View source for Tranchess (CHESS)

==Basics==

*Based in:
*Started in / Announced on: early [https://docs.tranchess.com/ 2020]
*[[Testnet]] release:
*[[Mainnet]] release: [https://www.coindesk.com/markets/2021/07/05/defi-protocol-tranchess-raises-15m-in-seed-round-led-by-three-arrows-spartan/ 24-6-2021]

* [https://www.coindesk.com/markets/2021/07/05/defi-protocol-tranchess-raises-15m-in-seed-round-led-by-three-arrows-spartan/ From] [[CoinDesk (DESK)|CoinDesk]] (5-7-2021):

''"In essence, the protocol seeks to provide a risk/return matrix from a single main fund, known as Queen, that tracks a specific underlying crypto asset."''

==History==
==Audits & Exploits==

*Tranchess' [[Bug bounty|Bug Bounty]] program rewards participating users with [https://docs.defisafety.com/finished-reviews/tranchess-process-quality-review#audits up to 50K] for the most critical of finds (23-9-2021). Update (19-1-2022): got [https://www.defisafety.com/pqrs/120 updated] to 200k.
*Got updated to [https://www.defisafety.com/pqrs/120 77%] on 19-1-2022: 
''"Activity is over 10 [[transactions]] a day on [[contract]] TransparentUpradbleProxy.sol (swap contract), as indicated in the Appendix. There is no evidence of code coverage in any of the Tranchess documentation, but there is a complete test suite. There is no evidence of a test result report in any of the Tranchess documentation. [[Peckshield]] performs another [https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield-Audit-Report-TranchessV2-v1.0.pdf audit] post mainnet launch on September 10th 2021. Peckshield performs another [https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield-Audit-Report-TranchessV2.1-v1.0.pdf audit] post mainnet launch on December 24th 2021."''
*Previously scored [https://docs.defisafety.com/finished-reviews/tranchess-process-quality-review#audits 66%] on [[DeFi Safety]] (24-9-2021):

''"[[CertiK (CTK)|Certik]] published a Tranchess [https://github.com/tranchess/contract-core/blob/main/audits/certik-2021-06-02.pdf audit] report on June 2nd 2021, which is before their [[mainnet]] launch in July 2021.''

''[[Peckshield|PeckShield]] published a Tranchess [https://github.com/tranchess/contract-core/blob/main/audits/peckshield-2021-06-28.pdf audit] on June 28th 2021, which is before their mainnet launch in July 2021.''

''Note: Fix recommendations were implemented by the Tranchess team."''

With the [https://t.me/c/1453353094/5480 comment]: ''"They have strong documentation, and strong security, but there isn't any information about what the admins can do with the protocol available, reducing their score signifigantly."''

===Bugs/Exploits===
==Governance==
===Admin Keys===

* Got [https://www.defisafety.com/pqrs/120 updated] (19-1-2022):
''"Access controls are labelled and documented [https://docs.tranchess.com/faq/governance here]. There is no evidence of a Pause Control or a similar function in the Tranchess documentation."''
*From [[DeFi Safety]] (24-9-2021):

''"There are currently no [[Admin Key|access controls]] documented in the Tranchess documentation. There is no evidence of a Pause Control or a similar function in the Tranchess documentation."''

===DAO===

* ''"The full DAO UI is still under development."'' ([https://docs.tranchess.com/faq/governance 12-2021]) Does have [[Snapshot (The Portal)|snapshot]] voting live, and their forum went op [https://tranchess.medium.com/tranchess-dao-vol-i-conclusion-and-appreciation-19de02bae871?source=user_profile---------3------------------------------- 2-12-2021].
* [https://www.coindesk.com/markets/2021/07/05/defi-protocol-tranchess-raises-15m-in-seed-round-led-by-three-arrows-spartan/ From] [[CoinDesk (DESK)|CoinDesk]] (5-7-2021):

''"The project said it was aiming to hand over management of the protocol to the [[Decentralised Autonomous Organisation (DAO)|DAO]] by the fourth quarter of this year along with accompanying 2.0 apps."''

===Treasury===
==Token==
===Launch===
===Token Allocation===

* The total supply of CHESS [[tokens]] is 300M ([https://docs.tranchess.com/faq/chess 7-1-2022]);

# ''"Core Team 20%''
# ''[[Seed]] 5%''
# ''Future Investors 15%''
# ''Community 50%''
# ''Ecosystem 10%''

''Currently, the community incentives are planned to vest throughout a 207-week time period, that is around 4 years."''

===Utility===

* From the [https://docs.tranchess.com/faq/vechess FAQ] (11-2021):

''"Currently, there are three main utilities for CHESS [[token]], all require veChess:''

# ''To vote for the additional add-on of BISHOP's next-week interest rate.''
# ''To receive a weekly BTCB rebate, which totals 50% of the [[fees]] collected ([[gas]] fee excluded) within Tranchess.''
# ''To receive a boost on CHESS earning through [[staking]]."''

===Other Details===
===Stablecoin===
==Coin Distribution==
==Technology==

*[[Whitepaper]] can be found [https://docs.tranchess.com/whitepaper here] (12-2021).
*Code can be viewed [https://github.com/tranchess here]. From [[DeFi]] Safety (19-1-2022):
''"With 666 commits and 2 branches, this is a robust software repository."''

===Implementations===

*Built on: [[Binance|BSC]]
*Has [https://www.coindesk.com/markets/2021/07/05/defi-protocol-tranchess-raises-15m-in-seed-round-led-by-three-arrows-spartan/ aspirations] of becoming a multi-chain system (5-7-2021).

===How it works===

* [https://www.coindesk.com/markets/2021/07/05/defi-protocol-tranchess-raises-15m-in-seed-round-led-by-three-arrows-spartan/ From] [[CoinDesk (DESK)|CoinDesk]] (5-7-2021):

''"In essence, the protocol seeks to provide a risk/return matrix from a single main fund, known as Queen, that tracks a specific underlying crypto asset.''

''The protocol has begun by tracing [[Bitcoin (BTC)|bitcoin's]] movements, with a goal of adding more assets in the future. The fund will attempt to serve a variety of [[clients]] with different tolerances for risk, as a user may split his or her fund into two sub-funds, Rook and Bishop, the press release stated. Bishop is a "yielding" tranche that has no exposure to [[bitcoin]]'s price, while the Rook fund is a "leveraged" tranche that has twice the exposure to price movements in the underlying crypto. Once a user splits up his Queen fund into these sub-funds, that user can then sell one fund instantaneously, leaving him with either fixed income or leveraged exposure to bitcoin, a spokesperson for the project told [[CoinDesk]] via [[Telegram Open Network (TON)|Telegram]].''

''"The main fund, Queen, currently tracks bitcoin and can be split into 0.5 Bishop tokens and 0.5 Rook tokens," the spokesperson said."Bishop tokens purely [[earn]] more yield and does not track bitcoin at all, while Rook tokens earn smaller yield but are essentially a 2x leverage token for bitcoin."''

''Its chess-inspired theme borrows from some concepts of the game, including implementing [[Game Theory|game theory]] of the Bishop interest voting system, which allows users to vote on how much interest the fund will generate. Meanwhile, the [[governance]] token – used to cast votes and make decisions regarding the protocol – is named Chess."''

===Fees===

* [https://docs.tranchess.com/faq/general Has] redemption, protocol and spliting fees (11-2021).

===Upgrades===
===Staking===

* Has veCHESS, as can be seen under Token, Utility, above ([https://docs.tranchess.com/faq/vechess 11-2021]):

''"CHESS can be locked for up to 4 years. The number of veChess you receive depends on the time you lock your CHESS for. The minimum locking time is 1 week, and for every CHESS locked, veChess increases linearly from 0 to 1 as you increase your locking time from 0 to 4 years."''

* From the [https://docs.tranchess.com/faq/general FAQ] (11-2021):

''"You can [[harvest]] CHESS by staking Token QUEEN, BISHOP, and/or ROOK in the protocol.''

''Users need to [[stake]] their tokens before they can trade them in Tranchess Swap, the number of tokens shown in the [[wallet]] under the Swap function is the amount already [[staked]] in the protocol."'' 

====Validator Stats====
===Liquidity Mining===
===Scaling===
===Interoperability===
===Other Details===
==Oracle Method==

* [https://tranchess.medium.com/?p=5a4047b05aa6 Uses] [[Chainlink (LINK)|Chainlink]] for its [[Binance|BNB]] fund (28-12-2021).
* From the [https://docs.tranchess.com/faq/tranchess-swap FAQ] (12-2021):

''"Tranchess uses a 30-minute [[TWAP]] price [[oracle]] instead of instant price to prevent price manipulation by oracle attacks. For the underlying fixing price, our oracle extends the Open Oracle standard by [[Compound (COMP)|Compound]], accepts price data signed by two Reporters ([[Coinbase]] and [[OKEx (OKB & OKT)|OKEX]]) and computes time-weighted average price (TWAP) in every 30-minute epoch.''

''We also use oracle to obtain the borrow rate of [[US Dollar Coin (USDC)|USDC]] from [[Venus (XVS)|VENUS]] and calculate a weekly average for Token BISHOP’s interest rate calculation."''

==Privacy Method==
==Compliance==
==Their Other Projects==
==Roadmap==

*Can be found [https://docs.tranchess.com/faq/roadmap here] (7-2021).

==Usage==

* [https://tranchess.com/ $951,131,183] [[Total Value Locked (TVL)|TVL]] (7-1-2022).

===Projects that use or built on it===
==Competition==
==Pros and Cons==
===Pros===
===Cons===
==Team, Funding and Partners==
===Team===

*Full team can be found [https://www.linkedin.com/company/tranchess?trk=public_profile_experience-item_profile-section-card_subtitle-click here] (19-1-2022).

===Funding===

* [https://www.coindesk.com/markets/2021/07/05/defi-protocol-tranchess-raises-15m-in-seed-round-led-by-three-arrows-spartan/ From] [[CoinDesk (DESK)|CoinDesk]] (5-7-2021):

''"Raised $1.5 million in a seed round of funding that was led by [[Three Arrows Capital]] and [[Spartan Group]]. Other notable investors include [[Binance|Binance Labs]], [[LongHash Ventures|Longhash Ventures]], [[IMO Ventures]] and key opinion leaders who wish to remain anonymous, according to a press release."''

===Partners===
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