Tranchess is a groundbreaking DeFi protocol with sophisticated mechanisms that involve 4 tokens. Introduced in 2020, Tranchess has achieved a lot of amazing milestones. They have $52.6 million in total value locked, win the Most Valuable Builder Award from BSC, and currently partner with Balancer, Binance Labs, Chainlink, PancakeSwap, etc. The protocol started out on BSC and recently expanded to Ethereum as well.
Tranchess describes itself as a yield-enhancing protocol That offers solutions for various types of investors. The two main products of the ecosystem are Liquid Staking and Tranche.
In Liquid Staking, users stake ETH or BNB and those tokens will be delegated to validator notes; the users then receive QUEEN tokens as proof of ownership in returns. QUEEN holders earn a part of validation rewards from the nodes, and they can use the tokens to lend or provide liquidity and get many rewards such as CHESS tokens.
In Tranche, QUEEN is splitted into BISHOP for more conservative investors and into ROOK for high-yield high-risk investors. Users of Tranche don’t have to be afraid of forced liquidation because the protocol uses time-weighted average price to filter ou t price anomalies. Because both BISHOP and ROOK are tranches from QUEEN, holders of BISHOP and ROOK get a portion of the staking rewards from QUEEN also, which includes CHESS.
CHESS is the native governance and utility token of Tranchess. All four tokens within the protocol can be traded.
CHESS’s total supply: 300,000,000
CHESS’s circulating supply: 114,677,271
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