Three Arrows Capital CEO Su Zhu has announced the launch of decentralized finance (DeFi) protocol Tranchess.
Tweeting on Thursday, Zhu described Tranchess as a “Tokenized Asset Management and Derivatives Trading” protocol.
While the project aims to become a multi-chain and multi-asset DeFi protocol, with designs on becoming a decentralized autonomous organization, the first iteration of Tranchess focuses on Bitcoin (BTC).
Tranchess 1.0 offers access to a BTC price performance tracker on a correlated basis. Since the project’s initial launch is on the BSC, users will need to have BTCB — the BEP2 version of Bitcoin.
According to the project’s white paper, users swap BTCB in exchange for QUEEN — the main native token. Alternatively, investors can acquire QUEEN with USD Coin (USDC) on supported exchanges.
Ownership of the QUEEN token enables users to get involved in the protocol sub-fund or Tranche. Keeping with the chess theme, the sub-funds are dubbed BISHOP and ROOK. Investors need only split their QUEEN tokens into BISHOP and ROOK