Townhall V AMA Recap
Troopers — we were delighted to host our 5th Townhall in our Tranchess TG Channel! Hosted by Gambit and joined by our beloved King, there was a lot of information included to show all of the updates and progress we have made as a team and Trooper community! Topics covered include:
- Validator Staking News
- ETH Launch Plans
- Why Ethereum?
- Growth & Development (Events, new features, etc.)
- New Features (Rebalance simulator, stableswap)
- Future Plans & Pipeline
The Q&A section covered many exciting topics such as our plans for the Ethereum launch, plans for future products, additional security features, and so much more.
We hope you enjoy the script of the AMA and let us know your thoughts or whether you have any questions in the Tranchess TG Channel!
I wonder whether @TranchessRook will drop in to say hi.
There will be 4 parts:
👉 Part 1: Introduction and Address Tranchess Community
👉 Part 2:Quiz!
👉 Part 3: 5 Community Questions from Twitter
♟ King will answer the community questions collected from twitter.
♟ The 5 people whose questions were chosen from Twitter will get CHESS rewards.
👉 Part 4:Live AMA 4 Questions
♟ I will unmute the chat and the community will ask King any questions.
King will answer your questions, if any.
♟ 4 best questions chosen for the live AMA will be rewarded with CHESS!!
And without further ado, let us start the Townhall!
Thank you Gambit ~
Introduction and Tranchess Update
Tranchess Community!! It had been another couple of months since we last spoke at town hall IV. Hope everyone has been well and healthy !
I wouldn’t say it’s been the most exciting few months that has passed but it has been definitive in a few ways.
- The opening up of travelling post covid
- The re-emergence of conferences across the globe.
=> Singapore hosted its first major blockchain and crypto conferences — Token2049 followed by F1!
And more importantly the involvement of more institutions into DeFI.
Having a lot of side discussions with varied protocols and VCs and happy to share with everyone that a lot of collaborations and innovations are being planned in the pipeline!
As for Tranchess wise, the team has been laboring quietly behind, improving our protocol set up and also mapping out expansion plans. Since the launch of V2 in June, we’ve been prepping groundwork ahead of multichain expansion. It’s also time to reveal that in about a month’s time, we would be launching on the Ethereum chain, continuing our expansion and foray into validator/liquid staking!!
I’m particularly very excited about this upcoming launch on ETH !
There would also be partnerships to be announced soon with the coming of Ethereum launch! Allow us to keep mum for now but partnership will be some of the well known names in the DeFi world 🙂
In the blink of an eye, we are already almost 1.5 yrs old~ It may appear that we are slowing down in terms of big announcements and deliveries but we remain steadfast in the direction of delivering sustainable and diverse returns for Tranchess users. Bringing about the best of what TradFi & DeFi has to offer and to deliver it in an easy access package for everyone remains our core aim.
Whether you are a conservative/aggressive or basic/professional type of user, there will be a Tranchess product that suits your needs.
The coding and delivery over onto Ethereum takes time and expansion into a brand new chain requires immense focus and careful checks. Security remains our number 1 priority and stringent efforts have gone onto smart contracts reviews and connectivities test prior the release. As we speak now, smart contracts are being audited by the team at Peckshield.
As more of our products and development gets built out — This would ultimately get recognised through the value of the token itself.
On behalf of the Tranchess Team — A big thanks to all our users and investors for the trust and support of Tranchess.
Without further ado, let’s have a quick review of some of the notable events that have gone through in the last couple months since our previous townhall.
Tranchess V2 launch
Our revamped protocol provided the foundation for multchain expansion. Many features such as immediate swapping of tokens, liquid staking, stableswap liquidity pools and many more!
Tranchess V2 Video
Stableswap liquidity pools
Split QUEEN for higher yield
CryptoDotCom Exchange Listing
Tranchess Proposals 5/6
Tranchess Rebalance Simulator Live
As an active revert on the feedback from our users and community that we needed to be more active in terms of marketing and featuring ourselves — Here’s what went down!
- BNBChain X Tranchess AMA https://twitter.com/BNBCHAIN/status/1539907114411659265?s=20&t=_YrnDcRNSEltHeKSIdXkuw
- “Tranchess & DeFi, What’s Next?” Binance Live
- Live on DeBank
- Binance Chinese AMA (Our first ever attempt in Chinese!!)
- BNBChain Project Spotlight
- CoinDesk Feature
- Binance Labs DeFi AMA
- MoneyFM Podcast
- Wu Blockchain Feature
And not forgetting to mention, we were proud sponsors of major blockchain events such as Binance Blockchain Week Paris as well as Token2049 in Singapore!
Tranchess at Binance Blockchain Week Paris
Tranchess at Token2049 Singapore
In any case, It is timely for us to do increase marketing efforts and brand promotion at this juncture as we can see the new interests incoming from accredited and institutional investors alike. Our aim other than to continuously push delivery of quality products is also to ensure that new participants understand and are well educated on what Tranchess has to offer.
Tranchess has been successful in its evolution to have independent, diverse and sustainable ways of revenue generation for the protocol and of course yield earnings for our users.
There will be different fund types incoming that will allow such a change. BNB fund with validator rewards was only our first step, more will follow in time, and this would only multiply as we execute our multi chain crossover/strategies.
The coin value as following the general market trend is lower and understandably being a relatively new project, our token price is impacted a lot more than the top market caps.
Oh and did I share the good news earlier:
Tranchess is Binance Ecosystem’s “Protocol of the Year 2022!! “
We were supposed to receive our trophy but apparently it got lost in shipment…
Moving on …. no time to look at small material losses ~~ And for a quick look for what we have upcoming:
Future plans and pipelines
With the completion of Tranchess V2, the smooth running of validator staking on BNB Chain, we are now ready for deployment on ETH Chain. We are excited given our experience in liquid staking already and the potential of what this means for Tranchess as well as the Ethereum community.
So Why Ethereum Chain?
Ans : It was the only logical expansion for Tranchess to move on to Ethereum after V2 expansion and the success of running liquid staking as well as running our own validator node on BNB Chain.
To put things into perspective:
1) BNB Chain is number 2 largest TVL amongst all blockchain and is EVM compatible
By moving on to Ethereum chain, there is least obstacle and also poses the greater potential for Tranchess to benefit from a much bigger ecosystem.
=> Our first logical move for multichain has to be Ethereum.
2) Ethereum has turned from POW -> POS
This effectively means that our experience in validator node management and also liquid staking would come very much in demand post Merge. There are already a few more well known players in this space such as Lido / Rocketpool, but with the active promotion of decentralization and the increasing usage of the blockchain, there’s a clear need for more protocols with liquid staking service to flourish and develop further the decentralization of the blockchain. But unlike the liquid staking protocols currently online — Liquid staking is also only part of our offering in products at Tranchess and we definitely have much more innovations to offer on top.
3) Continuous growth and push of sustainable yield products
Earning a portion of gas fees from blockchain and tapering off yield from native token is definitely our way forward as mentioned on many Occasions. With liquid staking on ETH coming through, we now ensure that not just BNB but also ETH as well will have a more sustainable yield earning structure.
Overall the timing and postive tracjectory for ETH means that it’s a good time to move in for Tranchess
There are many positives tied in with the launch of Merge and also into POS system…give me a bit more time to type all the points in one shot……
A) Triple halving
The continuous burn of ETH post EIP-1559 and the decrease in Eth issuance (4.3->0.4%), and finally the temporary reduction of circulating ETH supply due to freeze of staked tokens till further notice gives a very positive tracjectory to be embarking on a common Ethereum ecosystem push.
B) Ethereum’s energy usage and carbon footprint will decrease by approximately 99.95%, tackling one of the major sticking points for regulators, developers and users — its environmental impact.
We feel that there will be more support for ETH by regulators and institutions alike with the much lesser use of energy usage in the coming days.
C) Improvement in efficiency
- Increase in Transaction Time (13.36s per block POW vs 12s per block POS…+12%)
- More decentralize & Secure (by mere act of democratizing access to the validator set, more participants also make it harder and costly to coordinate chain attacks)
- Further scalability (Laying the foundations for further upgrades — such as support for sharding and verkle trees. Potential lower Gas Fees!)
In terms of community development space, our path of DAO remains smooth — We are currently 21 Tranchess Trooper strong and it is definitely still one of the channels to be identifying worthy contributors and we will be continuously engaging more with this group to get even more of the community voice heard. We are also going to be pushing for an executive council group in 2023, which allows elected members of Tranchess Trooper to put in proposals, give views on directional pushes, etc. This will allow a stronger focus towards decentralization and allow for a more community centric decision making process. Selection of the next Troopers of the Month will be in the coming days so you still have a chance to be noticed by the community, mods and team — contribute to our TG, Twitter and Discord positively and we will be sure to notice you!
On the point of education as well as simplification to Tranchess’s overall workings, we have launched a series of short videos to allow quick introduction of Tranchess. You can have a quick look here:
Tranchess is a Structured Asset Management Protocol with Varied Risk-Return Solutions - whether you're a conservative…
I quite love the video series myself…. it’s concise and easy to understand for those who had difficult to explain to friends about Tranchess….
There’s also the continuous production of Tranchess Wiki and also medium articles to further help explain and build up the understanding of Tranchess and its additional functionalities.
The interest in DeFI and crypto is slowly but surely increasing. Singapore’s very own local bank DBS now offers BTC trading over its bank app for accredited investors. Other Investment banks are also coming fast into investment into DeFi — Nomura recently announced its set up of Laser Digital to invest into DeFi and Web3. Even regulators and the world’s biggest hedge fund are also looking at the possibilities of DeFi and what possibly it can bring to the real world. Tranchess has started its real world outreach for a while now and is having active conversations with institutions on possibilities of collaborations.
To summarize ~ More collaborations of Tranchess with real world + DeFi protocols/blockchains are happening all the same time !
Our timeline is updated as well! You can have a look anytime at it from our twitter account! And of course, feel free to speak with any of our pawn team on Tranchess chat here!
Rest assured that the platform is growing in a solid and steadfast fashion.
Wow! What an update from @Tranchess_King
Part 2 Quiz happens where 10 winners of $65 USD in CHESS each!! Congrats to all the winners!
Moving on to Twitter AMA Segment, where we have collected the best questions from the responses to our Twitter post a few days ago.
Thanks to everyone who submitted a question!
Q1: Will CHESS be issued as a native token on ETH or do we need to use a bridge from the BNB chain to ETH and vice versa? Will the TVL of WETH on BNB chain be affected by this upgrade since people may move their WETH back to the ETH chain? What will you do to attract BNB chain users?
This is actually several questions combined into one, but are all very good questions so we’d like to address them together. qETH will be available on DEXes gradually, starting with Curve. (Now you know one of the partners!!) Tranchess might support ETH L2 later but at this moment our focus is to have smooth, steady and secure launch on Ethereum. Tranchess will not issue separate CHESS tokens on Ethereum and instead will use cross-chain technology for CHESS, veCHESS and CHESS emission cross-chain functions. We will be releasing a joint announcement with Multi-chain next week with the technology explained, please follow our twitter for the release!
The TVL of WETH on BNB chain would inevitably be affected by this upgrade somewhat. However we believe for WETH holders, this upgrade is providing an additional yield earning option. This also addresses the questions about competitors. The coming liquid staking product is indeed a main focus of Tranchess and a major milestone of our product line development. However, Tranchess is NOT just a liquid staking protocol. Liquid staking is just one additional feature we are adding to the Tranchess protocol to improve the yielding experience of our users, especially those with ETH or WETH. Tranchess provides one more decentralized liquid staking options to the current Ethereum community, which helps avoid the potential risk of over-centralization.
Q2: Security and privacy is essential in a project, in Tranchess, why did you do your first audit with Certik and change in your second round to audit with PeckShield?
We picked this question because it seemed to be very frequently asked. Tranchess is known for its emphasis on security, to the extent that sometimes the dev team could make decisions that might seem too conservative at the moment, but we are all for the safety of users’ funds. Just to be very clear, Certik was the very first auditing team of the Tranchess protocol, but upon the initial launch, the original Tranchess protocol was audited by BOTH Certik and PeckShield. And since then, PeckShield has been our auditor for every round of version change. One of the main benefits of having a consistent and credible auditor is that they are familiar with the original structure, which is quite important especially given the complex structure Tranchess has, and they are familiar with the changes and improvements we’ve made every step of the way. Until now, PeckShield has done 4 rounds of audits for Tranchess and doing the fifth round for our ETH liquid staking product at the moment.
In the future, we might also work with other auditing companies, with the additional audits as additional safeguard layer for our users’ funds ~ This is likely to be in tandem with the amount of TVL.
Q3: What are the next steps of Tranchess ? There is still a large audience in the world that has yet to meet the crypto and blockchain industry. What are your plans to reach these people and help New Users?”
This is also a commonly discussed/asked topic, and in fact, we recently joined a panel during Binance Blockchain Week discussing the DeFi 2.0 convergence and what it means for TradFi.
Tranchess has a team with diverse background in the TradFi industry, and we believe that there will eventually be one day when people stop defining “DeFi” and “TradFi” separately and apply the evolving blockchain technology as just one more solution to achieve their financial management goals. Of course, that still requires a lot of work, both on the technical side and educational support, and Tranchess would love to participate in the process and contribute.
Actually, many of the Tranchess protocol users are new to blockchain and DeFi, and needs extensive support when first trying a DeFi protocol, which is why we created the Tranchess WiKi. In the future we would continue to update and complete Tranchess WiKi, hoping it would eventually be a one-stop educational support platform for anyone new to the DeFi space.
We are also actively communicating with regulators around the world, and we’ve noticed that most regulators are happy to learn about the new technologies and ideas, which is always a good sign.
Tranchess will continue to act as a bridge between the DeFi and TradFi world, both from a product line development perspective as well as acting as an ambassador/bridge to facilitate communication and better understanding from both sides.
Q4: Tranchess has a vibrant, wonderful community around it. Are there any programs or activities that involve your community? (Ambassador Program, Future events)
We do have a wonderful community with lots of support. Our Chinese community ambassadors are doing a great job helping us with the Chinese community (Love the teamm!!). As mentioned before, we have a growing enthusiastic and knowledgeable TotM group. Some of them we have met in person first time during during the Binance Blockchain Week Paris. As post-COVID events and conferences starts to resume, we would love to meet more of our community members offline in person. We have prepared some Tranchess-themed SWAGs for the community, such as caps, hoodies, tshirts etc.. and we’d love to send them out to our community members during events. In fact, our TotMs will soon have the first try out.
In the future, besides the recently added fireside chat, we want to engage with the community more directly, and this could include but not limited to online and offline lives and gatherings with the community for discussions and collecting opinions on Tranchess development.
Q5: With volumes on DEXes being considerably lower than those on CEXes, do you believe that people tend to choose convenience over trust ? What do you think will turn the table?
This is a very interesting question. I think CEXes and DEXes are both very important infrastructures for DeFi, because liquidity is always a main demand and focus for all and any financial related activities ( also why synthetic tokens like qETH are vital in the liquid staking solution suite). CEXes and DEXes cater to different types of users’ need, similar to Tranchess’ sub-tranche BISHOP and ROOK.
In fact, Tranchess started with a CEX inspired swap setup: an order book matching structure, and is now using a DEX swap. The benefit of an orderbook is the wide spread of price choices, on the other hand DEX provides more flexibilities for the trading of innovative and new protocol tokens.
I tend to view both as supporting pillars for the ecosystem.
Centralized solutions are always easier for new users, especially those that are first to blockchain. But as users learn, evolve and eventually become familiar with the basics of blockchain such as wallets, different tokens standards and token addresses, smart contracts, they will start to be comfortable using DEXes, and as long as users continue to using DeFi products, there will always be occasions where they need swapping solution from DEXes. For these users, CEX serves as the entrance with little entry barrier, and DEX supports their everyday need. It’s similar to the discussion of DeFi and TradFi: not exclusive, but complementary to one another.
And that concludes part 3 of the AMA! Now…onto Part 4: Live AMA questions!
♟ I will unmute the chat and the community will ask King any questions.
King will answer your questions, if any.
♟ 4 best questions chosen for the live AMA will be rewarded with CHESS!!
All participants ask their questions…(too many to count!)
Live AMA Questions
Q1: Hi King! Thank you for the update and I wish the team the best. Bitcoin backed loans are not a small market. Has the team ever considered marketing this aspect of Tranchess with maybe a much simpler UI for this purpose? (dreverhaven)
(Read more on the Tranchess Forum at: https://forum.tranchess.com/t/future-of-chess-how-can-it-be-better/22/48)
Thanks for the well wishes and continuous contributions!
We are definitely doing liquid staking for our BNB in BNB Chain and also ETH in ETH Chain.
What this entails — Users can take put in their BNB / ETH which we would be used for validator staking, and in return they will be able to take the staked version of the underlyings and use it for borrowing as collaterals.
This is definitely similar to what u are suggesting on BTC for companies — except that for BTC, we have yet to find a good on chain solution for it. Taking it to companines etc off chain offers additional layer of risk that we are not able to mitigate as well at this juncture.
What you suggested on Rook / Bishop is not a bad idea at all, but there is a rebalance mechanism that will change the numbers of Rook/Bishop when market enters into sharp rise or dip. That complicates the borrowing mechanism.
I like the direction of where you are going with this.
Will take another look on this one with team and see whether it’s something feasible.
Q2: Why is Tranchess focusing on PoS staking? (Wickettt)
PoS staking is a very large market that adds value in many ways aligned with Tranchess’ sustainable yield generation goals.
1. Yield generated from PoS staking is in-kind (i.e. ETH validators provide ETH returns) and are very sustainable over time. This provides Tranchess and its users with long term sustainable returns!
2. We are adding value to the overall crypto ecosystem by contributing to the infrastructure & security of the blockchain via validator nodes. To learn more about PoS, navigate to our TranchessWiki!
3. PoS staking is very scalable as well and gives us the opportunity to scale within a chain as well as across other PoS networks
4. We believe PoS staking is a very secure way to generate consistent yield long term. Due to our security-first mindset, we want to make sure all user funds are protected to the highest level yet still benefit from high & consistent yield.
Q3: Will you change chess max lock duration? (tranchearmycoin)
The short and simple answer to this is Yes.
We are always cautious about protecting user interest and not allowing max duration of say 4 years before we are tried and tested with product deliveries and development. It would be fool hardy and not good investor value if we allow max duration and have user stuck on something that they feel is not optimal or good in a short span of time. We prefer to increase a longer duration as we introduced a firmer path forward, or when we launch a new product or when we have a major upgrade -> progress that adds on to track record for both ourselves and users alike.
Once we go successfully launch on ETH, we would definitely launch a proposal for community to vote on a longer period. We are pretty confident that users would be supporting this stance
Q4: Do you plan to build the Lending product later since I see you changed the roadmap and it was removed? (tuvungcotloisince2017)
The Lending product is still a feature we are planning on building, however we wanted to simplify the roadmap to show the more recent/focused products first! It’s firstly a lack of space to display!
However, lending product is NOT our current focus because:
- We are focusing on building out our PoS validator node offerings to bring everyone better yield
- We are concerned about security, especially given the recent hacks, and want to ensure code validity & security
- We will continue to redesign the style of lending product we want to provide and given the current main focus of ETH and other products, we want to build it later when we have a better idea of the structure
Some very sharp questions … thanks very much for them
I will be reaching out to everyone to collect your BSC addresses as well as the quiz winners!
And that concludes our AMA! Thanks everyone for being here today. We hope that with the Townhall V — things are clearer and that everyone remains excited of what Tranchess has and will continue to offer in the near future.