What Is Tranchess (CHESS)?
Tranchess is a digital asset management ecosystem protocol that seeks to facilitate many risk-return solutions. The whitepaper suggests that the users can avail many DeFi features like single asset yield farming, borrowing, lending, trading, etc., through the Tranchess ecosystem. Yield farming is a trading technique through which crypto holders get rewards by holding their cryptocurrencies.
The currency seeks to give long-term DeFi solutions to customers. There are many existing asset management protocols in the crypto space. However, these DeFi protocols have various problems, which are as follow:
Those who seek steady returns on their crypto trades have limited options in the current DeFi space.
Aggressive traders who seek to maximize their returns rely on DeFi products that can't do real-time price matching, settlement, or forced liquidation.
The existing DeFi protocols are vulnerable to attacks and exploits in times of extreme market volatility.
Tranchess aims to solve these issues through its tokenized structured fund protocol. This tokenized structured fund protocol seeks to cater to a wide range of traders and their needs through three tranche funds - QUEEN, BISHOP, and ROOK.
QUEEN is the main fund/token for BTC tracking and has yield farming features. Traders can swap their BTC with QUEEN to seek to enhance their yield. BISHOP, the sub-fund of QUEEN, can be achieved by splitting QUEEN in half. The BISHOP token seeks to enable crypto traders to earn stable yield regularly. The other half of the QUEEN tranche split is ROOK. Users can use ROOK to purchase the main fund to track BTC.
Chess is the governance token of the Tranchess protocol. The ticker of the token is CHESS. Chess is an ERC-20 token which is the token standard of Ethereum. Users can harvest CHESS tokens by staking their QUEEN, ROOK, and BISHOP tokens in this network. Chess holders can lock these tokens to get veChess to vote for Tranchess community proposals.
History of Tranchess (CHESS)
Tranchess was first conceptualized in 2020 and later developed into the full-stack protocol. The team behind the network is full of blockchain and financial experts with diverse backgrounds. The maximum total supply of the token is 300 million CHESS coins.
