Categories: Bitcoin

Introduction of the 3AC-based DeFi protocol tranche for tracking Bitcoin performance

Three Arrows Capital CEO Su Zhu has announced the launch of the Decentralized Financial Protocol (DeFi) Tranchess.

Tweet On Thursday, Zhu described Tranchess as a protocol for “Cryptocurrency Management and Derivatives Trading”.

While the project is supposed to be a multi-chain and multi-asset DeFi protocol whose designs are supposed to be a decentralized autonomous organization, the first version of Tranchess focuses on Bitcoin (BTC).

Tranchess 1.0 provides access to a BTC price-performance tracker based on correlation. Since the first start of the project is on BSC, users will need BTCB – the BEP2 version of Bitcoin.

According to the project’s whitepaper, users are swapping BTCB for QUEEN – the primary native token. Alternatively, investors can buy QUEEN with USD Coin (USDC) on supported exchanges.

Ownership of the QUEEN token enables users to participate in a protocol or tranche-side fund. According to the chess theme, the secondary funds are called BISHOP and ROOK. Investors simply split their QUEEN tokens into BISHOP and ROOK on a 50-50 basis.

According to Zhu’s tweet, farming on Tranchess allows a single asset to be wagered against temporary loss. “If you hold BTC, you create a queen token. If you hold USDC you create a bishop token, ”added the 3AC head on the Twitter thread.

In addition to farming, there is the option of entering into a leveraged long position on Bitcoin using the ROOK token. However, Zhu emphasized: “There was neither a forced liquidation nor an increase in financing costs.”

Connected: Report: A permanent loss at Uniswap and other AMMs is always permanent

Where exchanging BTCB for QUEEN is known as the “generation step”, Tranchess users can also go the other way by exchanging their QUEEN token for BEP2 Bitcoin – the “buyback” step. Previously, the user would merge the BISHOP and ROOK tokens back into a complete QUEEN “coin”.

In July, Tranchess guaranteed $ 1.5 million in seed capital from well-known donors such as 3AC, Spartan Group, IMO Ventures, Longhash Ventures and Binance Labs.

.

.

Coincu

Recent Posts

Best Cryptos to Buy in November 2024: What Sets Qubetics Apart from Fantom and Immutable X?

Discover why Qubetics, Fantom, and Immutable X are the best cryptos to buy in November…

30 minutes ago

Franklin Templeton Digital Assets and Sui Now Join Hands to Strengthen DeFi Strategy

Sui Foundation partners with Franklin Templeton Digital Assets to enhance DeFi solutions on the blockchain.

41 minutes ago

Get Insights on BlockDAG’s $136M Presale Success Revealed in Recent AMA—BTC Soars to $99K, Avalanche Trading Volume Surges

See how Bitcoin confronts $99K resistance, Avalanche enjoys a 23% rise, & BDAG achieves a…

45 minutes ago

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

3 hours ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

3 hours ago

This website uses cookies.