# Tokens (THE, veTHE, theNFT)

## THE — BEP-20 utility token of the protocol

### THE Utility

* **Liquidity Incentives**: `$THE` is distributed as emissions to attract liquidity providers on THENA, provide optimal trading conditions for end users and drive revenue for THENA.&#x20;
* **Governance Decentralisation**: Continuous `$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`.&#x20;

***

## 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.&#x20;

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.&#x20;

<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`


---

# Agent Instructions: Querying This Documentation

If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question.

Perform an HTTP GET request on the current page URL with the `ask` query parameter:

```
GET https://docs.thena.fi/thena/the-tokenomics/tokens-the-vethe-thenft.md?ask=<question>
```

The question should be specific, self-contained, and written in natural language.
The response will contain a direct answer to the question and relevant excerpts and sources from the documentation.

Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.