Three Arrows Capital CEO Su Zhu has introduced the launch of decentralized finance (DeFi) protocol Tranchess.
Tweeting on Thursday, Zhu described Tranchess as a “Tokenized Asset Administration and Derivatives Buying and selling” protocol.
Whereas the venture goals to grow to be a multi-chain and multi-asset DeFi protocol, with designs on turning into a decentralized autonomous group, the primary iteration of Tranchess focuses on Bitcoin (BTC).
Tranchess 1.0 provides entry to a BTC value efficiency tracker on a correlated foundation. For the reason that venture’s preliminary launch is on the BSC, customers might want to have BTCB — the BEP2 model of Bitcoin.
Based on the venture’s white paper, customers swap BTCB in trade for QUEEN — the primary native token. Alternatively, traders can purchase QUEEN with USD Coin (USDC) on supported exchanges.
Possession of the QUEEN token allows customers to get entangled within the protocol sub-fund or Tranche. Preserving with the chess theme, the sub-funds are dubbed BISHOP and ROOK. Buyers want solely cut up their QUEEN tokens into BISHOP and ROOK on a 50-50 foundation.
Per Zhu’s tweet, farming on Tranchess permits single-asset staking in a bid to counter impermanent loss. “In case you are holding BTC, create the Queen token. In case you are holding USDC, create the Bishop token,” the 3AC chief added within the Twitter thread.
Aside from farming, there’s additionally the choice of getting into a leveraged lengthy place on Bitcoin by way of the ROOK token. Nonetheless, as identified by Zhu, “There’s no compelled liquidation nor funding value spike.”
Associated: Report: Impermanent loss on Uniswap and different AMMs is at all times everlasting
The place swapping BTCB for QUEEN is dubbed the “creation” step, Tranchess customers can even go within the different path by exchanging their QUEEN tokens for BEP2 Bitcoin — the “redemption” step. Earlier than doing this, the person would have merged the BISHOP and ROOK tokens again to an entire QUEEN “coin.”
Again in July, Tranchess secured $1.5 million in seed funding from notable backers like 3AC, Spartan Group, IMO Ventures, Longhash Ventures and Binance Labs.
Picture Supply : cointelegraph.com – https://cointelegraph.com/information/3ac-backed-defi-protocol-tranchess-launched-to-track-bitcoin-performance
Beneath Part 107 of the Copyright Act 1976, allowance is made for “honest use” for functions resembling criticism, remark, information reporting, educating, scholarship, and analysis. Truthful use is a use permitted by copyright statute which may in any other case be infringing.”