Thena, a liquidity layer and decentralized exchange (DEX) on the BNB Chain, has experienced a massive uptick in total value locked (TVL) to $90 million from $5 million since its launch last week.
The protocol offers yields of up to 9.93% for liquidity providers that stake stablecoins, while yields of 222.86% are available to those who stake the platform's native token, THE.
At the time of writing, THE was trading at close to US3 cents with a circulating market cap of just $4.2 million, according to data on blockchain analytics platform Dune.
The token draws inspiration from Curve's vote-escrow model as well as Olympus' anti-dilution mechanism. Holders control 100% of Thena’s emissions and benefit from weekly rebases.
The decentralized finance (DeFi) sector has benefitted from the recent recovery in major crypto assets like bitcoin and ethereum. TVL across DeFi has increased from $38.75 billion to $45.46 billion since the turn of the year as capital sidelined during the bear market begins to resurface.
Thena also issued an airdrop for early investors that minted a non-fungible token.