What is Tranchess? Tranchess is a yield-enhancing and management protocol for assets with different risk levels. In October 2021 the project had a TVL of up to $1.9B. Inspired by investors’ different risk appetites, Tranchess was born to meet that need.
So what is Tranchess? Let’s find out with Weakhand in this article.
What is Tranchess?
Tranchess is an asset tracking and yield-enhancing protocol developed on BNB Chain. The protocol supports two networks: BNB Chain and Ethereum.
Up to now, Tranchess is providing 2 main products to users: Liquid Staking and Tranche. For Liquid Staking, Tranchess currently only supports two types of assets: BNB and ETH. For Tranche, Tranchess currently has 3 main funds: BTCB, ETH and BNB. In addition, the project also supports users to place a number of asset-related liquidity pairs on the protocol.
The project is audited by Certik, PeckShield and checked for security errors by Immunefi.
The Tranchess Difference
Tranchess’s ecosystem is composed of four tokens: QUEEN, BISHOP, ROOK and CHESS:
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QUEEN: QUEEN is created by depositing BTCB, ETH and BNB into Tranchess. QUEEN is designed for long-term holders of the underlying crypto assets and offers additional returns ranging from 2% to 16% depending on the fund. QUEEN tokens represent BTCB, ETH, BNB assets deposited into the fund respectively bQUEEN, eQUEEN, nQUEEN and they are redeemable 1:1.
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BISHOP: BISHOP was created by separating QUEEN in the primary market of Tranchess. Each QUEEN token can be divided into 0.5 BISHOP and 0.5 ROOK. BISHOP is designed for investors who want to get higher yields on their stable coins. BISHOP currently offers APYs from 7% to 22%, depending on the fund.
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ROOK: ROOK was created by separating QUEEN in Tranchess’s primary market. Each QUEEN token can be divided equally into 0.5 BISHOP and 0.5 ROOK. ROOK is designed for active investors who want to take a leveraged position on a given crypto asset. ROOK protects investors from forced liquidation and earns an additional yield of 1.5% to 10% on a leveraged position of 1.7x-2.5x.
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CHESS: Once users stake their QUEEN, BISHOP or ROOK tokens on Tranchess, the Farm receives CHESS, Tranchess’s utility and governance token.
Mechanism of Action
Users who deposit assets into the fund will receive QUEEN Tokens and profits. That profit comes from the interest the funds lent assets on Venus. QUEEN tokens can be exchanged for ROOK, which is collateral for leveraged trading, and BISHOP is used to Farm to earn more profit or CHESS Token.
Development Roadmap
In 2023, the project will continue to develop products:
- Open additional funds for other assets.
- Upgrade Swap to V2.
- Open additional lending function.
- Implement multiple use cases for the CHESS token.
- Multi-string expansion.
- Build a full-fledged team, focusing on technology and marketing.
Core Team
Danny Chong: Co-Founder
16+ years Banking experience including trading, sales and management roles for the Asia Pacific region. Successful in leading revenue growth. Established Lifestyle Concepts in Singapore and Hong Kong since 2011.
Thomas Yu: Chief Growth Officer
Extensive industry experience and knowledge in DeFi, NFTs, and building in the Metaverse. Has a bachelor’s degree in computer science from New York University, used to be a technology consultant for FTI Consulting.
Investors & Partners
Investors
July 5, 2021: Seed round successfully raised $1.5M led by Spartan Group and Three Arrows Capital with participation from Binance Labs, Long Hash Ventures, IMO Ventures.
Partners
Project partners include: Chainlink, Multichain, PancakeSwap,…
Tokenomics
General information about the Tranchess token
- Token Name: Tranchess
- Code: CHESS
- Blockchain: BNB Chain
- Token classification: BEP-20
- Contract: 0x20de22029ab63cf9a7cf5feb2b737ca1ee4c82a6
- Totalg: 300,000,000
- Maximum arc: 300,000,000
Token Allocation
- Community Incentives: 50.00%
- Core Team: 20.00%
- Future Investors: 15.00%
- Ecosystem and Treasury: 10.00%
- Seed Round: 5.00%
Token Use Case
Governance: CHESS holders can stake and receive veCHESS to participate in protocol governance and decide on reward distribution.
Earn rewards: 50% of revenue comes from protocol fees shared with veCHESS holders weekly.
Exchanges
Currently CHESS tokens are being traded on many Cex exchanges such as BInance, Crypto.com, Gate,… and Dex exchanges such as Pancake.
Tranchess Information Channel
- Website:
https://tranchess.com/ - Twitter:
https://twitter.com/transchess - Medium: https://tranchess.medium.com/
- Discord:
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So, I have clarified what Tranchess is? Tranchess cryptocurrency overview. Hope this article provides you with a lot of useful knowledge.