THENA Integral

Summary

Ketju does not approve THENA Integral under its class rule for liquidity pools: each pool holds two tokens, so a provider sells the token that rises and buys the one that falls. THENA Integral is the concentrated-liquidity part of THENA, a BNB Chain exchange. It uses the Algebra Integral pool design, in which add-on contracts called plugins change a pool’s fees and checks. DefiLlama’s yield feed listed 21 pools on 2026-10-16 with about $2.4 million, paying from 0% to 224%. THENA’s own docs warn that passive providers in these pools take more impermanent loss. The class rule applies to every liquidity pool, and we made no finding against THENA itself.

Review triggers
• THENA ships a product without impermanent-loss exposure that merits its own review

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2027-01-16.

Research

How it works

A provider chooses a price range and earns fees only while the price is inside it. Positions come in two reward modes. In one, the position joins the pool’s gauge and earns THE token emissions that veTHE holders direct by vote. In the other, it earns 87.5% of the trading fees its range produces, and 12.5% goes to the treasury. The docs tell providers to check the mode before comparing pools, because a position does not earn both under the same conditions. Managed vaults can set the range for the provider. Under every mode the position sells the token that rises and buys the one that falls. The largest pool, BTCB and WBNB, holds about $538,000. The 224% pool, FIL and WBNB, holds about $15,000.

Who controls it

THENA’s docs say a pool’s capabilities depend on the plugins and configuration deployed with it, so two pools in the same family can behave differently. Admin actions need four of six multisig signers (three from THENA, one each from Ankr, GrizzlyFi, and Symmio) and wait out a 12-hour timelock. The docs list audits of earlier versions by PeckShield and OpenZeppelin, one by Hacken of the V3,3 system with veTHE automation, and a link to Algebra Integral’s audits. The docs say Hypernative monitors the protocol in real time. DefiLlama lists no audit for Integral. We did not read the reports or the plugin code, and did not check which plugins each listed pool uses.

Withdrawals

A provider burns the position and receives the current mix of the two tokens, then sells the unwanted side into a pool of the same size. The docs warn that pool TVL can overstate the depth near the current price. Twelve of the 21 pools hold under $100,000, and most pair a small token with WBNB.

Class rule

The class rule for liquidity pools decides this memo. Ketju will review THENA again only if it ships a product in which the provider does not hold two tokens. Growth in the pools would not change the verdict.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• THENA docs, overview · primary · accessed 2026-10-16
  Supports: Algebra Integral, plugins, pool capabilities depend on plugins
• THENA docs, liquidity provision · primary · accessed 2026-10-16
  Supports: manual CL reward modes, 87.5% fee share, managed liquidity, TVL versus active liquidity
• THENA docs, concentrated liquidity · primary · accessed 2026-10-16
  Supports: impermanent loss warning, plugin hooks
• THENA docs, security · primary · accessed 2026-10-16
  Supports: audit list, 4-of-6 multisig, 12-hour timelock, Hypernative
• DefiLlama, THENA Integral survey record · secondary · accessed 2026-10-16
  Supports: current TVL, no audits recorded
• DefiLlama, yield pools feed · secondary · accessed 2026-10-16
  Supports: 21 pools, pool TVL, rate range

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.