3AC-backed DeFi protocol Tranchess launched to track Bitcoin performance
July 22, 2021. Summarized by summa-bot.
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Tranchess, a tokenized asset management and derivatives trading DeFi protocol has been launched on the Binance Smart Chain Network to track the price performance of Bitcoin.
While the project aims to become a multi-chain and multi-asset DeFi protocol, with designs on becoming a decentralized autonomous organization, the first iteration of Tranchess focuses on Bitcoin (BTC).
According to the project’s white paper, users swap BTCB in exchange for QUEEN — the main native token.
Ownership of the QUEEN token enables users to get involved in the protocol sub-fund or Tranche.
Investors need only split their QUEEN tokens into BISHOP and ROOK on a 50-50 basis.
“If you are holding BTC, create the Queen token.
Where swapping BTCB for QUEEN is dubbed the “creation” step, Tranchess users can also go in the other direction by exchanging their QUEEN tokens for BEP2 Bitcoin — the “redemption” step.
Before doing this, the user would have merged the BISHOP and ROOK tokens back to a whole QUEEN “coin. ”