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What is Tranchess (CHESS, QUEEN, BISHOP, ROOK)? All about CHESS Token

Publish by Charlie at 11 October 2021

The Binance Smart Chain ecosystem has had incredible growth in 2021. Tranchess is one of the shining gems inside the ecosystem since it targets DeFi users. Their tokens should generate more additional profits instead of being held in the wallet. Therefore, they are potential customers willing to share generated profits with the service providers.

Tranchess TVL

The article below will provide all the detailed information about Tranchess, including:

  • What is Tranchess? How does it work?
  • What is Tranchess Token (CHESS)? All detailed information about its Tokenomics.
  • How to get and buy CHESS tokens?
  • Roadmap and updates.
  • Details about the team, investors, and partners.
  • Is Tranchess a good investment?

Let's explore the potential of Tranchess!

What is Tranchess?

Tranchess is a yield-enhancing crypto-asset management protocol. It offers users various risk-return products corresponding to their appetites via three types of tokens. Tranchess includes three tranche tokens (QUEEN, BISHOP, and ROOK) for each fund and its governance token CHESS.

  • QUEEN fund is for long-term holding: Medium risk, normalized ⇒ Medium return.
  • BISHOP fund is for stable yield profit: Low risk + risk smart contract ⇒ Low return.
  • ROOK fund is for trading crypto assets with leverage: High risk ⇒ High reward.

Tranchess also provides other DeFi products diversifying the platform such as Swap, Primary Market, Staking, and Community Governance.

Tranchess

How does Tranchess work?

Tranche QUEEN is the main fund of Tranchess that follows the BTC price equipped with a yield farming feature. Rather than holding BTC, users can swap BTCB (wrapped BTC on BSC) for QUEEN tokens through the creation process or buy on the Tranchess swap with USDC.

While staking QUEEN, you can earn CHESS as additional rebate rewards. If you want to stop staking in the QUEEN fund, you can simply convert QUEEN tokens back to BTC via the redemption process.

Tranche QUEEN

QUEEN can be simultaneously divided/merged into BISHOP and ROOK tokens.

QUEEN Token Flow

Tranche BISHOP is the sub-fund of the QUEEN fund. It offers a predetermined interest based on a daily basis as BISHOP holders provide liquidity to Tranche ROOK.

Tranche BISHOP and Tranche ROOK

In simple terms, this interest of Tranche BISHOP can be considered risk-free since BISHOP holders lend USDC to ROOK holders for leveraging their positions. And the APR of Tranche BISHOP is calculated according to the weekly borrowing rate of Venus and the community voting. There’s no lockup period for BISHOP holders.

Tranche ROOK is a leveraged financial product with no forced liquidation since the loan is in the main tranche. ROOK holders can borrow on a daily basis from BISHOP holders to leverage their position in the main tranche QUEEN. In other words, ROOK holders borrow USDC provided by BISHOP holders to leverage the exposure in the main QUEEN funds.

ROOK’s return = profits/losses of the tranche QUEEN - the interest paid for BISHOP holders.

Note: QUEEN, BISHOP, and ROOK have a NAV (Net Asset Value) for creation and redemption, and an Open Market price for swapping.

Tranchess Primary Market is used for creation and BTCB redemption, splitting, and merging QUEEN tokens. This feature supports users while they interact with three tranches.

Tranchess Primary Market

Tranchess Swap is an order-book-based exchange that allows users to trade for three token tranches directly on the platform.

Tranchess Swap

What is CHESS Token?

CHESS is the governance token of Tranchess. CHESS holders can participate in the governance system to vote on the APR of tranche BISHOP or other platform changes.

Detailed information about CHESS Token

CHESS Price Today

Currently, you can track the price of CHESS on Coin98 Markets: https://markets.coin98.com/currencies/tranchess

Coin98 Markets is a website that helps users to get updates of the real-time prices, as well as view the detailed information of a Token Metric from any project. More specifically, you can access the home page or the community page of a project or filter the coins/tokens by Market Cap, Trading Volume, etc.

CHESS price is updated currently on Coin98 Markets (updated: Oct 9th, 2021)

CHESS Key Metrics

  • Token Name: CHESS Token.
  • Ticker: CHESS.
  • Blockchain: Binance Smart Chain.
  • Token Standard: BEP20.
  • Contract: 0x20de22029ab63cf9a7cf5feb2b737ca1ee4c82a6.
  • Token Type: Governance.
  • Max Supply: 300,000,000 CHESS.
  • Circulating Supply: 25,891,000.

CHESS Token Allocation

The CHESS Token has the total max supply of 300,000,000 tokens distributed as follows:

  • Community Incentives: 50%.
  • Core Team: 20%.
  • Future Investors: 15%.
  • Ecosystem/Treasury: 10%.
  • Seed Investors: 5%.
CHESS Token Allocation

CHESS Token Sale

On July 5th, 2021, Tranchess raised $1.5M in a seed round led by Three Arrows Capital and Spartan Group along with Binance Labs, Longhash Ventures, IMO Ventures, and other crypto KOL individuals.

CHESS Token Release Schedule

The Tranchess team plans to release the community incentives throughout a 207-week period, around 4 years.

CHESS Token Release

CHESS Token Use Case

Governance: Users lock their CHESS tokens to earn veCHESS since the governance system requires veCHESS tokens. veCHESS holders can vote on the next-week APR of tranche BISHOP, earn weekly BTCB debate from the Tranchess platform fees, and receive more CHESS through staking.

CHESS tokens can be locked for a maximum of 4 years.

  • 1 CHESS locked for 1 year = 0.25 veChess.
  • 1 CHESS locked for 2 year = 0.5 veChess.
  • 1 CHESS locked for 3 year = 0.75 veChess.
  • 1 CHESS locked for 4 year = 1 veChess.
Users harvest CHESS When Staking

How to get CHESS Token

You can get CHESS via community incentive programs or on exchanges such as PancakeSwap, Gate.io, DODO BSC, etc.

How to buy CHESS tokens on Coin98 Exchange

You can use Coin98 Exchange to swap other tokens for CHESS following these simple steps on: exchange.coin98.com

Step 1: Connect to the Coin98 Extension Wallet.

Step 2: Select the PancakeSwap New.

Step 3: Choose coins/tokens for trading:

  • Search CHESS.
  • If the result does not come up, you can paste the contract of CHESS into the search box: 0x20de22029ab63cf9a7cf5feb2b737ca1ee4c82a6;

Step 4: Adjust the amount you want to swap.

Step 5: Adjust the gas fee, then click Approve.

How to buy CHESS using Coin98 Exchange

How to store CHESS Token

You can store, send, receive CHESS Tokens on Coin98 Wallet with a few single steps. The guides on how to make transactions with CHESS on Coin98 Wallet are as follows.

Step 1: Open Coin98 Wallet & click Receive on the home screen.

Step 2: Search CHESS Token.

Step 3: Click on the correct result, copy the wallet address and send CHESS to this address.

How to receive CHESS tokens on Coin98 Wallet

Roadmap & Updates

Tranchess arranges the target order corresponding to neither sequence nor importance.

Product Offering

  • Track more underlying crypto assets.
  • Offer a variety of fund structures through innovative synthetic derivatives.
  • Implement more use cases for CHESS tokens.

Business Development

  • Collaborate with other protocols in the ecosystem.
  • Conduct ongoing functional upgrades with regular audits.
  • Expand multichain.
  • Build a full-fledged team, focusing on the tech/marketing field.

Team, Investors, and Partners

Team

Update...

Investors

On July 5th, 2021, Tranchess raised $1.5M in a seed round led by Three Arrows Capital and Spartan Group along with Binance Labs, Longhash Ventures, IMO Ventures, and other crypto KOL individuals.

They are all big names in the crypto space and are popular for long-term support, resulting in the successes of other projects. Therefore, by following the footsteps of big names, retail investors can gain useful information and sometimes insights as well.

Trancess's Investors

Partners

Update...

Is Tranchess (CHESS) a good investment?

Tranchess aims to bring the asset management product to DeFi users since it’s a crucial part of any financial system. It solves multiple pain points (will be discussed below) in the DeFi space that makes Tranchess different from other asset management platforms. There are some key highlights from Coin98 for investment decisions.

Tranchess is built on Binance Smart Chain; therefore, it inherits all technology advantages and the network effect of BSC. The BSC ecosystem has been significantly developing with countless projects since the beginning of 2021. As a result, Tranchess’s TVL is placed at the top 3 in a big ecosystem, indicating its TVL attractiveness.

TVL Rankings on BSC

No locking period, steady return, and leveraged positions are all guaranteed on the Tranchess platform. Users can select the tranche (QUEEN, BISHOP, and ROOK) suitable for their appetites. This makes Tranchess an all-in-one asset management platform satisfying its users.

QUEEN, BISHOP, ROOK, and CHESS

In general, Tranchess brings a relatively high level of APYs if compared to other DeFi protocols.

Ethereum-based project Yearn Finance is the biggest competitor of Tranchess.The Yearn platform has merged with synergies such as Pickle, Cover, Sushi, etc, forming a solid bond among projects inside one ecosystem. Tranchess can learn from that collaboration, acquiring other BSC-based projects to create a strong expansion to generate greater yields.

Moreover, the creation/redemption feature only accepts BTCB while there are other crypto assets such as BNB, CAKE, ETH, etc. After the initial success of the early stage, Tranchess is expected to go fast to release and support more other crypto assets for diversified management portfolios.

Besides the governance utility of the CHESS token, it has no other utilities incentivizing the demand of the platform token. The roadmap cites that there will be more use cases for CHESS soon. This means the Tranchess team is aware of that, so it’s worth following the project further.

And as usual, whether it is worth investing or not, Do Your Own Research before buying and be responsible for your investment.

Similar Projects

Even though there are other big projects on Ethereum such as Yearn Finance and Saffron.Finance, Tranchess is dominating the asset management sector in the BSC ecosystem. Therefore, it is worth keeping an eye on.

Conclusion

Tranchess is considered a gem in the BSC ecosystem. Whether it will shine or not depends on technologies and solutions.

That is all you need to know about Tranchess and its CHESS token. I hope you’ve gained helpful insights to understand the potential behind Tranchess.

If you want to know further about Tranchess, please leave a comment below and join Coin98 Community for further discussions about Crypto.

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Charlie

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