Question 1

What is THE?

Accepted Answer

THE is the BEP-20 utility token of the THENA protocol. It is used both to distribute incentives to liquidity providers and can be locked to create veTHE, which participates in protocol voting and liquidity-incentive allocation. Accordingly, merely holding THE is not the same as participating in governance or particular rewards: to participate in the veTHE-based voting mechanism, THE must first be locked; liquidity incentives are determined by the protocol's emissions and voting-allocation mechanisms.

Question 2

What happens after locking THE?

Accepted Answer

After locking THE, users receive veTHE. veTHE is an ERC-721 voting-escrow credential, unlike THE, which can be held as a BEP-20 token; it records the locked position and carries the corresponding governance voting rights. The lock term can be up to two years, and voting power is generally higher when the remaining lock time is longer. The purpose of locking is to link a holder's participation weight to their commitment term: in exchange for liquidity and immediate control, users gain eligibility to participate in subsequent voting allocations.

Question 3

What does veTHE voting do?

Accepted Answer

veTHE holders can vote on gauges for each liquidity pool; a gauge is the mechanism that determines how THE emissions are allocated among different pools. The greater the voting weight a pool receives, the larger the share of THE incentives directed to that pool during the period. This directly connects governance choices to liquidity incentives: voters select pools they want incentivized, and liquidity providers then participate in rewards according to the emissions allocated to those pools. Under the protocol rules, actually voting for the relevant pool is also a prerequisite for participating in that pool's trading-fee and voting-incentive distributions, rather than merely holding veTHE automatically conferring them.

Question 4

How is THE issued and allocated?

Accepted Answer

THE uses continuous weekly emissions. Emissions start at 2.6 million THE per week and then decrease by 1% each week; this describes the pace of subsequent releases, not the amount already in circulation at any particular time. Not all newly emitted tokens each week go to the same recipients: most are used for liquidity-provider incentives, while a portion is used for veTHE rebases and the developer wallet. The amount of liquidity incentives a particular pool can receive must also be allocated through veTHE's weekly gauge voting.

Question 5

What is THE's maximum supply?

Accepted Answer

Project materials list THE's maximum supply as 335 million tokens. Maximum supply is the upper limit of the total amount permitted by the model; it is not the real-time circulating supply, nor can it alone indicate the amount any holder can buy or sell. Supply formation includes two stages: the initial supply is allocated for uses such as user and protocol airdrops, the ecosystem fund, the team, and initial liquidity, followed by releases under the weekly emissions schedule. When understanding supply, the total cap, initial allocation, and subsequent emissions progress should be considered separately.

Question 6

Can veTHE-related rewards be earned without voting?

Accepted Answer

veTHE voting operates in weekly Epochs. Votes must fall within the relevant period, and the system uses them to determine which liquidity pools THE emissions will be directed to during that period and each pool's relative share. Therefore, without actually voting for a pool, merely holding veTHE does not allow participation in that pool's corresponding trading-fee and voting-incentive distributions. Voting, emissions allocation, and related reward eligibility are consecutive parts of the same weekly mechanism, not independent automatic returns.

Question 7

How does gauge voting affect liquidity incentives?

Accepted Answer

THE's weekly emissions are first produced according to the established decay rule, and veTHE votes on gauges then determine which pools should receive the main liquidity incentives. Voting does not directly change the weekly emission starting amount or decay rate; rather, it changes the relative shares of distributable incentives among different pools. This means that a given pool's incentive conditions are affected by two layers of factors: the scale of emissions remaining protocol-wide for that week, and the voting weight received by that pool. The former changes with the weekly decay rule, while the latter changes with governance voting.

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