ThalaPrice

(THL)

MOD (Move Dollar) is Thala's over-collateralized stablecoin. It is backed by a diverse basket of assets, including APT and liquid staking tokens, and is primarily used for borrowing and trading. In contrast, THL (Thala Token) serves as the native governance and utility token. THL holders can participate in protocol decision-making and earn a share of the protocol's fees, aligning user incentives with the platform's long-term growth and sustainability.

MOD maintains its $1 peg through a combination of over-collateralization and a Stability Pool. Borrowers must deposit more collateral than the value of the MOD they mint, ensuring the system remains solvent. If the price of MOD falls below $1, users can "redeem" MOD for exactly $1 worth of the underlying collateral. This creates an arbitrage floor that encourages market participants to buy MOD when it is discounted, naturally driving the price back up to its target.

These are Thala's Liquid Staking Derivatives (LSDs) for the Aptos (APT) token. thAPT acts as a 1:1 deposit receipt for staked APT, providing liquidity for assets that would otherwise be locked. sthAPT is the "rebasing" version of the receipt. It automatically accumulates staking rewards over time, which increases its value relative to APT. This makes sthAPT a popular choice for long-term holders looking to maximize yield without manually compounding their rewards.

veTHL (Vote-Escrowed THL) is obtained by locking THL tokens for a duration chosen by the user. It grants voting power in governance and provides higher yield multipliers across the platform. esTHL (Escrowed THL) represents reward tokens typically earned through liquidity mining. Unlike liquid THL, esTHL must undergo a vesting period—often lasting one year—before it can be converted back into fully liquid THL tokens, encouraging long-term commitment to the protocol.

Thala prioritizes security through rigorous audits by top-tier firms such as Zellic and OtterSec. Following a security vulnerability discovered on November 15, 2024, the team successfully recovered $25.5 million in affected funds and implemented a comprehensive "Post-Mortem" fix to harden the protocol. This response, combined with the use of a Stability Pool to handle liquidations, demonstrates the protocol's commitment to maintaining resilience and protecting user assets from market volatility.

THL tokens can be acquired on LBank and via Thala's own decentralized exchange, ThalaSwap. Thala is currently focused on a "modular" expansion strategy by deploying on Movement, a network of Move-based blockchains, to capture liquidity outside the main Aptos chain. Furthermore, the roadmap includes the integration of Real-World Assets (RWAs), such as tokenized T-bills, to serve as collateral for minting MOD, offering more diversified and stable backing for the ecosystem.