{"id":305358,"date":"2021-07-22T13:07:39","date_gmt":"2021-07-22T10:07:39","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/3ac-backed-defi-protocol-tranchess-launched-to-track-bitcoin-performance\/"},"modified":"2021-07-22T13:07:39","modified_gmt":"2021-07-22T10:07:39","slug":"3ac-backed-defi-protocol-tranchess-launched-to-track-bitcoin-performance","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/3ac-backed-defi-protocol-tranchess-launched-to-track-bitcoin-performance\/","title":{"rendered":"# 3AC-backed DeFi protocol Tranchess launched to track Bitcoin performance"},"content":{"rendered":"

“# 3AC-backed DeFi protocol Tranchess launched to track Bitcoin performance <\/strong>”
\n<\/p>\n

Three Arrows Capital CEO Su Zhu has announced the launch of decentralized finance (DeFi) protocol Tranchess.<\/p>\n

Tweeting<\/a> on Thursday, Zhu described Tranchess as a \u201cTokenized Asset Management and Derivatives Trading\u201d protocol.<\/p>\n

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).<\/p>\n

Tranchess 1.0 offers access to a BTC price performance tracker on a correlated basis. Since the project\u2019s initial launch is on the BSC, users will need to have BTCB \u2014 the BEP2 version of Bitcoin.<\/p>\n

According to the project\u2019s white paper<\/a>, users swap BTCB in exchange for QUEEN \u2014 the main native token. Alternatively, investors can acquire QUEEN with USD Coin (USDC) on supported exchanges.<\/p>\n

Ownership of the QUEEN token enables users to get involved in the protocol sub-fund or Tranche. Keeping with the chess theme<\/a>, the sub-funds are dubbed BISHOP and ROOK. Investors need only split their QUEEN tokens into BISHOP and ROOK on a 50-50 basis.<\/p>\n

Per Zhu\u2019s tweet, farming on Tranchess allows single-asset staking in a bid to counter impermanent loss. \u201cIf you are holding BTC, create the Queen token. If you are holding USDC, create the Bishop token,\u201d the 3AC chief added in the Twitter<\/a> thread.<\/p>\n

Apart from farming, there is also the option of entering a leveraged long position on Bitcoin via the ROOK token. However, as pointed out by Zhu, \u201cThere\u2019s no forced liquidation nor funding cost spike.\u201d<\/p>\n

Related: <\/em><\/strong>Report: Impermanent loss on Uniswap and other AMMs is always permanent<\/em><\/strong><\/em><\/strong><\/u><\/p>\n

Where swapping BTCB for QUEEN is dubbed the \u201ccreation\u201d step, Tranchess users can also go in the other direction by exchanging their QUEEN tokens for BEP2 Bitcoin \u2014 the \u201credemption\u201d step. Before doing this, the user would have merged the BISHOP and ROOK tokens back to a whole QUEEN \u201ccoin.\u201d<\/p>\n

Back in July, Tranchess secured<\/a> $1.5 million in seed funding from notable backers like 3AC, Spartan Group, IMO Ventures, Longhash Ventures and Binance Labs.<\/p>\n