We at THENA are thrilled to announce the public release of ALPHA, the game-changing onchain perpetuals exchange supercharged by the SYMMIO engine. Following a successful audit, we are ready to redefine how derivatives are traded on BNB Chain, with opBNB following suit.
The era of restricted testing and limited access is over. ALPHA is now open to everyone, offering an extensive list of over 150 assets, including BTC, PENDLE, FLOKI, ANKR, LINK, and many more — all with up to 60x leverage.
No order books. No virtual AMMs. No pre-locked liquidity. Pure hyper efficient just-in-time liquidity for permissionless trading.
Welcome to the future of infinite possibilities.
What Are Perpetuals, Derivatives, and More? An ELI5 Explanation
For those new to the jargon, let’s break down some key terms:
Perpetuals: Think of these as never-expiring contracts you can hold indefinitely, speculating on their value.
Intent-Based Perps: Users send intents for what they want to trade. A trade is executed after it is accepted. For instance, you can send an intent for an 11x $BNB Long position, and a hedger can counter with an 11x BNB Short, all without the complexities of traditional order books.
Derivatives: These are financial contracts like perpetuals, options, and futures that get their value from underlying assets such as cryptocurrencies.
Leverage Trading: This allows you to use a small amount of your crypto to control a much larger position, amplifying both gains and risks.
Higher Capital Efficiency: You get more financial leverage with less capital, maximizing your potential returns.
Funding Rates: These are small fees you pay for holding a leveraged position.
Isolated Trades: Each trade is isolated, mitigating systemic risks.
Open Interest: This shows the total number of active trades, indicating market interest.
Automated Markets for Quotations (AMFQ): This is SYMMIO’s smart routing system that finds the best trading opportunities.
Feel free to also check out our documentation.
What Makes ALPHA Special?
ALPHA revolutionizes onchain derivatives. It introduces Intent-Based OTC derivatives. It streamlines trading by eliminating the complexities of traditional order books. The platform also boasts zero reliance on oracles, avoiding related vulnerabilities and inefficiencies. With ALPHA, you can trade all assets with unprecedented capital efficiency, and confidence, thanks to isolated trades that eliminate tail-end risks.
We start by introducing a vast array of crypto assets. However, the model accommodates other categories as well, such as stocks and commodities, given there is a hedger for them. The future is limitless.
The SYMMIO Engine: Next Generation Onchain Perpetuals Based on Intents
The SYMMIO engine introduces pioneering technology that is set to vastly outpace competing solutions. It presents a suite of features aimed at reshaping the trading landscape, promising a broader selection of assets, reduced spreads, and lower fees.
SYMMIO introduces a cutting-edge trading infrastructure that pioneers an automated market for quotes (AMFQ), enabling efficient onchain derivatives trading. Through symmetrical agreements, every trade ensures mutual collateral lock-in and full isolation, eliminating system-wide risks.
The result? Intent-based and scalable onchain derivatives with leverage. By emphasizing peer-to-peer transactions over LP-centric models, the SYMMIO engine seamlessly blends the strengths of order books and AMMs for unmatched capital efficiency.
Unlocking the Derivatives Future with ALPHA
The global derivatives market sees daily transactions in the trillions. Through our partnership with SYMMIO, THENA is strategically positioned to access this immense pool. While onchain volumes currently average around $500M daily and centralized exchanges such as Binance handle billions, ALPHA’s pioneering approach heralds a transformative shift in the industry, paving the way for a new wave of inventive applications.
ALPHA taps into this by having the ability to list virtually any asset for onchain leveraged trading. With a model that SCALES.
THENA is currently in talks with several parties planning to build on top of ALPHA, as well as hedgers looking to act as counterparties.
In addition to volume and variety, ALPHA offers users distinct advantages that set it apart:
- Self-custody: Users have full control over their funds.
- Easy Access: No lengthy registrations or KYC requirements.
- Ease of Use: Designed with both beginner and professional traders in mind.
- Safety: Every trade is both isolated and fully collateralized.
Fast, secure, and easy, like trading should be.
Supercharging ve(3,3) with ALPHA
At the heart of our ALPHA platform is a commitment to bolstering our ecosystem and rewarding our community. What sets ALPHA apart is its inherent ability to maximize capital. The SYMMIO infrastructure at its core facilitates capital utilization at peak efficiency. This allows for heightened leverage without the necessity of over-collateralization and ensures a robust open-interest to TVL ratio.
For perspective, consider this: when $1 is deposited into the SYMMIO system as a liquidity provider, the resultant open interest is substantially higher than what other models generate. This distinction can be attributed to the unique design principles underpinning SYMMIO:
- Peer-to-peer Precision: It recreates the dynamics of order books in the decentralized space, aligning Short positions from one trader with Long positions from another.
- Decentralized Matchmaking: Eschewing the traditional (de)centralized Orderbook engine, SYMMIO’s protocol relies on a decentralized constellation of frontends and Market Makers (hedgers). This request-driven architecture allows SYMMIO circumvent the bottlenecks often seen with onchain order books.
- Best of Both Worlds: With the integration of Automated Markets for Quotations (AMFQs), SYMMIO successfully amalgamates the capital efficiency of order books with the seamless onchain experience characteristic of Automated Market Makers (AMMs).
In the initial stages, all generated fees from ALPHA will be dedicated entirely to buying back THE tokens. These acquired THE tokens will then serve as bribes for various revenue-generating pools. Given the unpredictable nature of fees at this juncture, we will be determining precise numbers (and strategy) at a later date. This amplifies the most productive pools, enhancing returns for our veTHE voters and theNFT stakers.
THE Launch
Initially, all fees generated will be used to buy back THE tokens, which will then incentivize various pools. With the completion of the SYMMIO Sherlock audit and a $2M insurance coverage, we are set to scale up open interest to new heights.
As part of our promotional period, ALPHA is offering ZERO funding rates, making it even more cost-effective for traders to participate. Additionally, we have set an Open Interest cap at $2M and the Maximum Position cap at $450K to ensure a stable and secure trading environment for the public launch.
Expect volume to grow gradually. Things will ramp up with the introduction of CORE — the permissionless trading competitions, DiBS 2.0 referral system, and targeted campaigns. We are also researching other ways to incentivize trading.
The funding rates, stop loss, and other features will be rolled out over the next weeks and months.
Join THE Revolution
We extend an invitation to our community and new users to be part of ALPHA’s Public Release. Redefine the landscape of perpetual trading onchain with us.
Stay ahead with ALPHA on THENA.
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