User Guide — Preparing for Your Tranchess V2 Upgrade
Tranchess V2 is a complete revamp with brand new features, functionalities & optimizations. For users, upgrading to Tranchess V2 is easy via one simple click of the button — We’ve grouped all the required transactions into one request for your convenience. For advanced and multi-crypto underlying users, various tokens might be observed to be appearing in their accounts post v2 upgrade. Overall, this guide is for our users’ easy reference to topics in regards to the upgrading of Tranchess V2.
After 2 pm UTC, June 16, when users visit the Tranchess website, they will be welcomed with a brand new UI design and user experience.
To start, click on any of the five tabs as circled above, and users will be redirected to the corresponding page and see a pop-up notice:
Next, users can click “Upgrade now” and allow the approval of multiple transactions to flow through, i.e. Let Tranchess do the rest of the work for you! At the same time, users can check out “View asset changes” and refer to the content below to understand the various token changes — additions or deficits that might take place with your account.
QUEEN, BISHOP, and ROOK tokens, regardless of which fund the tokens are under:
During the upgrading process, the old QUEEN, BISHOP, and ROOK tokens will be burnt, and the new QUEEN, BISHOP and ROOK tokens will be automatically staked into Tranchess V2 for CHESS mining.
The amount of BISHOP and ROOK tokens users have in their account would be exactly the same number as before in v1. The number of new QUEEN tokens will be equivalent to the ACTUAL amount of BTC, ETH, and BNB users have in their Tranchess account (rebate not included). That is, 1 BTCB = 1 bQUEEN, 1 ETH = 1 eQUEEN, and 1 BNB = 1 nQUEEN+.
The Q/B/R tokens that will be automatically staked include Q/B/Rs which are:
- Initially staked in Tranchess V1,
- Settled in the Primary market as “claimable assets”,
- In users’ account and yet to be staked,
- In the Swap market as “filled yet unclaimed” trades, and
- Post-only orders pending to be filled.
In short, ALL of users’ Q/B/R tokens will be automatically staked in V2 for CHESS mining after the upgrade completes.
BTCB, ETH, BNB, and USDC:
Users’ BTCB, ETH, BNB and USDC under V1’s Primary Market and Swap will all be automatically deposited into their wallet address. This includes unclaimed redemption requests, unclaimed filled trades, and post-only buy orders (orders using USDC to buy Q/B/R tokens).
Locked CHESS will not be affected by the upgrade. Unharvested CHESS will be automatically harvested and deposited into users’ wallets after the upgrade.
The V2 upgrade will not impact the Weekly Rebate contract. Thus, old rebate pools for BTCB, ETH, and BNB will not be affected. These three pools will continue accumulating and distributing rebates as per usual.
After completing their upgrades, users will see a pop-up notice for enrolling into the NEW rebate pools — The BUSD/Bishop pools. The AMM fees collected from Tranchess’ new instant swap pools will go into the AMM pools and add to the weekly rebates. Users are recommended to enroll in their veCHESS before June 23, in order to participate in the new BUSD rebate, in which the initial distribution date is on June 30.
A year into Tranchess’ initial launch, it is finally time to bid a fond farewell to Tranchess V1 and to embrace Tranchess V2. V2 would not have been possible without the continuous support of our community. The timing of the V2 launch may come at a bit of a sensitive time for market users. Yet, as long-term DeFi participants and developers, we know it’s never wrong to stay humble and keep building, regardless of smooth or turbulent times. Tranchess V2 marks the beginning of a new journey, which might be bumpy at times, but will definitely be filled with thrill and excitement. Join us for the ride; we know you won’t be disappointed.