Tranchess is a yield-enhancing asset tracker with varied risk-return solutions on Binance Smart Chain (BSC), which consists of 3 tranche tokens (QUEEN, BISHOP, and ROOK) and its governance token CHESS. The platform offers various features including a DEX (Tranchess Swap), money markets (Primary Market), staking, and network governance.
CHESS is the governance token of Tranchess and has the following use cases:
- Governance: Token holders can participate in voting for the additional add-on of BISHOP tokens’ weekly interest rate.
- Weekly rebate rewards: Token holders receive a weekly BTCB rebate reward (~50% of the fees collected within Tranchess).
- Boost on CHESS earnings: Users can receive higher yield farming rewards by staking CHESS.
Tranchess consists of the following major components working in conjunction:
- QUEEN: A BTC index tracking fund token. Users can stake BTCB as the underlying asset to receive QUEEN. The token can be split into BISHOP and ROOK.
- BISHOP: A yield-bearing USDC token. BISHOP holders collect variable interest rates that change weekly. Every week, the protocol reads the USDC interest rate from Venus and adds a premium determined by community voting to the rate. The total becomes BISHOP's next week's fixed interest rate.
- ROOK: A leveraged BTC token. ROOK holders borrow from the BISHOP holders to have a higher exposure on BTC. Learn more on how ROOK’s leverage rate is determined here.
As at October 22nd 2021, the total and maximum supply of CHESS is 300,000,000 and the current circulating supply is 30,947,242 (~10.32% of the total token supply).
Learn more about the token distribution here.