liveTHE — Unlock THE Yields

5 min readApr 7, 2023

The Ultimate veTHE Optimizer

A new more sustainable future for LiquidDriver is here. The amazing veTHE yields are just a few clicks away — without having to lock any $THE tokens! It marks a significant step in our vision to make LQDR truly cross-chain.

Part of that vision is to support open liquidity layers on every major chain, acting as gateways to their respective ecosystems. These DEXes are making a significant impact, with over $560 million in global TVL across all supported chains. We’re helping make the DeFi dream a reality by providing Liquidity-as-a-Service (LaaS), innovative wrappers, and expertise.

Pirates around the globe have eagerly anticipated the release of our newest offering: liveTHE. As we move forward, 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 long-term mission of making LQDR non-inflationary.

The key benefit 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. Poised for the upcoming mass adoption cycle, we’ve strategically secured ownership in nearly 10 dominant liquidity layers on major chains, and our journey has only just begun.

Let’s dive in.

The Official liveTHE Glossary

Whether you’ve been around for every Deck Talk and announcement or are brand new to our platform, you need to know and understand some important terms:

$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

liveTHE Explained — How to Use, Redeem, and Profit

There are a variety of reasons people will want and enjoy liveTHE. Below, we’ll tell you about how everything is going to work, from minting to redemption, and all of the associated costs that come with using.

The conversion fees help increase the backing of the product. This makes liveTHE more sustainable in the long-term, as no external capital needs to be injected even when large exits occur.

Here’s an overview of how the system works:

Minting 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.

Minimum conversion fee: 12.5%
Maximum conversion fee: 70%
Minting cap: 4% of the total supply at the beginning of epoch t (Nov 2: reduced from 15% to 4% as liveTHE supply has scaled up)
Dynamic fee = $liveTHE_balance/ $THE_balance * min_conversion_fee

Redeeming Your liveTHE

At any point in time, users can swap $liveTHE for $veTHE, incurring a 3.5% conversion fee.

Conversion Fee Example

Balance in liveTHE/THE LP: 1000 $THE/ 2000 $liveTHE

Conversion fee = 2000/1000 * min_conversion_fee = 2 * 12.5% = 25%

The greater the deviation between liveTHE and THE balances, the higher the conversion fee (up to a 70% maximum). Conversely, the closer the peg is to a 1:1 ratio, the lower the conversion fee (with a 12.5% minimum).

It’s All About THE Revenue

Unlock the power of triple-digit APR veTHE yields with liveTHE

LiveTHE maximizes your returns effortlessly. 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.

With liveTHE, you no longer need extensive knowledge or experience to access and benefit from these exceptional veTHE yields. Simply stake your $liveTHE and watch your investments flourish.

Fees, bribes, and rebases earned will be converted to $liveTHE:

81.5% for $liveTHE single staking pool
10% automatically used to bribe the pool $liveTHE/THE
8.5% for mxLQDR holders
Rebases are claimable weekly and added to our $veTHE position. We will mint an equivalent amount of $liveTHE each week after claiming the rebase and distribute it to both $liveTHE/$THE LPs and $liveTHE staking pool based on the balance of $liveTHE in each

The Magic Formula

Let’s look at the formulas that make the magic happen under the hood.

$liveTHE distributed = $liveTHE_balance / $liveTHE_total * Rebase_amount

$liveTHE staking pool = $liveTHE_staked / $liveTHE_total * Rebase_amount

Calculate liveTHE_total:

liveTHE_total = liveTHE_Balance + liveTHE_staked

Example:

livethe_LP_balance = 500

livethe_staked = 400

liveTHE_total = 500 + 400 = 900

Calculate LPs Distribution:

LPs Distribution = (livethe_LP_balance / liveTHE_total) * Rebase

Calculate Staking Distribution:

Staking Distribution = Rebase — LPs Distribution

One major point to note is that some liveTHE will be staked in the liquidity pool, resulting in less liveTHE in the staking pool. The result? Higher APR per staker. The performance fees are additionally mitigated by time and possible tax savings.

Bootstrapping liveTHE — A 3-Day Promotion

Kickstart your DeFi journey with the liveTHE promotional launch, where users can convert veTHE into liveTHE for a static 5% fee, capped at 600,000 liveTHE. Act fast, as this offer is on a first-come, first-served basis.

Only THE Best

We’re all about building products that make the user experience better. With liveTHE, everybody wins. The wrapper is emissionless, meaning xLQDR holders enjoy real yields. liveTHE stakers on the other hand get access to some of the best liquid yields in DeFi.

liveTHE is just the first of many releases to come over the coming weeks and months. Get prepared to be blown away, as we adapt the model to other leading liquidity layers on major chains.

The release is next week. Join our socials to get ready for the massive kickoff!