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

# Tokens (THE, veTHE, theNFT)

## 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. 

<figure><img src="/files/6ySfWKMV19Z8lXcDL5C2" alt=""><figcaption></figcaption></figure>

### 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.&#x20;
* **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`: <https://element.market/collections/vethena>
* `theNFTs`: <https://element.market/collections/thenian>

***

## Token Addresses

* `$THE` (BNB Chain): `0xF4C8E32EaDEC4BFe97E0F595AdD0f4450a863a11`
* `$THE` (opBNB): `0x9d94a7ff461e83f161c8c040e78557e31d8cba72`
* `veTHE`: `0xfBBF371C9B0B994EebFcC977CEf603F7f31c070D`
* `theNFT`: `0x2Af749593978CB79Ed11B9959cD82FD128BA4f8d`