As many can probably tell from the logo and token names, the origin of Tranchess was inspired by the game of chess. We named our main fund, or main tranche, as QUEEN, because Queen is the most powerful and decisive piece on the chessboard. Just like Queen in the Chess game, our main Tranche QUEEN, is a dynamic and essential piece in the DeFi space. In this article, we will elaborate on how to obtain token QUEEN, and gain access to extra yield.
Why Tranchess Queen
BTC holders usually prefer to store their BTCs passively, in places like exchanges and wallets. Tranchess Queen is an alternative solution, which not only provides the same level of BTC exposure, but also offers an enhanced yield.
How QUEEN Can Improve Your Yield
1. Similar Exposure to BTCB but Higher Yield: Users can stake QUEEN and harvest token CHESS as extra yield. Token QUEEN comes with a single-asset yielding feature, which allows users to farm extra yields without worrying about impermanent loss.
2. Enjoy Platform Rebate with veChess Locked: Tranchess rebates 50% of all fees (excluding gas fees) collected on the platform and re-distributes to users with token CHESS locked-in. The distribution of this rebate is correlated to the number of veChess held and locked.
How to convert BTC into QUEEN on Tranchess
Go to tranchess.com and choose “Create/Redeem with BTCB” (Pls ensure your MetaMask wallet or web browser extension are properly installed first!). Put in the number of BTCB you wish to create and confirm the transaction. During Guarded Launch period, Tranchess limits the maximum creation number on each wallet address. The limit is set at 0.5 BTCB for the first week, and is raised by 0.5BTCB/week for the subsequent three weeks. There is no max limit set thereafter.
The settlement for Creation/Redemption requests of Queen takes place at 14:00 UTC daily. The conversion rate of the very first settlement between the requested BTCB and Token QUEEN will be the price of BTCB at 1400hrs UTC on that day. To further elaborate, by 1400hrs UTC on the first day T, if the price of BTCB was 33,000 USD, every BTCB requested for Creation will be converted into 33000 QUEENs.
From T+1 Day onwards, the conversation ratio of BTCB to QUEEN would be calculated as below:
Number of QUEEN Received =
Number of BTCB requested * Total Number of (QUEEN+BISHOP+ROOK) on Tranchess/Total Number of BTCB on Tranchess
For example, Alice submitted a Creation request for 0.5 BTCB today. By 14:00 UTC of the same day, there are 6 Million Token QUEENs on Tranchess and a TVL of 200 BTCB. After the settlement, Alice will receive 0.5*6 Mn/200=15000 Token QUEENs.
How to stake QUEEN
Once QUEEN is created, claim it from Primary Market and choose the “Staking” tab. Stake the QUEENs from your wallet and start farming CHESS! During Guarded Launch phase, CHESS withdraw function is temporarily disabled. All farmed CHESS will be available for harvest/withdrawal at 14:00 UTC, 9th July 2021.
Intrigued? Try us out at tranchess.com! Tranchess is now in Guarded Launch phase with new features incoming every few days. Let us know what you think by joining the community or joining the upcoming AMAs!
Join the Community:
1. Official Public AMA with @ShinChanEG_IEO (https://t.me/ShinChanEG_IEO)!
Date & Time: Tuesday, 29th June, 9.00 PM (UTC+8): https://bit.ly/3gSYa1c
2. Official Public AMA with Binance Smart Chain!
Tuesday, 6th July, 12pm (UTC+0): t.me/BinanceDEXchange
Further details to be announced!