5 Months into Launch - There were many suggestions and views on how CHESS can become better in the future. What are your views? We would like to hear some of your applicable/sustainable views and solutions
Future of chess beyond just emissions and yield - stability, utility and growth. How do we achieve it? Discuss
short term: marketing marketing marketing
medium term: other than those on the roadmap, introduce nonlinear derivatives, introduce more investment product features, make it fun!
long term: institutional buy-ins
I 100% agree.
We need more focus on CHESS holders from Team. Thanks.
The future belongs to the $Chess holders… lets have a good go at it and make this one of the top Daos on Bsc → cross chain
maybe start trying to establish it like curve where other protocols are dying to give us airdrops? theres potential there. if not an nft airdrop would be nice? like if we lock for 1 month we get a pawn, 3 months a knight, 6 months, a bishop, 6 months + voting = rook. king and queen off the list for now
Let me start by saying that I am a huge fan of the product and the team. So please view everything I say from this angle:
As of now, when I look at the staked tokens, here is what I see:
ETH: $221M Queen. $8M Bishop. $8M Rook.
BTC: $1B Queen, $50M Bishop, $52M Rook.
E-Queen is essentially ETH and B-Queen is essentially BTC. There is very little reason, if any, to hold these except for the CHESS token emissions which are temporary.
Only 10% of the money invested in the funds chooses to actually use the purpose it was built i.e. go leveraged long the underlying (rook) or fund the people going leveraged long (bishop). The other 90% is here to get CHESS tokens and when the emissions end they will go too. It is also questionable how many of the bishop investors would stay after the CHESS emissions end because the yield they get will reduce significantly.
So my questions to the team and other veCHESS holders are:
- Is my assessment that only 10% of the investment is actually using the fund for its purpose, correct? - - Do you share my concern that once the emissions end, the fund will be significantly smaller?
- If you share this concern, do you have a solution in mind?
*to actually use the product for the purpose it was built
Sorry for the typo. It seems like there is no edit button. (or I could not find it.)
I agree wholeheartedly with this. 100%.
I think you will be able to edit your post when you get to Trust Level 1? If I remember correctly.
Actually it will work well without Bishop & Rook.
The idea behind Tranchess is not new, yes it is innovative for DeFI, but not in the traditional financial world.
The platform is based on the Tranches (single S) investment system, which is the most popular investment type on Wall Street.
Similar to the traditional Tranches, the system works even only with senior Tranche.
On the DeFI Tranchess, Queen is the senior Tranche counterpart, which effectively becomes securities. Bishop is the mezzanine Tranche, while Rook is the equity Tranche.
Each week, like the traditional system, Tranchess borrows from Venus using the staked securities to pay for the Q/B/R APR interests. After the APRs have been paid, delta earnings become BTCB/ETH rebates.
Like the traditional Tranche system, coupons are given, in form of a CHESS coin, which upon locking gives you vCHESS bonds.
If you stake your BTC/ETH as Queen, or your USDC FIAT as Bishop you effectively earn 5 things
1. CHESS (earned based on staked Q/B/R) 2. vCHESS (accumulative) 3. BTCB rebates (paid weekly) 4. ETH rebates (paid weekly) 5. APR interests (On top of your ETH/BTC value, you earn high yielding interest rates for Q/B/R)
Bishop is a high-yielding USDC savings account. You get all the benefits above by just staking your USDC FIAT.
Tranchess is based on a proven system that works, it’s boring but it works.
If you have doubts and change your mind, trade back your Queen to BTC/ETH w/ 100% of the original value returned to you intact.
If you compare it to other DeFI platforms, there’s nothing like it in the DeFI world, also backed by many high profile investors and certified security audits, you are in good hands in Tranchess.
What do you guys think of SOL fund?
Will it come true?
Thank you for the explanation. I think I understood most of it. There is only one point that I don’t understand: The emission of CHESS tokens is going to end. After emissions end, what will QUEEN earn?
Assuming CHESS token emissions end, as far as I understand, BISHOP’s utility is that it earns interest. (borrow rate from Venus plus community decided spread). ROOK’s utility is that it is a leveraged play on the underlying. What is QUEENS utility after CHESS token emissions end?
I have a question but it seems like my account doesn’t have the privilege to create a new thread. I hope it is OK if I post my question here:
I understand that 50% of the protocols revenue is distributed as a rebate to veCHESS holders and 50% goes to the Tranchess Treasury.
What are the BSC addresses of the Treasury? I’d like to view the amount of BTC and ETH in the Tranchess Treasury.
I do understand you, CHESS will only have a finite number of 300 million tokens to be issued out, and after the token allocation schedule has been distributed, the emission ends.
The question is, what will be paid out to Queen stakers after that?
There are several ways to mitigate this, or at least, it might have been planned already in the future, but here’s what I think will happen.
- CHESS derivatives - since CHESS is backed by Q/B/R, it would be inefficient to allocate more CHESS to the liquidity miners exceeding the defined finite amount, so by that time, it would be logical that CHESS derivatives will be made, which will be used to pay out to liquidity miners (Q/B/R holders) after the CHESS emissions end.
- TranchessDAO tokens pools - With TranchessDAO, it’s possible to create liquidity pool bonds, so other tokens can be partnered to CHESS (i.e. SOL-CHESS, MATIC-CHESS, 1INCH-CHESS) to create LP pools, which can also be paid to liquidity miners. This will naturally create tokens bonds, which increase more demand of CHESS for pool shares and treasury.
- Lock/Unlock LPs - Once TranchessDAO is released, we hope to expect six figure APYs, and one of the most appealing feature of Tranchess is the ability to lock CHESS, and with locking LPs, this can lock the APYs as well.
I am thinking out loud here so, I think with TranchessDAO, it will open a universe of growth and possibilities
平台的沉淀资产 能够有更多的资金使用率 提高平台收益率
另外就是能否把chess 质押铸造稳定币 打通和外部的链接
现在感觉就是chess创新很好 但是一方面收益率比较低 流动性比较差 还有就是开放性也比较差
Thank you for your input. This helped a lot.
Could you please give an example of a CHESS derivative that can be paid to QUEEN holders please?
CHESS derivative does not exist yet, but that’s just one of the possibilities that I think might happen when the 300 million CHESS token has been exhausted out. For example, OlympusDAO once paid pOHM which is a derivative of OHM. I think a similar trend might happen when the emission ends, or there might be a much better solution by that time.
The most critical challenge we are facing is fund net value volatility. A fund should have a lockup period with its underlying assets( at least one of its features) to engage long term holders which could generate more stable income for all.