Since its inception last week, Thena, a liquidity layer and decentralized exchange (DEX) on the BNB Chain, has seen a tremendous increase in total value locked (TVL) to $90 million from $5 million.
The system provides up to 9.93% yields for liquidity providers that stake stablecoins, and 222.86% yields for those who stake the platform’s native token, THE.
THE was trading at $0.262 at the time of writing, with a circulating market cap of just $4.2 million, according to statistics from blockchain analytics platform Dune.
The coin is inspired by both Curve’s vote-escrow concept and Olympus’ anti-dilution technology. Holders have complete control over Thena’s emissions and receive weekly rebases.
The recent recovery in major crypto assets such as bitcoin and ethereum has benefited the decentralized finance (DeFi) sector. Since the beginning of the year, TVL across DeFi has climbed from $38.75 billion to $45.46 billion, as capital that was shelved during the weak market continues to reappear.
TheNFTs were also distributed as part of an airdrop for early investors.
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