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Summary of Tranchess Protocol
Founders and Team
- Co-Founder: Danny Chong
- Team members from tech firms: Google, Facebook, Microsoft, and investment banks: Morgan Stanley, UBS, BNP Paribas
- Experienced in cyber security, trading, and DeFi protocols
Unique Features
- Transparent and automated processes through smart contracts
- Enhanced earning through lending and leverage with no forced liquidation
- Share of platform earnings through staking returns
Security Measures
- Resistant to price manipulation and flash
About Tranchess: Empowering a New Era of Yield Optimization
The Visionary Founders Behind the Tranchess Protocol
Tranchess Protocol is the visionary brainchild of Co-Founder Danny Chong and his esteemed team. Conceived in 2020, the concept brought together a diverse group of individuals with a rich tapestry of experiences and roles at esteemed tech firms, including Google, Facebook, and Microsoft, as well as prominent investment banks such as Morgan Stanley, UBS, and BNP Paribas.
Our tech team boasts extensive expertise in cybersecurity within the realms of trading and DeFi protocols, with their proficiency in smart contract coding serving as a valuable asset in ensuring seamless maintenance and upgrades for years to come.
Danny himself had accumulated a wealth of experience, having held various positions across his career, including trading, sales, and management roles, with a regional focus in the FICC space, at esteemed institutions such as BNP Paribas and Societe Generale.
Our team envisions a future where DeFi users are empowered with comprehensive Omni Asset Management capabilities, thereby catalyzing a paradigm shift from Traditional Finance to DeFi. Ultimately, our goal is to provide a comprehensive product suite of Asset Management Protocols, meticulously tailored to cater to DeFi users with diverse risk capacities and appetites.
Unveiling the Unparalleled Essence of Tranchess
The project harnesses the power of smart contracts, ensuring transparency and automation across all processes. The protocol empowers users to optimize their earnings while tracking BTC, generating additional interest by lending out their tokens, and enjoying leverage without the risk of forced liquidation. Furthermore, users receive a share of the platform’s earnings as part of their staking returns. The Tranchess ecosystem offers a unique opportunity to benefit from both net asset value (NAV) and yield perspectives.
The Security Architecture of Tranchess Protocol: A Robust Framework
Our smart contracts boast a unique advantage: they don’t rely on price feeds from other smart contracts, making them highly resilient to price manipulation, including flash loan attacks. The Tranchess price oracle takes a distinct approach, employing a 30-minute TWAP (Time-Weighted Average Price) instead of discrete oracle prices. This design significantly minimizes the risk of oracle manipulation attacks. Furthermore, the Tranchess oracle builds upon the Open Oracle standard established by Compound, incorporating signed price data from two independent sources (Coinbase and OKEX) and calculating a time-weighted average price every 30 minutes, ensuring a robust and reliable pricing mechanism.
Notably, our robust security framework encompasses multiple rounds of rigorous code audits conducted by esteemed teams, including Peckshield and Certik, as well as a Bug Bounty program in collaboration with Immunefi, and multi-signature settings, ensuring an additional layer of protection.
The Circulating Supply of CHESS Tokens: A Closer Look
Chess Tokens boasts a capped supply of 300 million, strategically allocated as follows: 5% reserved for seed investors, 20% allocated to the core team, 15% set aside for future investors, 50% dedicated to liquidity mining, and 10% earmarked for the Treasury.
A total of 300,000 tokens are injected into the market via Pancakeswap’s liquidity pool.
The CHESS emission is outlined as follows:
During the initial four-week period, a total of 300,000 tokens will be distributed in the first week, with an additional 300,000 tokens allocated each subsequent week, building upon the previous week’s distribution.
In the fifth week, a total of 2,400,000 tokens will be distributed.
Commencing from Week 6-20, the total amount begins at 2,304,000 and subsequently decreases by 4% on a weekly basis.
The allocation of the remaining distribution will be determined at a later stage.
Acquiring Tranchess Protocol (CHESS): A Comprehensive Guide
As of July 8, 2021, CHESS has been listed on Pancakeswap, with further exchange listings forthcoming.