As our community grows bigger, indicative CHESS APY and its calculation have been a recurring topic within the Tranchess community. In this article, we’ve compiled a list of quick facts and FAQs regarding this particular topic, which we hope would address our community’s common concerns and questions.
When discussing the CHESS APY, which number are we referring to exactly?
CHESS APY is the “Indicative APY” shown right next to “Your locked CHESS” amount and the APY number displayed on the weekly rebate section, as circled in red.
If these two numbers are the same, why is the weekly rebate section showing 23% instead of 24% when the indicative APY is 23.8%?
The percentage in the weekly rebate section is rounded down to the nearest integer.
How is the indicative APY calculated precisely?
The indicative APY is the weekly yield compounded on a weekly basis. The exact formula to calculate the weekly yield is:
The final indicative APY is :
Whereas:
(ASSET_Reward) is the protocol income;
(ASSET_Price) is the respective price of each underlying asset that makes up the protocol income.
Since all four factors used to calculate the weekly yield could change anytime, the APY provided at the time is only for reference.
Is there any place where I can see the exact daily protocol income?
Yes. Tranchess has recently added the detailed and complete history protocol income data on its fact sheet:
https://www.tranchess.com/fact-sheet#general
Why are there two separate transactions for BTC and ETH each, but only one transaction for BNB?
The original code used for BTC and ETH fund transfers protocol fee and split/merge/redemption fee separately with one transaction hash. The BNB fund groups all fees together and transfers them to the Fee Distributor contract in one transaction.
Is there any place where I can see the contract addresses for every fund?
Yes. We keep a list of all contract addresses in Tranchess Docs:
https://docs.tranchess.com/faq/contracts
How do I start earning the indicated APY?
To get started, you need first to have some CHESS. Users can easily obtain CHESS tokens via:
- Creating QUEEN tokens with their BTCB/ETH/BNBs and stake QUEEN for CHESS mining;
- Buying QUEEN, BISHOP or ROOK through Tranchess Swap and stake for CHESS mining;
- Buying CHESS directly on Binance or Pancake Swap.
With CHESS in your wallet, lock CHESS by either clicking on “Lock CHESS” directly or clicking on “Get started”, which will redirect you to the “Lock CHESS” section.
The amount of CHESS you lock and the length of the lock duration determine your veChess level, which then provides a weekly rebate projection. You would need to approve CHESS the first time you lock it.
Please note:
- If users bought their CHESS directly from the market, the Boost factor section would not apply to them.
- The weekly rebate takes effect the following week. That is the week after the coming Thursday.
After locking CHESS, the weekly rebate page will automatically be updated with the date by which your first rebate becomes available.
Tranchess recently launched its own Wiki page. For more information on setting up wallets, buying CHESS, or stake and lock, feel free to check out the TranchessWiki.
