TranchessDAO #001 - Next Tranchess Fund - Approval for BNB (Voting Ended)

Summary

In continuation of the successful BTC & ETH funds currently on Binance Smart Chain, Tranchess intends to launch the 3rd fund with Binance Coin (BNB) as underlying. BNB being the native token of Binance Smart Chain offers good potential for collaborations & alpha revenue streams; The addition of BNB fund would deliver a good growth to Tranchess’s TVL & protocol revenue - Improving Chess holders’ overall returns.

Abstract

Tranchess has been steadily increasing its TVL from inception to well over $1.5 Billion currently; A strong growth-oriented community has been established alongside and continues to flourish. TranchessDAO’s first proposal resonates Tranchess community’s thoughts and presents in itself a strong proposal delivering strong economic impact and viability.

The DAO development took time and was straddling resources with functionality/new fund releases these few months. The coming of DAO signals the next step of growth and maturity of the protocol itself.

BNB is the largest token in circulation on BSC with a total of $13 bn in circulating market cap; Selecting BNB as the next fund to be developed was the natural choice. The potential collaborations with BSC protocols and the various ways to earn alpha revenue streams, firms the opportunities to derive higher returns for Tranchess users overall.

Motivation

TVL growth is of intrinsic importance to Tranchess but the greater focus is on the increasing protocol earnings of Tranchess in the long run. With the introduction of the BNB fund, chess lockers will benefit from a larger rebate pool, therefore higher APY returns. BNB holders will of course earn yields by staking BNB Queen or Rook tokens depending on their risk appetites. The BNB fund will be targeted for a structural improvement this time: we are looking to seek active returns for our BNB fund, making it more of an alpha generating fund rather than just a pure tracking fund. This will be achieved through collaborations and partnerships with various major players within the ecosystem.

(Firm details to be announced later).

Tranchess protocol will look to create a revenue stream through the introduction of a performance fee, part of which will also be distributed to all CHESS lockers. The BNB fund creation will be in essence - A multi-win situation for each and every player within Tranchess.

For

  • Increase in protocol rebates for CHESS lockers (i.e. higher CHESS APY)
  • Active collaboration with major protocols on BSC
  • Increase in demand for CHESS and locking preposition
  • BNB stakers’ potential benefit from enhanced yield via alpha-generation

Against

  • Potential decrease in returns from BTC and ETH fund users
  • Prioritization of BNB fund over other developments

Please click here to vote on Snapshot.

For more information on BNB, please click here.


(Updated at 2pm UTC, Dec. 10, 2021)
Dear Tranchess Community,

The Snapshot voting is now closed and the result is in!

You can also view the result via the Snapshot voting link above.

Thank you for your participation. The countdown to the launch of the BNB fund now begins. :hugs:

14 Likes

$2b TVL soon with BNB

3 Likes

Bnb is definitely a good move for Tranchess

1 Like

This is a nobrainer of course everyone is going to vote yes. I would have preferred to have seen revising rebate percentage to CHESS stakers. Please make that the next one!

1 Like

More details should be included in this proposal, such as incentive plan.

I sure hope this is the next topic as we need to add more value to the Chess token overall. A higher APR for Chess holders should drive the demand and price up, which will then deliver higher APR for Queen, Rook, and Bishop staking.

BNB was always going to be added. No need to waste vechess on voting for it.

The real proposal should be increased rebate % from 50-65%

1 Like

Why limit yourself to 65%?
Have three options: Stay same, 65%, 75% (as it was at the outset)
I’ll be voting the latter of the three FYI lol

I concern that BTC/ETH’s apy will be decrease after BNB vault added.Do you have any ideas to avoid it?

BNB pls.
and also like to add leverage token short BTC/ETH/BNB.

Team should do some market making. BNB is also good

Is anyone else having a hard time voting? I am met with ‘something went wrong’ when submitting.

I am afraid the APY of BTC/ETH would keep shrinking, as well as the amount BTC/ETH deposited.

I think that is a valid concern crypfuto which is why the next features should focus on increasing the Chess value.

so do i, “something went wrong” when submitting.
don’t know why…

I reached out to the team on Discord and they are looking into it.

I’m glad that BNB was finally added. I understand that security is the main focus of Tranchess and I appreciate that, but perhaps if we could speed up the process of adding the next round of tokens. In 2021 we got ETH. In 2022 we get BNB. I hope we don’t have to wait until 2023 for the new addition.