CRYPTO MARKET INTELLIGENCE / ASSET DOSSIER

Thena.

the · coingecko:thena

EVIDENCE · NOT A RECOMMENDATION
This dossier explains why the asset surfaced, what the stored evidence says, what changed, and which limitations remain. Deterministic signals are research questions, not investment conclusions.
Price$0.054642
Market cap$7.48M
Active signals3
Total / circulating2.10×
Longest active streak6
Snapshots compared6

Why it surfaced

peer valuation difference

The valuation multiple differs materially from the eligible peer median

Current streak: 1 snapshot · triggered 2/6 observed snapshots

fundamental deterioration

At least one available fundamental deteriorated beyond the configured threshold

Current streak: 1 snapshot · triggered 1/6 observed snapshots

high dilution

Total supply is high relative to circulating supply

Current streak: 6 snapshots · triggered 6/6 observed snapshots

What changed

peer valuation difference
new · streak 1 · 2/6 snapshots
fundamental deterioration
new · streak 1 · 1/6 snapshots
high dilution
continuing · streak 6 · 6/6 snapshots

Latest fundamental observations

MetricPeriodValueObserved
dex volume24h$916,063.002026-10-18T04:36:13.503Z
dex volume30d$47.95M2026-10-18T04:36:13.503Z
dex volume7d$8.47M2026-10-18T04:36:13.503Z
dex volumedaily$941,491.002026-10-18T00:00:00.000Z
fees24h$732.002026-10-18T04:35:58.074Z
fees30d$47,071.002026-10-18T04:35:58.074Z
fees7d$7,840.002026-10-18T04:35:58.074Z
feesdaily$0.002026-10-18T00:00:00.000Z
holders revenue24h$732.002026-10-18T04:36:12.168Z
holders revenue30d$47,071.002026-10-18T04:36:12.168Z
holders revenue7d$7,840.002026-10-18T04:36:12.168Z
holders revenuedaily$732.002026-10-17T00:00:00.000Z
revenue24h$732.002026-10-18T04:36:00.033Z
revenue30d$47,071.002026-10-18T04:36:00.033Z
revenue7d$7,840.002026-10-18T04:36:00.033Z
revenuedaily$0.002026-10-18T00:00:00.000Z
tvlpoint in time$2.41M2026-10-18T05:33:23.000Z

Historical changes

MetricWindowChangeBoundary
dex volume usd:24h7d-10.93%2026-10-11T04:49:37.444Z → 2026-10-18T04:36:13.503Z
dex volume usd:30d7d0.88%2026-10-11T04:49:37.444Z → 2026-10-18T04:36:13.503Z
dex volume usd:7d7d-10.51%2026-10-11T04:49:37.444Z → 2026-10-18T04:36:13.503Z
dex volume usd:daily7d16.29%2026-10-11T00:00:00.000Z → 2026-10-18T00:00:00.000Z
fees usd:24h7d67.75%2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
fees usd:30d7d-7.59%2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
fees usd:7d7d14.01%2026-10-11T04:49:24.915Z → 2026-10-18T04:35:58.074Z
fees usd:daily7d67.75%2026-10-10T00:00:00.000Z → 2026-10-17T00:00:00.000Z
holders revenue usd:24h7d67.75%2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z
holders revenue usd:30d7d-7.58%2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z
holders revenue usd:7d7d14.01%2026-10-11T04:49:36.133Z → 2026-10-18T04:36:12.168Z
holders revenue usd:daily7d67.75%2026-10-10T00:00:00.000Z → 2026-10-17T00:00:00.000Z
market cap usd:point in time7d-22.02%2026-10-12T00:00:00.000Z → 2026-10-19T06:38:00.000Z
revenue usd:24h7d67.75%2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
revenue usd:30d7d-7.58%2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
revenue usd:7d7d14.01%2026-10-11T04:49:28.176Z → 2026-10-18T04:36:00.033Z
revenue usd:daily7d67.75%2026-10-10T00:00:00.000Z → 2026-10-17T00:00:00.000Z
tvl usd:point in time7d-5.87%2026-10-11T04:49:10.103Z → 2026-10-18T05:33:23.000Z
dex volume usd:daily30d-47.47%2026-09-18T00:00:00.000Z → 2026-10-18T00:00:00.000Z
fees usd:daily30d-43.20%2026-09-17T00:00:00.000Z → 2026-10-17T00:00:00.000Z
holders revenue usd:daily30d-43.20%2026-09-17T00:00:00.000Z → 2026-10-17T00:00:00.000Z
market cap usd:point in time30d-26.52%2026-09-19T00:00:00.000Z → 2026-10-19T06:38:00.000Z
revenue usd:daily30d-43.20%2026-09-17T00:00:00.000Z → 2026-10-17T00:00:00.000Z
tvl usd:point in time30d8.61%2026-09-18T00:00:00.000Z → 2026-10-18T05:33:23.000Z
dex volume usd:daily90d-49.44%2026-07-20T00:00:00.000Z → 2026-10-18T00:00:00.000Z
fees usd:daily90d8.62%2026-07-19T00:00:00.000Z → 2026-10-17T00:00:00.000Z
holders revenue usd:daily90d8.62%2026-07-19T00:00:00.000Z → 2026-10-17T00:00:00.000Z
market cap usd:point in time90d-2.65%2026-07-21T00:00:00.000Z → 2026-10-19T06:38:00.000Z
revenue usd:daily90d8.62%2026-07-19T00:00:00.000Z → 2026-10-17T00:00:00.000Z
tvl usd:point in time90d10.67%2026-07-20T00:00:00.000Z → 2026-10-18T05:33:23.000Z
dex volume usd:daily180d-70.55%2026-04-21T00:00:00.000Z → 2026-10-18T00:00:00.000Z
fees usd:daily180d-70.90%2026-04-20T00:00:00.000Z → 2026-10-17T00:00:00.000Z
holders revenue usd:daily180d-70.86%2026-04-20T00:00:00.000Z → 2026-10-17T00:00:00.000Z
market cap usd:point in time180d-46.21%2026-04-22T00:00:00.000Z → 2026-10-19T06:38:00.000Z
revenue usd:daily180d-70.87%2026-04-20T00:00:00.000Z → 2026-10-17T00:00:00.000Z
tvl usd:point in time180d-37.63%2026-04-21T00:00:00.000Z → 2026-10-18T05:33:23.000Z

Market snapshot

Circulating supply
136.78M
Total supply
287.43M
Max supply
326.12M
Provider updated
2026-10-18T04:25:49.000Z

Evidence coverage

Verified/provider links
4
Stored fundamental observations
18,919
Calculated history rows
36
Signal comparison
prior snapshot

Evidence synthesis

Generate or open a cached AI research brief constrained to this dossier's stored evidence, calculations, and limitations.

Open AI research brief

Rule evaluations

revenue growth declining multiple · included · no signal

Eligible, but configured thresholds were not jointly met

Limits: Revenue multiple uses 24-hour revenue annualized consistently at both endpoints

Inputs and calculation
{
  "inputs": {
    "revenue": {
      "status": "calculated",
      "windowDays": 30,
      "start": {
        "id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:revenue:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:revenue:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:revenue:1789689600+a02ada74-4045-4679-a282-f71093c3d44d:3537:revenue:1789689600",
        "at": "2026-09-18T00:00:00.000Z",
        "value": 3022
      },
      "end": {
        "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:15110+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:15275+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:15588+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:17159",
        "at": "2026-10-18T04:36:00.033Z",
        "value": 1399
      },
      "percent": -53.70615486432826,
      "definition": "(end - start) / abs(start) * 100 over 30 days"
    },
    "marketCap": {
      "status": "calculated",
      "windowDays": 30,
      "start": {
        "id": "a02ada74-4045-4679-a282-f71093c3d44d:coingecko:thena:1789776000000",
        "at": "2026-09-19T00:00:00.000Z",
        "value": 10014122.057530742
      },
      "end": {
        "id": "a02ada74-4045-4679-a282-f71093c3d44d:coingecko:thena:1792391880000",
        "at": "2026-10-19T06:38:00.000Z",
        "value": 7358732.829738619
      },
      "percent": -26.516445600892574,
      "definition": "(end - start) / abs(start) * 100 over 30 days"
    }
  },
  "calculation": {
    "startMultiple": 3313.7399263834354,
    "endMultiple": 5259.994874723816,
    "multipleChange": 58.732881625520115
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

activity growth stagnant market cap · included · no signal

Eligible, but configured thresholds were not jointly met

Inputs and calculation
{
  "inputs": {
    "activity": {
      "metric": "dex_volume_usd",
      "result": {
        "status": "calculated",
        "windowDays": 30,
        "start": {
          "id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:dex_volume:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:dex_volume:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:dex_volume:1789689600",
          "at": "2026-09-18T00:00:00.000Z",
          "value": 2215427
        },
        "end": {
          "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:25410+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:25528+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:26630",
          "at": "2026-10-18T04:36:13.503Z",
          "value": 1133929
        },
        "percent": -48.81668409746744,
        "definition": "(end - start) / abs(start) * 100 over 30 days"
      }
    },
    "marketCap": {
      "status": "calculated",
      "windowDays": 30,
      "start": {
        "id": "a02ada74-4045-4679-a282-f71093c3d44d:coingecko:thena:1789776000000",
        "at": "2026-09-19T00:00:00.000Z",
        "value": 10014122.057530742
      },
      "end": {
        "id": "a02ada74-4045-4679-a282-f71093c3d44d:coingecko:thena:1792391880000",
        "at": "2026-10-19T06:38:00.000Z",
        "value": 7358732.829738619
      },
      "percent": -26.516445600892574,
      "definition": "(end - start) / abs(start) * 100 over 30 days"
    }
  },
  "calculation": {
    "activityChangePercent": -48.81668409746744,
    "marketCapChangePercent": -26.516445600892574
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

improving tokenholder value capture · included · no signal

Eligible, but the configured threshold was not met

Limits: Provider methodology determines what qualifies as holders revenue

Inputs and calculation
{
  "inputs": {
    "capture": {
      "status": "calculated",
      "windowDays": 30,
      "start": {
        "id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:holders_revenue:1789603200+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:holders_revenue:1789603200+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:holders_revenue:1789603200:7e50f636-1c94-4517-a08f-0ef999c94b86:2417:fees:1789603200+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:fees:1789603200+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:fees:1789603200+a02ada74-4045-4679-a282-f71093c3d44d:3537:fees:1789603200",
        "at": "2026-09-17T00:00:00.000Z",
        "value": 1
      },
      "end": {
        "id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:holders_revenue:1792195200+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:holders_revenue:1792195200+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:holders_revenue:1792195200:7e50f636-1c94-4517-a08f-0ef999c94b86:2417:fees:1792195200+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:fees:1792195200+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:fees:1792195200+a02ada74-4045-4679-a282-f71093c3d44d:3537:fees:1792195200",
        "at": "2026-10-17T00:00:00.000Z",
        "value": 1
      },
      "percent": 0,
      "definition": "(end - start) / abs(start) * 100 over 30 days"
    }
  },
  "calculation": {
    "holderRevenueToFeesChangePercent": 0
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

peer valuation difference · included · signal

The valuation multiple differs materially from the eligible peer median

Limits: A difference is not evidence of mispricing; protocol economics may not be comparable

Inputs and calculation
{
  "inputs": {
    "currentCap": 7480499,
    "latestRevenue": 1399,
    "peerMedian": 35.165599059746924
  },
  "calculation": {
    "annualizedRevenueMultiple": 14.649405152408276,
    "peerMultipleRatio": 0.4165834094712477
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

fundamental deterioration · included · signal

At least one available fundamental deteriorated beyond the configured threshold

Inputs and calculation
{
  "inputs": {
    "fees": {
      "status": "calculated",
      "windowDays": 30,
      "start": {
        "id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:fees:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:fees:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:fees:1789689600+a02ada74-4045-4679-a282-f71093c3d44d:3537:fees:1789689600",
        "at": "2026-09-18T00:00:00.000Z",
        "value": 3022
      },
      "end": {
        "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:7199+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:7382+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:7746+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:9562",
        "at": "2026-10-18T04:35:58.074Z",
        "value": 1399
      },
      "percent": -53.70615486432826,
      "definition": "(end - start) / abs(start) * 100 over 30 days"
    },
    "revenue": {
      "status": "calculated",
      "windowDays": 30,
      "start": {
        "id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:revenue:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:revenue:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:revenue:1789689600+a02ada74-4045-4679-a282-f71093c3d44d:3537:revenue:1789689600",
        "at": "2026-09-18T00:00:00.000Z",
        "value": 3022
      },
      "end": {
        "id": "ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:15110+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:15275+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:15588+ea9bc80d-ba5e-4ad0-98fd-0db73fa06c1a:17159",
        "at": "2026-10-18T04:36:00.033Z",
        "value": 1399
      },
      "percent": -53.70615486432826,
      "definition": "(end - start) / abs(start) * 100 over 30 days"
    },
    "tvl": {
      "status": "calculated",
      "windowDays": 30,
      "start": {
        "id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:tvl:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:tvl:1789689600+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:tvl:1789689600",
        "at": "2026-09-18T00:00:00.000Z",
        "value": 4455473
      },
      "end": {
        "id": "7e50f636-1c94-4517-a08f-0ef999c94b86:2417:tvl:1792301303+7e50f636-1c94-4517-a08f-0ef999c94b86:2864:tvl:1792301303+7e50f636-1c94-4517-a08f-0ef999c94b86:6179:tvl:1792301603",
        "at": "2026-10-18T05:33:23.000Z",
        "value": 4839112
      },
      "percent": 8.610511162338993,
      "definition": "(end - start) / abs(start) * 100 over 30 days"
    }
  },
  "calculation": {
    "worstChangePercent": -53.70615486432826
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

high dilution · included · signal

Total supply is high relative to circulating supply

Limits: Supply fields are provider-reported and do not describe unlock timing

Inputs and calculation
{
  "inputs": {
    "circulatingSupply": 136778491.54391247,
    "totalSupply": 287431305.2396441
  },
  "calculation": {
    "totalToCirculatingRatio": 2.101436431965364
  },
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

data quality investigation · included · no signal

No provider identity conflict detected

Inputs and calculation
{
  "inputs": {
    "identityConflict": false
  },
  "calculation": null,
  "evaluatedAt": "2026-10-18T04:35:46.584Z"
}

Provenance and raw evidence

Classification evidence
[
  {
    "assetId": "coingecko:thena",
    "kind": "sector",
    "value": "decentralized_exchanges",
    "status": "classified",
    "reason": "Canonical mapping from DeFiLlama category Dexs",
    "sourceProvider": "defillama",
    "sourceRecord": "2864",
    "observedAt": "2026-10-18T04:35:46.584Z"
  },
  {
    "assetId": "coingecko:thena",
    "kind": "sector",
    "value": "other",
    "status": "classified",
    "reason": "Canonical mapping from DeFiLlama category Derivatives",
    "sourceProvider": "defillama",
    "sourceRecord": "3537",
    "observedAt": "2026-10-18T04:35:46.584Z"
  },
  {
    "assetId": "coingecko:thena",
    "kind": "asset_type",
    "value": "protocol_token",
    "status": "classified",
    "reason": "Canonical type mapping from DeFiLlama category Dexs",
    "sourceProvider": "defillama",
    "sourceRecord": "2864",
    "observedAt": "2026-10-18T04:35:46.584Z"
  }
]
Identity relationships
[
  {
    "assetId": "coingecko:thena",
    "protocolId": "6179",
    "protocolSlug": "thena-integral",
    "method": "chain_contract",
    "evidence": "DeFiLlama address=bsc:0xf4c8e32eadec4bfe97e0f595add0f4450a863a11; CoinGecko platforms.binance-smart-chain=0xf4c8e32eadec4bfe97e0f595add0f4450a863a11",
    "status": "verified_provider_relationship"
  },
  {
    "assetId": "coingecko:thena",
    "protocolId": "2417",
    "protocolSlug": "thena-v1",
    "method": "gecko_id_and_chain_contract",
    "evidence": "DeFiLlama gecko_id=thena; DeFiLlama address=bsc:0xf4c8e32eadec4bfe97e0f595add0f4450a863a11; CoinGecko platforms.binance-smart-chain=0xf4c8e32eadec4bfe97e0f595add0f4450a863a11",
    "status": "verified_provider_relationship"
  },
  {
    "assetId": "coingecko:thena",
    "protocolId": "2864",
    "protocolSlug": "thena-fusion",
    "method": "chain_contract",
    "evidence": "DeFiLlama address=bsc:0xf4c8e32eadec4bfe97e0f595add0f4450a863a11; CoinGecko platforms.binance-smart-chain=0xf4c8e32eadec4bfe97e0f595add0f4450a863a11",
    "status": "verified_provider_relationship"
  },
  {
    "assetId": "coingecko:thena",
    "protocolId": "3537",
    "protocolSlug": "thena-perps",
    "method": "chain_contract",
    "evidence": "DeFiLlama address=bsc:0xf4c8e32eadec4bfe97e0f595add0f4450a863a11; CoinGecko platforms.binance-smart-chain=0xf4c8e32eadec4bfe97e0f595add0f4450a863a11",
    "status": "verified_provider_relationship"
  }
]
Research statuses
[
  {
    "assetId": "coingecko:thena",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "analyzable",
    "method": "global",
    "reason": "At least one deterministic screening method is eligible"
  },
  {
    "assetId": "coingecko:thena",
    "observedAt": "2026-10-18T04:35:46.584Z",
    "status": "requires_manual_investigation",
    "method": "global",
    "reason": "At least one deterministic research signal triggered"
  }
]
Human review decisions
[]
Full fundamental evidence
[
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:1085",
    "protocolId": "6179",
    "metric": "tvl_usd",
    "period": "point_in_time",
    "observedAt": "2026-09-22T21:51:30.762Z",
    "value": 2306467.9265014073,
    "unit": "USD",
    "definition": "DeFiLlama protocol TVL at collection time",
    "sourceUrl": "https://api.llama.fi/protocols",
    "methodology": null
  },
  {
    "id": "28ba3c2c-c546-48fa-b174-122aa3718807:10188",
    "protocolId": "6179",
    "metric": "fees_usd",
    "period": "24h",
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