Join the parade as we introduce Tranchess SolvBTC Fund on the BNB Chain, the first BTC points-boosted product with our Solv Protocol partnership! Your BTCs on BNB Chain can now earn another layer of points rewards on top of the Solv staking yield.
What is Tranchess SolvBTC Fund?
Customized for SolvBTC points and rewards on the BNB Chain network, Tranchess SolvBTC fund is our classic QBR structure with a twist:
- turPSBTC: Maximized points earnings
- staYSBTC: Fixed APR and no points
- sbtcQUEEN: 1:1 with SolvBTC
- staYSBTC — SolvBTC LP: points, trading fee, CHESS incentives, and fixed yield
This three-month fund ends on September 10, 2024. Upon closing, all tokens will be proportionally converted back to SolvBTC.
There is no lockup period. Users can swap their tokens back to SolvBTC anytime they need to.
Find your ideal token (combo)
sbtcQUEEN, turPSBTC and staYSBTC are interchangeable. Specifically, 1 SolvBTC = 1 sbtcQUEEN = 0.1 turPSBTC + 0.9 staYSBTC. There are no creation/redemption fees or split/merge fees.
Each token caters to a different yield expectation. Choose your ideal token or a combo to meet your needs.
turPSBTC: Max points at 100X rate
Short for “Turbo Point SolvBTC,” turPSBTC turbocharges your speed of earning SolvBTC points. With an innate leverage of 10 and a bonus multiplier of 10 from Solv, turPSBTC earns SolvBTC points at a 100x rate.
turPSBTC gets all the point-shares allocated to staYSBTC and pays staYSBTC a fixed interest rate as cost.
You can swap turPSBTC back to SolvBTC anytime or hold it until the fund ends, when all turPSBTCs will be converted back to SolvBTC.
staYSBTC: Fixed yield of 8%
Short for “Stable Yield SolvBTC,” staYSBTC earns a fixed interest of 8% and no points. If you are looking for a fixed yield to accompany your SolvBTC staking reward, this is the one for you.
Don’t confuse the fixed APR with the staking yield. The staking yield paid to SolvBTC holders is separate from the fixed yield and will not be affected.
You can swap staYSBTC back to SolvBTC anytime or hold it until the fund ends when all staYSBTCs will be converted back to SolvBTC.
staYSBTC-SolvBTC LP: Points, yield, CHESS incentives, and trading fees
staYSBTC-SolvBTC LP holders collect a basket of yields including four parts:
- CHESS rewards: Weekly bonus CHESS incentives (100,000 CHESS per week) and CHESS emission.
- Trading fee: 0.05%
- Interest: Partial interest from staYSBTC. For example, if one LP token consists of 0.6 staYSBTC and 0.4 SolvBTC, the LP token would earn 0.6 * 8% = 4.8% interest.
- SolvBTC multiplier: Each SolvBTC in LP receives a 10x multiplier of SolvBTC points. The calculation will be based on the notional value of SolvBTC you have in the pool.
sbtcQUEEN: The magic of the Tranchess structure
As mentioned above, 1 SolvBTC = 1 sbtcQUEEN. One sbtcQUEEN can be split into 0.1 turPSBTC and 0.9 staYSBTC and vice versa. sbtcQUEEN itself does not earn any points.
However, if you split sbtcQUEEN into turPSBTC and staYSBTC and hold both tokens (no further actions needed), you would immediately boost your overall point multiplier to 10x due to the leverage and boost for turPSBTC.
You can always merge turPSBTC and staYSBTC back into sbtcQUEEN and redeem it back into SolvBTC. There is no lockup period, creation/redemption fee, or split/merge fee.
We are excited to embark on this new chapter with our users. Join us as we explore new opportunities and maximize your rewards with the Tranchess SolvBTC Fund. Stay tuned for more updates and details in the coming days!
