Tranchess has had a successful run for over 6 months since inception, introducing many new functionalities and features along the way. As Tranchess enters into a new phase of product release, with the protocol’s strength and direction clearer in terms of TVL growth, security, protocol earnings and community benefits, it is timely for the community to now look at extending the max lock duration from 6 months to 12 months.
Governance token locking has always been one of the most important and essential features of any DeFi protocol. This feature is an essential bridge that transforms protocol users gradually into protocol beneficiaries: By locking CHESS and gaining veChess, Tranchess users further participate in the development and governance of the Tranchess protocol, and enjoy at the same time, additional layer(s) of earnings through expanded protocol income distributions.
By definition, other than the amount of locked CHESS, the length of locked CHESS duration will also positively impact the amount of veChess a user obtains. More veChess effectively boost CHESS rewards, return higher protocol rebates, and can become a louder voice when voting in the proposals of Tranchess developments. In the future, as the product offerings and governance features are further enhanced, veChess will play a more significant role in the evolution of Tranchess.
A longer lock duration allows Tranchess believers to reap the benefits that come with each and every development of the project. It is also an essential step towards a more mature and decentralized version of Tranchess.
Tranchess has smoothly sailed past its initial stage; It has in store more novel features and products to offer in 2022, bringing higher returns and flexibility for its users when managing their crypto assets. By locking CHESS for a longer duration and gaining more veChess, users would be able to enjoy the growth of Tranchess with more CHESS rewards, higher protocol rebate returns and a louder voice in the overall protocol governance.
A longer CHESS lock duration option provides convenience as compared to the repeated extension of a short locking period. This also further diversifies the lock-up periods across CHESS owners, reducing any possible adverse scenarios of the market caused by the unlocking of a large number of tokens in the same period.
- Higher APY & potential earnings for users with a longer lock duration as Tranchess Protocol develops further over time.
- More voting power in Tranchess governance proposals for the more committed CHESS lockers.
- Diversified release of large amounts of CHESS across different tenors
- Longer lock duration encourages governance token growth by reducing the circulating supply of CHESS.
- Users with a shorter locking duration would suffer from dilution in both protocol rebate APY and governance voting power. This may discourage the participation level of users who are less committed to Tranchess.
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