liveTHE
THENA's veTHE Simplified
Last updated
Was this helpful?
THENA's veTHE Simplified
Last updated
Was this helpful?
A more sustainable future for LiquidDriver has arrived with the introduction of liveTHE. This new offering allows users to access impressive veTHE yields without having to lock any THE tokens. As a part of our long-term vision for LQDR to be truly cross-chain, we aim to support dominant open liquidity layers on every major chain, acting as gateways to their respective ecosystems. With over $560 million in global TVL across all supported chains, we're making the DeFi dream a reality by providing Liquidity-as-a-Service (LaaS), innovative wrappers, and expertise.
Our live products, including liveTHE, will act as the cornerstone of LiquidDriver. These products are designed as self-sustaining wrappers for locked tokens, aligning with our mission of making LQDR non-inflationary. The main advantage of liveTHE lies in its streamlined access to outstanding veTHE yields. Live wrappers promise to be a substantial income source for xLQDR holders as we expand across multiple chains, delivering pure profit emission-free.
Contract address: 0xCdC3A010A3473c0C4b2cB03D8489D6BA387B83CD
$THE: ERC-20 tokens of THENA, the native liquidity layer on BNB Chain
$veTHE: ERC-721 tokens containing locked $THE ranging from 2 weeks to 2 years
$liveTHE: Wrapper created by LiquidDriver
Epoch: A period lasting 7 days, restarting every Thursday at 00:00 GMT
Rebase: A process on THENA where 30% of weekly emissions are allocated to $veTHE holders and directly added to their $veTHE positions
$liveTHE_balance: The balance of $liveTHE in the THENA stable LP
$THE_balance: The balance of $THE in the THENA stable LP
$liveTHE_total: The total minted supply of $liveTHE
THE → liveTHE: Users can swap THE to liveTHE at any time 1:1 for no additional costs other than fees associated with a normal swap.
veTHE → liveTHE: Users can convert their $veTHE (as an NFT) into liveTHE. Max supply to be minted is capped weekly and incurs a dynamic conversion fee influenced by the balance of the stable LP on THENA.
At any point in time, users can swap $liveTHE for $veTHE, incurring a 3.5% conversion fee.
Unlock the power of triple-digit APR veTHE yields with liveTHE. By auto-converting fees, bribes, and rebases into $liveTHE, our innovative distribution system allocates a staggering 81.5% of the voting rewards to the single staking pool, ensuring higher rewards for stakers.
When converting veTHE to liveTHE, a dynamic conversion fee is applied. The fee is influenced by the balance of the stable LP on THENA and ranges from a minimum of 12.5% to a maximum of 70%. The dynamic conversion fee formula is:
Dynamic fee = ($liveTHE_balance / $THE_balance) * min_conversion_fee
Example:
If the balance in the liveTHE/THE LP is 1000 $THE and 2000 $liveTHE, the conversion fee would be:
Conversion fee = (2000 / 1000) * 12.5% = 2 * 12.5% = 25%
For a limited time, users can convert veTHE into liveTHE for a static 5% fee, capped at 600,000 liveTHE.
To understand the liveTHE advantage, let's break down the distribution formulas for the LPs and staking pool.
Calculate liveTHE_total:
liveTHE_total = liveTHE_Balance + liveTHE_staked
Calculate LPs Distribution:
LPs Distribution = (livethe_LP_balance / liveTHE_total) * Rebase
Calculate Staking Distribution:
Staking Distribution = Rebase - LPs Distribution
Example:
Assuming livethe_LP_balance is 500, livethe_staked is 400, and Rebase is 100:
liveTHE_total = 500 + 400 = 900 LPs Distribution = (500 / 900) * 100 = 55.56
Staking Distribution = 100 - 55.56 = 44.44
With liveTHE, both xLQDR holders and liveTHE stakers benefit from the innovative wrapper. The emissionless nature of liveTHE ensures real yields for xLQDR holders, while liveTHE stakers get access to some of the best liquid yields in DeFi. This is just the beginning, as we plan to adapt the model to other leading liquidity layers on major chains
