Binance Labs has announced an investment in Thena, a DEX and liquidity protocol on the BNB chain. The move by the Binance venture capital arm seeks to advance the decentralized finance market through capital investment. In the announcement on X, Binance Labs also stated that it will dedicate its funds to projects that promote use case and adoption of DeFi.
— Binance Labs Fund (@BinanceLabs) December 31, 2024
Thena’s Improved Growth in DeFi
Thena is a universal liquidity provider decentralized exchange launched in January 2023. Thena can, therefore, be regarded as one of the relative newcomers to the sphere of DeFi.
The platform has been mainly successful in becoming among the leaders in the world in terms of attracting users to utilize DeFi services. This is mainly driven by its unique ve(3,3) tokenomics structure. The DEX utilizes the ve (3,3) model to increase and optimize liquidity and offer incentives.
Speaking about the partnership, Alex Odagiu, Binance Labs’ Investment Director said; “Thena’s approach to liquidity and their strong focus on user experience position them as a key player in the next wave of DeFi growth, and we are thrilled to support them in their quest to become the ‘SuperApp’ platform set to onboard the masses on-chain.”
Current Performance of the Thena Token
According to Coingecko’s real time data, Thena Token is currently trading at $1.68. This is an increase in the token’s price by 6.3% in the past 24 hours. In the same period, this BEP-20 utility token has registered a trading volume of $120.12 million. The coin’s current market capitalization is at $ $91.32 million.
As of November 27, Binance launched the Thena perpetual contract. For this reason, the token may enjoy increased investors’ adoption.
Impact of the Partnership with Binance Labs
Binance Labs’ venture is a new development towards the advancement of Thena. Since Binance Labs has invested in blockchain and DeFi projects in the past, the team will bring much experience to Thena’s development. Binance Labs will use the funds raised through the investment to attract users and make Thena’s platform more secure.
Thena executives believe that with the investment, their corporate relations in the BNB Chain ecosystem will improve. Theseus, the CEO & Co-Founder of THENA explained their interaction with Binance Labs as a ‘strategic partnership.’
He also added, Binance Labs’ support will greatly accelerate our mission to bring our state-of-the-art DEX to a global audience. We are eager to share more exciting developments in the coming weeks.”
By investing in Thena, Binance Labs dedicates its funds to innovative blockchain and decentralized finance (DeFi) projects. Binance Labs has invested in over 250 projects worldwide and is always searching and funding the best Web3 and DeFi projects.
This news is republished from another source. You can check the original article here
