You're not quite correct here. "þe" was the original form of "the", and was replaced with "Ye" for a while after the thorn was eliminated (to make mechanical typing easier) until slight changes in pronunciation caused the digraph "th" to be pronounced identically to "þ". The pronunciation was always "the". "Ye" has only ever been a replacement for "þe" in phrases such as "Ye Olde Shoppe" or "Ye Mill", never in ones such as "Get ye hence."
Ye (pronounced /jiː/), was the second-person plural counterpart to thou/thee/thy/thine (all forms of the same word) with the modern "you" being formed as a formal variant of thou. It was never spelled with a thorn.