your breach or alleged breach of the Agreement, including these Terms; (b) any content or contribution you provide to the Services; (c) your misuse of the Website, the Platform, the Services, or any associated smart contracts or scripts; (d) your violation of any laws, rules, regulations, codes, statutes, ordinances, or orders of any governmental or quasi-governmental authorities; (e) your infringement upon the rights of any third party, including intellectual property rights, publicity rights, confidentiality rights, property rights, or privacy rights; (f) your use of a third-party product, service, or website; or (g) any misrepresentation made by you. We reserve the right, at your expense, to assume the exclusive defense and control of any matter subject to indemnification by you. You agree to cooperate with our defense of any such claim. You shall not settle any claim without our prior written consent. ### MISCELLANEOUS 13.1 Force Majeure. Neither party shall be deemed in breach of these Terms or liable for any delay or failure to perform its obligations under these Terms if such delay or failure is due to events, circumstances, or causes beyond its reasonable control. Specifically, in the blockchain/DLT field, force majeure circumstances include, but are not limited to, interruptions in telecommunications or internet services, network provider service failures, equipment or software failures, hacker attacks, market disturbances, increased volatility of cryptographic token prices, natural catastrophes, changes in laws or regulations, adverse regulatory or enforcement actions, technical failures, and similar events. 13.2 Entire Agreement. These Terms, including all schedules and other referenced documents, constitute the entire agreement between you and us regarding the subject matter, specifically the use of the Website, the Platform, and the Services. These Terms supersede all prior representations, understandings, agreements, or communications, whether written or verbal, between you and us regarding the subject matter. We reject any additional or different terms, conditions, or provisions submitted by you, whether in orders, receipts, acceptances, confirmations, correspondence, or other documents. We may update these Terms as necessary to comply with applicable laws or regulations. Any changes will be posted on the Website with the effective date specified. We may assign our rights and obligations under these Terms. Our failure to exercise or enforce any right or provision of these Terms does not constitute a waiver of that right or provision. We will not be held liable for any delay or failure to perform any obligation under these Terms resulting from causes beyond our reasonable control. 13.3 Waiver. Except as expressly provided in this Agreement, any failure or delay by us in exercising any right, power, remedy, or privilege under these Terms or the referenced documents will not be considered a waiver of such right, power, or privilege. The exercise of any right, power, or privilege in part will not preclude any further exercise of that right, power, or privilege or the exercise of any other right, power, or privilege. 13.4 Governing Law and Jurisdiction. These Terms shall be governed by and construed and enforced in accordance with the laws of the Marshall Islands. Any dispute arising out of or related to these Terms shall be exclusively resolved in the courts of the Marshall Islands. By accessing and using the Website, the Platform, and the Services, you irrevocably and unconditionally consent to the exclusive jurisdiction of these courts over any suit, action, or proceeding arising from these Terms. 13.5 Severability. If any provision of these Terms is held to be invalid, illegal, or unenforceable, in whole or in part, it shall be deemed null and void, but the remaining provisions shall remain in full force and effect. The remaining provisions will be interpreted according to the true intent of the Parties. 13.6 Disputes. By accessing and using the Website, the Platform, and the Services, you agree that any disputes or claims arising from these Terms, including validity, breach, and termination, shall be resolved on an individual basis, without resorting to any form of class action, exclusively in a court located in the Marshall Islands. Furthermore, in such disputes, you waive the right to seek punitive, incidental, or consequential damages, including attorney's fees, and limit your claims to actual out-of-pocket expenses associated with using the Website, the Platform, and the Services. You also waive the right to have damages multiplied or increased. Prior to filing any claims under Clause 13.6, you agree to submit such claims or requests directly to the Company via email at . You agree not to file any claims under Clause 13.6 until at least 30 days after sending the claim or request to the Company in accordance with this clause. Any claim filed with the court in violation of these rules shall be immediately rejected by the court as premature.
### SCHEDULE 1 - RISK DISCLOSURES 1. Financial Risks Holding cryptographic tokens carries the risk of substantial loss. You should carefully assess the suitability of holding such tokens based on your financial condition. The value of cryptographic tokens can change rapidly, potentially decreasing or even reaching zero. Additionally, transaction costs on blockchain networks may vary and increase, impacting your activities. The Company does not offer or facilitate the acquisition, purchase, sale, transfer, or exchange of any crypto assets. While third parties may provide such services, the Company assumes no liability in connection with them. You acknowledge and agree to the risks involved, and the Company cannot be held responsible for changes in value or increased costs. 2. Volatility and Risk: Perpetual contracts are subject to market volatility, which can result in rapid and significant price fluctuations. The value of perpetual contracts can be influenced by various factors, including market conditions, supply and demand dynamics, technological advancements, regulatory changes, and global economic events. The prices and liquidity of perpetual contracts may be affected by external market forces beyond our control. 3. Financial and Investment Advice: The information provided on this Website does not constitute financial, investment, or legal advice. We are not financial advisors, and nothing on this Website should be considered as a recommendation or endorsement to engage in perpetual contract trading or any other financial activities. It is essential to conduct thorough research, seek professional advice, and make independent judgments before making any financial decisions. 4. Internet Transmission Risks Using crypto assets carries inherent risks, including hardware, software, and internet connection failures, the introduction of malicious software, and the potential for unauthorized access to your wallet. You accept that the Company is not liable for communication failures, disruptions, errors, distortions, or delays experienced when using blockchain networks, the Website, the Platform, and the Services. 5. Theft and Hacking, Unfavorable Regulations, Market Changes Cryptographic tokens and blockchain technology are relatively new and beyond the Company's exclusive control. Adverse market changes, technology developments, or regulatory actions may impact the Company's performance, such as hacking attacks, theft, unfavorable regulations, or unclear legal and tax status. Advances in code cracking or technical innovations could lead to theft or loss of tokens or property. By accessing the Website, the Platform, and using the Services, you acknowledge and agree to undertake these risks. 6. Services-related Risks You acknowledge the risks associated with using the Services. It is your responsibility to evaluate the Services before using them, and once transactions are made, they are irreversible, final, and non-refundable. The Services may be disabled, disrupted, or adversely affected due to cyber-attacks, surges in activity, computer viruses, operational or technical challenges, and other factors. We do not have an ongoing obligation to notify you of all potential risks. You agree to accept these risks and hold us harmless for any resulting losses. Furthermore, we do not guarantee the security of the Services, including protection against hacking or unauthorized access leading to the theft or loss of your information. 7. Quality and Accessibility of Services You acknowledge and understand that the Website, the Platform, and the Services may become temporarily or permanently inaccessible or inoperable due to various reasons beyond our control, such as equipment malfunctions, maintenance, disruptions in the underlying blockchain infrastructure, or unavailability of third-party service providers. You access and use the Website, the Platform, and the Services at your own risk. Before engaging in blockchain-based transactions, you should consider suitability based on your circumstances and resources. By using the Services, you represent that you have conducted your own due diligence regarding transaction risks, smart contracts, and crypto assets. 8. Development and Expectations The Website, the Platform, and the Services are still under development and may undergo significant changes prior to their final release. Your expectations regarding their form and functionality may not be fully met. The Company makes no guarantees regarding marketability or expected use of the Services or Platform. 9. Completion of Services The Services may not be completed or released, although the Company will make reasonable efforts to complete and deploy them. 10. Third-Party Services The Company is not responsible for the content or services provided by third parties, including networks or apps like Discord or MetaMask. We make no representations regarding the content or accuracy of third-party services. Your use of third-party products or services, including those accessed through the Services, is at your own risk. 11. Legal Risks and Securities Regulations In certain jurisdictions, cryptographic tokens may be considered securities, both currently and in the future. The Company does not warrant that cryptographic tokens will not be classified as securities in any jurisdiction. Users are responsible for the legal and financial consequences if cryptographic tokens are considered securities in their respective jurisdictions. The Company's ability to provide access to the Website, the Platform, and the Services may be hindered or eliminated by future regulations or legal actions. 12. Regulatory Compliance: The legal and regulatory framework surrounding perpetual contracts and cryptocurrency derivatives may vary across jurisdictions. It is your responsibility to understand and comply with the applicable laws and regulations governing perpetual contracts in your jurisdiction. We do not provide any assurance or guarantee regarding the legality or regulatory compliance of perpetual contract trading on this Website. 13. Risk of Regulatory Action Blockchain technologies have faced scrutiny from regulatory bodies worldwide. Regulatory inquiries or actions may impact the functioning of blockchain networks, cryptographic tokens, and Tokens. This could include restrictions on their use or possession, potentially limiting their existence, permissibility, and value. 14. Restriction of Access We reserve the right to restrict your access to the Website, the Platform, and the Services through any technically available means if we reasonably suspect: (a) money laundering or illegal activity; (b) fraudulent behavior; (c) acquisition of crypto assets using inappropriate methods, including stolen funds; (d) inclusion on sanctions lists or violation of sanctions; (e) acting in violation of these Terms; or (f) any other grounds deemed appropriate by us. 15. Unanticipated Risks Cryptocurrencies and blockchains are new and untested technologies. In addition to the risks outlined here, there may be unforeseen risks that the Company cannot foresee and it is unreasonable to believe that such risks could have been foreseeable. 16. User Responsibility: You acknowledge and accept that your use of this Website is at your own risk. You are solely responsible for the decisions and actions you take based on the information and features provided on the Website. It is your responsibility to ensure the accuracy of your account information, exercise caution when engaging in financial transactions, and maintain the security of your login credentials and personal information. By accessing or using this Website, you agree to release and hold us harmless from any claims, damages, losses, or liabilities arising out of your use of this Website or reliance on its content and features. You acknowledge that perpetual contract trading involves inherent risks, and you are solely responsible for assessing and managing those risks. #### If you have any questions or comments regarding these Terms, please contact us at