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3AC-backed DeFi protocol Tranchess launched for Bitcoin performance

Tranchess is now live on Binance SmartChain, with a Bitcoin tracking token as well as yield farming options available for investors.

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3AC-backed DeFi protocol Tranchess launched for Bitcoin performance

Su Zhu, CEO of Three Arrows Capital, announced the launch decentralized finance protocol Tranchess.

Tweeting on Thursday, Zhu described Tranchess as a "Tokenized Asset Management and Derivatives Trading" protocol.

The project is aiming to be a multi-chain and multiple-asset DeFi protocol with plans on becoming an autonomous decentralized organization. However, Tranchess' first iteration focuses on Bitcoin (BTC).

Tranchess 1.0 provides a correlated BTC price performance tracker. Users will require BTCB -- The BEP2 version of Bitcoin -- to access the project's initial launch on the BSC.

According to the project's white paper, users swap BTCB in exchange for QUEEN -- the main native token. Investors can also purchase QUEEN with USD Coin on supported exchanges.

The QUEEN token can be owned by anyone who wants to participate in the Tranche protocol sub-fund. The sub-funds, which are named BISHOP or ROOK in keeping with the chess theme of the tokens, are called BISHOP or ROOK. Splitting QUEEN tokens in BISHOP or ROOK is as simple as 50-50.

Per Zhu's tweet, farming on Tranchess allows single-asset staking in a bid to counter impermanent loss. If you have BTC, create the Queen token. "If you have USDC, create a Bishop token," 3AC chief added to the Twitter thread.

The ROOK token allows you to enter a leveraged long position in Bitcoin. Zhu pointed out that there is no funding cost spike or forced liquidation.

Swapping BTCB for BQUEEN is known as the "creation" stage. Tranchess users have the option to go the opposite direction and exchange their QUEEN tokens with BEP2 Bitcoin, the "redemption". The user must have first merged ROOK and BISHOP tokens to create a whole QUEEN "coin".

Back in July, Tranchess secured $1.5 million in seed funding from notable backers like 3AC, Spartan Group, IMO Ventures, Longhash Ventures and Binance Labs.

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