Core Concepts

Automated Value Capture

$THESTRAT is a strategy token, not a governance token.

Holding $THESTRAT represents exposure to an automated strategy that:

• Accumulates veTHE governance power

• Buybacks from recurring veTHE yield

• Purchased $THESTRAT are burned to reduce supply

$THESTRAT holders do not vote, lock tokens, or manage positions. All strategy execution is handled at the protocol level.

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veTHE as the Economic Engine

The core economic engine of Thena Strategy is veTHE.

veTHE represents long-term governance power within the Thena ecosystem and captures:

• Protocol-level rewards

• Sustainable, non-inflationary yield

• Compounding influence over time

By accumulating veTHE exposure, Thena Strategy converts usage into durable economic power rather than short-term incentives.

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eTHENA (Liquid veTHE Exposure)

$eTHENA is a liquid wrapper that provides managed exposure to veTHE strategies.

Instead of locking THE directly:

• Thena Strategy accumulates $eTHENA

• $eTHENA represents veTHE exposure

• Rewards are earned while maintaining liquidity

This allows Thena Strategy to benefit from veTHE without:

• Token lockups

• Governance overhead

• Manual voting or bribe management

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Non-Inflationary Design & Protocol-Owned Liquidity

$THESTRAT is strictly non-inflationary.

• Fixed total supply

• No emissions or minting

Supply can only decrease through permanent burns, ensuring holders are never diluted.

Liquidity is a core part of the design.

• $THESTRAT trades primarily against fBOMB

• Buybacks use the same liquidity

• Burned tokens are never reintroduced

As usage grows, supply contracts and liquidity strengthens, helping reduce volatility over time.