Overview
We were delighted to host our first bilingual AMA with our Chinese community. We continue to strive to be as inclusive as possible of different demographics, and hence are looking to host more multilingual AMAs. The main theme of the AMA is Tranchess V2, the value it brings to the Tranchess ecosystem, and much more!
Topics covered were:
- What is Tranchess and what is Tranchess’ value proposition?
- Core features of Tranchess V2
- Tranchess V2 User Interface Design
- Tranchess V2 AMM Pool
- Why launch Tranchess V2 now?
- How does Tranchess ensure sustainable yield in the long term?
- What is DeFi 2.0 and how is Tranchess positioning for DeFi 2.0?
- 3AC and view on them as one of Tranchess’ investors
- ROOK vs BISHOP vs QUEEN for small investors
- Upcoming underlying assets (SOL, BNB, etc.)
Please visit the Tranchess Chinese TG Channel for the live script.
Participants
Tranchess Chinese Group: Amy Gui, Host
Tranchess: Danny Chong (aka King), CEO/CoFounder
Translator: A. Huang
Recap:
Amy Gui: Good evening, everyone.👋👋
各位币安社区的小伙伴们，大家晚上好！
Welcome to today’s Tranchess AMA. I’m Amy.
欢迎来到今天的Tranchess (CHESS) AMA。我是本场主持人Amy。
Firstly, let’s welcome Danny from the Tranchess team and our translator A.Huang.
Welcome guys. Very nice to meet you here.
首先，我们热烈欢迎今天的嘉宾 — Tranchess联合创始人 Danny Chong和 A.Huang — — Tranchess的中文大使，也是本场的翻译。你们好，Danny @Tranchess_King 和A.Huang @cryptod123 非常高兴今天你们能来币安社区做分享～
Tranchess King: Hihi everyone !! Great to be here with everyone today!
大家好，感谢binance以及Tranchess的信任，希望今天能够圆满完成翻译任务~
Amy Gui: Could you please introduce yourself before we start?
欢迎你们！能否先请Danny做一个简单的自我介绍呢？
Tranchess King: Ok! Hi everyone! This is Danny Chong, Co-Founder and CEO of Tranchess. I’ve worked across investment banks over the last 16 years primarily in roles such as sales, trading and management of teams across Asia Pacific.
One of my key roles previously was to look after development of new products both Asia and Globally, both vanillas as well as structured products.
I enjoy building new products alongside my IT team and it’s actually one of the reasons why I’ve decided to move into the world of Crypto & DeFi.
大家好，我是 Tranchess 的联合创始人兼首席执行官 Danny Chong。 简单介绍一下我的个人工作经历：在过去的 16 年中，我曾在多家投资银行工作，主要担任亚太地区团队的销售、交易和管理等职务。
我之前的主要职务之一，是负责亚洲和全球新产品的开发，包括普通产品和结构化产品。 我喜欢与我的 IT 团队一起开发新产品，这实际上是我决定进入 Crypto & DeFi 世界的主要原因之一。
Amy Gui: Great, thank you guys. Before we start today’s Q&A, can you please introduce your project and the problems you want to solve / Solutions you are proposing ?
好的，再次欢迎你们的到来！
那在开始今天的Q&A前，能否先为大家介绍一下Tranchess这个项目，以及你们希望通过这个项目解决哪些问题或是带来哪些新的产品呢？
Tranchess King: Sure ~ Tranchess is a protocol on BNB Chain and is essentially an asset tracking management protocol providing varied risk returns for users across. Users who have BNB, BTC, ETH or even BUSD on hand would be able to find a suitable product that best fits their needs in terms of risk profiles versus returns.
To highlight again on Tranchess team profile, our C suite consists of quite a number of TradFi background personalities, including traders, portfolio managers and also structuring. Our tech team hails from tech giants such as Google, Facebook and Microsoft.
Our vision and motivation generally stems from our belief to bring about the best of TradFi products and to intertwine with the flexibility and efficiency that Decentralize Finance has to offer. We believe in innovating products that provide sustainable long-term returns and provide the correct risk tiering and diversification for users. We do not discern users of any types and instead look to welcome and provide appropriate products and solutions to all users.
Tranchess 是运行在 BNB 链上的一个资产价格追踪与管理协议，目的是为不同风险偏好的用户提供不同的收益回报，让手头有 BNB、BTC、ETH 甚至 BUSD 的用户将能够找到最适合他们在风险状况与回报方面需求的合适产品。当然，随着日后Tranchess的持续发展，我们能够面向的用户群体也会越来越广泛。
我也想借这个机会再次介绍一下我们的Tranchess团队：我们的核心团队大部分来自 TradFi领域，过往的从业经验包括但不限于交易员、投资经理和策略研究人员等等。我们的技术团队来自谷歌、Facebook 和微软等科技巨头。
我们的愿景和动力源于我们长期一贯的信念，就是将TradFi 产品中最好的部分，与DeFi的效率和灵活性相结合，带给更多用户。我们希望持续打造能够提供可持续的长期回报的创新型产品，也希望能通过合理的产品设计，为用户提供合适且多样的风险管理工具。Tranchess不区分任何类型的用户，而是希望通过不断的开发和改进，为更多的行业用户提供适合他们的产品和解决方案。
Amy Gui: Okay. Now, let’s start the Q&A part.
好的，非常感谢。那接下来我们直接进入Q&A环节吧。
Q1. I’m sure most of our users are fairly familiar with the name, but for those learning about Tranchess and CHESS for the first time, can you give them an introduction of Tranchess and its governance token CHESS?
我相信我们的大多数用户都对这个名字相当熟悉，但是对于那些第一次了解 Tranchess 和 CHESS 的人，能否向他们介绍一下 Tranchess 及其治理代币 CHESS？
Tranchess King: Sure! The name “Tranchess” is inspired by the game of chess and the French word “Tranche”, which is often associated with tranche funds that cater to different classes of investors with various risks appetites.
Tranchess at its core is a DeFi asset management tool, so we want to provide users with varying products to better manage their portfolio. This means that we have products catered towards all different types of users: ROOK for risk seekers, BISHOP for risk-averse investors, and QUEEN for long-term hodlers.
To elaborate on each of these: for risk-averse investors who are seeking to get market-leading yield with their stablecoin holdings, BISHOP is for you. BISHOP itself is a stablecoin-like asset whose value does not change regardless of the price of its underlying asset. The BISHOP token itself outperforms simply idle stablecoins since it generates yield via interest rate and emissions.
For risk seekers, ROOK provides a leveraged position which provides impressive returns especially when users buy before price appreciation. Finally, QUEEN is the asset for the long-term hodlers. Benefit from both 100% of the underlying asset’s price movements as well as consistent high yield.
Additionally, even if you are not holding any of the underlying assets or BUSD, holding and locking CHESS gives you veCHESS, which will allow you to enjoy the weekly 50% protocol fee rebates and boost your Tranchess tokens yields! Of course, as the governance token, veCHESS allows its users to participate in all kinds of voting within the Tranchess community, and we will continue to expand its utility.
当然可以！首先 “Tranchess”这个名称的灵感，主要来自国际象棋游戏和法语单词“Tranche” — — 这个词常常和分级基金联系在一起，指某一类通过结构设计满足不同类型投资者的风险偏好的产品结构。
Tranchess 的核心是一个 DeFi 资产管理工具，我们希望为用户提供不同的工具以方便他们更好地管理自己的数字资产。也就是说，Tranchess的产品结构能够同时满足不同类型用户的需求，其中：ROOK 适合对风险和波动承受能力比较大的人群，BISHOP 适合我们通常说的“风险厌恶型投资者”，通俗来讲就是比较喜欢稳定低波动收益的人群，而 QUEEN则是为了BTC/ETH/BNB的长期持币者量身打造的。
在这里我们进一步说明一下这三种代币的特点：对于希望通过持有的类稳币资产、在获得超额收益的同时最大程度规避市场风险的投资者而言，BISHOP 可能是最适合他们的选择。 BISHOP 本身是一种类似稳币的资产，无论相应的标的资产（在目前的Tranchess版本下，及BTC, ETH或者BNB）价格如何，其价值都稳定的随着利率收益缓慢上升。 也因此，BISHOP 代币本身的表现会比直接持有稳币要好，因为它通过ROOK支付的利息以及CHESS奖励两方面赚取收益。在V1的版本里，BISHOP的利率是USDC在Venus上的借出利率再加社群投票的百分比，在V2的版本里，BISHOP的利率是BUSD在Venus上的借出利率再加社群投票的百分比。特别强调一下，请注意，基础利率我们使用的是“借出利率”，英文中的Borrow rate。作为稳币持有者，哪怕将稳币提供到借贷平台上，收获的也是supply rate，而BISHOP里我们则直接读取以及使用比supply rate要稍高一些的借出利率，以确保BISHOP持有人的收益。
对于风险承受能力较强的用户、或者是想在市场大幅波动时通过快速进出捕捉更高收益的用户来说，ROOK 提供了一个稳定的杠杆，通常在1.5~2之间，让用户能够更好的捕捉市场上涨时的资产增幅。最后，QUEEN 是专门为数字货币的长期持有者/信仰者设计：它持续追踪标的资产的价格变化，但是和直接持有底层资产相比，持有QUEEN能通过CHESS发放以及BNB的节点收益获得更高的回报。
此外，即使用户不持有任何标的资产或 BUSD，单纯持有&锁 CHESS 所获得的veChess，也能让用户参与Tranchess每周的50%项目手续费返利。veCHESS对于拥有Tranchess其他代币并且质押了的用户来说，还能提高他们挖CHESS的效率。当然，作为治理代币，veCHESS一大基础功能，是允许其持有者参与 Tranchess 社区内的各种投票。在接下来的更新里，我们还会持续地为veChess增加越来越多的功能和属性。
Q2. Let’s talk about V2, Tranchess’ most recent launch. What are the core features and upgrades of Tranchess v2?
让我们来谈谈 Tranchess 最近发布的 V2。 Tranchess v2主要为用户带来了哪些功能上的变化和升级？
Tranchess King: We had recently launched V2 on June 16, so it’s roughly about a month now. I think it is fair to say that it was welcomed by our community pretty positively.
In Tranchess v2, we’ve significantly upgraded the user experience and liquidity of all Tranchess funds, specifically with the implementation of BISHOP/BUSD AMM pools, instant swaps and a UI upgrade.
The rationale of building the AMM pools was simple. In v1, there was Tranchess SWAP leveraging on innovation such as 30 min TWAP as well as in order to facilitate swap with low cost and high security in mind. The success was somewhat limited, given users were slightly finding it difficult with the premium/discount model in our order book. The time taken to swap tokens was also clearly too long for quite many users — a repeated feedback that we took into consideration seriously.
With the introduction of the AMM pools as mentioned above, it frees up the liquidity of all Tranchess funds and holistically boosts the liquidity across the board. This means users can now perform instant swaps between BUSD and BISHOP/ROOK, and immediate creation/redemption of QUEEN.
Finally, the user interface (UI) upgrade of Tranchess V2 was another integral portion of our intent to improve the user experience. The UI upgrade significantly improves the functionalities and also simplifies complex processes to digestible interactive actions on the website.
我们在6月16日上线了Tranchess V2，新版本截至目前为止已经运行了快一个月的时间。根据这一个月的情况来看，可以说社群对它还是比较欢迎也比较认可的。
在Tranchess V2里，我们大幅升级了所有 Tranchess 基金的使用体验和流动性，主要通过加入 BISHOP/BUSD的 AMM 池、将30分钟撮合一次改为瞬时成交，以及全面的 UI 升级.
决定加入 AMM 池的原因很简单。在上一版Tranchess中，我们尝试利用创新性的30分钟TWAP以及撮合挂单系统，让Tranchess Swap在保持高安全性、免于遭受闪电攻击的同时，提供低成本的撮合交易。很遗憾，我们设计中的溢价/折扣模型可能对于很多用户来讲太过复杂；同时，对于大多数用户来说，交易代币所花费的时间也超过了大部分人的习惯范围。在多次看到类似的反馈后，我们在设计V2的时候很认真地讨论了下一版应该使用的模式，也因此有了现在用户们看到的AMM。
随着这次AMM 池子的加入，Tranchess的三个基金的流动性终于有了更好的释放渠道，Queen/Bishop/Rook的流动性也得到了全面的提升。我们的用户现在可以在 BUSD 和 BISHOP/ROOK 之间进行瞬时的交换，也能够实时的申购和赎回QUEEN，不再需要等待到每天固定的时间申赎了。
最后，作为优化用户使用体验中不可或缺的重要部分，Tranchess V2 的使用界面 (UI) 也进行了全面的升级。 UI 的升级不但显着提升了功能性，也将之前一些用户觉得比较复杂的流程，简化成了更加易于理解的交互操作方式。
Q3. I’m curious to understand more about the change of UI. Tranchess is not a new project. It has launched for a year and accumulated a fairly steady user base. Why changing the UI in V2? Don’t you worry that users might complain about having to learn about the new UI all over again?
我很想好奇关于改变UI的这个决定。 Tranchess不是一个新项目， 它已经上线运行了一年，积累了相当稳定的用户群。 为什么要在 V2 中更改 UI？ 你不担心用户可能会抱怨必须重新学习新的使用逻辑吗？
Tranchess King: Tranchess V2 is a complete head-to-toe revamp. Many of the smart contracts have been edited and some even completely rewritten. Honestly, we had received a lot of complaints from our auditors that did all of our previous audits on how much workload we’ve added to them and how much longer they needed compared to be before to scrutinize through all the new changes.
Function-wise, Tranchess Swap is now in AMM form, another significant change comparing to our previous 30-minute TWAP orderbook model. With the introduction of AMM, we are able to introduce many important adoptions and potential future functions into the Tranchess system.
With all the changes happening, we believe that it is only fair to also give Tranchess V2 a brand new look. The UX-centric approach we took is grounded upon the goal of making Tranchess capable of servicing users of any technical background. We had acknowledged openly the feedback we’ve received from the community regarding user-friendliness of Tranchess. Our team is immensely talented technically, however it is also imperative that we make the product digestible by our users.
Whilst we had observed the general DeFi population as quite technically savvy, we cannot assume the same about the future wave of users that are onboarded onto DeFi as the industry grows as a whole. How can we capture and service those newly onboarded users? We do that by providing a comfortable, convenient and efficient user experience.
If the outcome of the change is to make it easier and more intuitive for users to use the product, we believe that the change is worthwhile. So far, that is indeed the case (from feedback). Here I also want to take this opportunity to mention that, our community ambassadors are also helping us to collect feedback about the use of the new UI from the community. We also welcome the Chinese community to help provide such feedback to our ambassadors to help us improve in future upgrades!
我们一直说，Tranchess V2 是一个完完全全从内到外的升级改造。在智能合约的层面，我们对于很多老的智能合约做了优化，重写了一些实际表现不如人意的，也新增了很多之前没有的模块来支持新的功能和安全要求。说实话，在审计的过程中，我们一直被合作的审计团队调侃。虽然都是从最初开始就稳定合作的审计公司，但是因为这次改动很多，本着对用户和平台安全性负责的原则，他们额外花了很多时间仔细熟悉和审核我们的新合约，以确保一切都好。虽然增加了一些预期之外的时间成本，但我们觉得还是非常必要的.
除了智能合约，在功能方面，就像之前说的，Tranchess Swap 现在已经改用了AMM 的形式，与我们之前的 TWAP 订单撮合的模式截然不同。同时随着 AMM 的引入，我们也为未来的很多升级和新功能的接入留了接口。
那么既然产品已经从技术、合约到功能都有了全面的升级，我们也希望能通过用户界面设计的改变，让用户有“焕然一新”的感觉。既然Tranchess的目标是让所有人，不管有没有技术或专业背景，都能够很好的使用我们的产品，那么“以用户体验为核心”就是我们需要一直坚持的重要准则。Tranchess上线一年，我们也从社群收到了很多很好也很友善的建议，虽然Tranchess的基因是一个非常重技术的团队，但这不意味着我们就可以牺牲用户感受，相反的，我们需要更加重视也时时改进它。
当然了，目前的行业整体生态，其实对于DeFi用户在技术方面的要求是比较高的，也因此，目前的DeFi用户的在技术方面也不乏技术大拿。但是我们也看到，随着DeFi和数字货币行业的整体发展，越来越多非传统区块链的“新人”们开始观察甚至进入DeFi这个领域，我们不希望因为技术门槛而将他们拒之门外，所以我们还是希望能够尽量提供一个舒适好用又高效的使用体验。
我们相信，如果一个改动的目的是让用户在使用产品的时候更简单方便直观，这个改动就是值得的，也是用户会愿意去熟悉和了解的。Tranchess V2上线近一个月，目前看来，用户的使用体验和反馈还是很正面的。同时在这里我也想顺便说一下，我们的社群大使们也正在帮助我们收集社群中关于新UI使用的一些感受和反馈，欢迎我们的中文社群将自己的反馈意见提供给大使们，以帮助我们在未来的迭代中做的更好。谢谢大家~
Q4. Let’s take a closer look at the AMM pool. As you mentioned, one of the biggest changes that comes with V2. Can you tell us more about it?
我们来仔细聊一聊AMM池子。就像你前面说到的一样，可能是Tranchess这次升级最重要的新功能之一。你能进一步向我们介绍一下吗？
Tranchess King: Indeed the AMM pools are one of the highlights of V2. There are a total of 3 Bishop-BUSD pools and also 1 nQueen-BNB pool for that matter. With the combination of the AMM pools and also optimized routing on Tranchess, Tranchess tokens are now freely interchangeable at any instance, with both efficiency and liquidity in mind for users’ ease of use.
Of course that‘s looking at it from a swap point of view but there’s a lot more to that for the protocol and users benefits with the introduction of the AMM pools.
It’s well known by now that Tranchess seeks to work towards DeFi 2.0 definitions, and one of the broader directions in general is to ensure that Tranchess sticks to its ambition and vision of providing products with sustainable yield long term, as well as actively pursuing an increasing revenue growth model. Liquidity providers i.e., users who provide liquidity to the AMM pools will earn transaction fees; Tranchess protocol as well will earn a small portion as protocol income. This is definitely a strong addition to Tranchess’s product line and is 2nd in line following the BNB validator fund as yet another self-sustaining yield earning product. (More to come!)
With the increase in protocol income, locked chess users will be even further incentivised to want to lock more and for longer periods, so as to gain more veCHESS and ultimately a more substantial portion of the weekly protocol income distribution. The growth in revenue would directly lead to a greater interest for long term CHESS hodling.
Oh and of course needless to say, AMM LPs will also be earning on top — CHESS emissions as added incentives!
确实，AMM 池绝对是这次 V2的一大亮点。 Tranchess 这次总共新增了 3 个 Bishop-BUSD 池和 1 个 nQueen-BNB 池。 通过AMM 池和自动优化的交易线路，Tranchess 所有代币现在都可以在任何情况下随时自由互换。就像前面提到的，对于AMM池的引入和优化，主要是希望能够进一步增强用户体验，同时保证效率和流动性的需求。
目前为止我们对于AMM的讨论，还仅仅是从它本身，作为新一代Tranchess Swap功能这个角度来讨论的，而事实上，AMM这个模式的加入，不管是对于Tranchess这个项目协议，还是对于我们的用户而言，都有更大也更长远的意义。
众所周知，Tranchess 也一直希望能够用自己的方式，诠释我们对于现在大家都在说的、新到来的DeFi 2.0的理解。在这个过程中，一个核心的大方向还是，确保 Tranchess能够通过产品设计和创新，一直长期为用户提供稳定且可持续的收益，并积极地去寻求各种合理的收入增长模式。以AMM池子为例。AMM池子产生的交易手续费，大部分分发给了为AMM池子提供流动性地用户，也就是我们通常说的LP，而小部分进入Tranchess的合约收益，又成为每周用户返利的一部分。 这是在Tranchess过去产品模式之外的一个新的开始，也是继BNB基金的pos节点收益增强设计之后的一个新的可自我持续增长的产品线。
（未来还会有更多的产品结构推出！）
随着协议收入的增加，一直在固定锁CHESS的用户，也会开始考虑进一步地锁更多的CHESS或者是锁定更长的时间，以获取更高的veCHESS，从而收获更多的每周返利。简单来讲就是，协议整体收入的增加，能够直接激发用户对持有CHESS的兴趣。
最后再补充一点，AMM的 LP 也会获得Tranchess每周的CHESS发放，更进一步提高收益~
Q5. I’m sure it’s not the first time you’ve been asked but why did Tranchess decide to launch V2 now? Why not “wait it out” a bit like some others might do? 我相信这不是你第一次被问到这个问题了，但是为什么Tranchess决定在现在上线v2？为什么不先“静观其变”一阵子再上线？
Tranchess King: Yup! That’s indeed a popular question asked to us quite a number of times and in fact it’s the same answer we had already been giving the answer since day 1. The short simple reply is — We are building for the long term and hence we are delivering regardless of market conditions. It would be unfair to the protocol and our users that if we have improved functionalities and products that we delay the launch of it simply because it’s a trough market. I understand that some protocols might time it for uptrend markets or better market conditions which is perfectly fine — but that’s not us.
V2 took a bit of time to deliver because of the scope of work involved and also because we wanted to spend more time on code review as well as audits. During the preview of v2 at Tranchess Townhall 4 couple of weeks back , I had also showcased just how many iterations of v2 we had gone through in terms of UI, smart contract tests, functionality test, migrations, marketing, UATs, and so on before we came out with the current version of v2….
Our aim is to deliver quality products to users and to make sure that with passing time, we have sustainable products that will help strengthen protocol revenue increasingly over the long term.
对， 这确实是我们最近常常被问到的一个问题，但其实某种角度来说，我们从项目去年第一天上线就已经给出了答案。最简单直接的回答就是 — 我们是为了一个长期的发展目标和计划在持续开发，因此无论市场如何，我们都会按照计划去推进和更新。如果我们已经改进优化了功能和产品，却因为市场处于低谷而迟迟不推出，这不管是对于协议本身，还是对于我们的用户而言，都是不公平的。我们当然也知道有一些项目会尽量等在市场大涨或是市场条件比较好的时候推出新的版本，这也完全没有问题，只是这不是我们的风格。从一个很实际的角度出发，众所周知，加密货币市场始终是高波动、难预测的，与其被动地等待无法预测的一个未来的“合适”时间点，不如尽快的、持续稳定的，为用户带来越来越好的使用感受和产品设计。
就像之前提到的，Tranchess V2上线其实比预计的要晚了一些，主要是由于我们花了更多的时间和审计团队一起反复测试和验证代码和各个功能。在几周前的Tranchess第四次Townhall上，我们也向社群分享了很多V2开发过程中的“幕后故事”，包括UI、智能合约测试、功能测试、整体版本升级、市场营销、以及UAT 等等方面的考量和内部迭代 — — 在这样一次次迭代的基础上，才有了现在的V2，也因此，我们迫不及待地希望让我们的用户能够尽早体验到。
我们的目标始终是为用户提供优质产品，并确保随着时间的推移，这些产品一直是可持续运行和发展的，这也将有助于稳定增加协议收入，最终惠及所有CHESS的持币用户们。
Q6. Given the recent state of the market, what does Tranchess do to ensure sustainable yield in the long-term?
鉴于最近的市场状况，Tranchess 准备用什么方法来确保产品为用户提供长期的可持续收益？
Tranchess King: It is clear that the market is now trading at trough regions and we do believe markets are cyclical in any case. It is very natural for the crypto market and projects to be impacted throughout this low market cap period. We ,as a team never focused on the short term. We have been consistent in delivering new functionalities and building out new innovation regardless of market cycles — It’s something that we reiterate time and again. With v2, we have taken yet another step closer to our ultimate goal of providing a full suite of DeFi products and services, catering to both DeFi and mainstream users alike.
We believe that with the quality of our team, the consistency of our ability to ship high-quality products that are useful, and long term vision all align well to put Tranchess in a fantastic position to capitalize on the next wave of mass adoption into DeFi and the overall crypto markets.
One core focus is expansion in non-CHESS Emission based yield, specifically with Proof-of-Stake validator nodes and expansion of product offering to our users. We started off with our BNB validator node on the BNBChain. This has been live since early this year and provided consistent market-leading yield to our BNB fund users since inception.
Extrapolating this, we will be expanding our validator node services onto other chains going forwards which will introduce further yield opportunities that benefit not only the underlying PoS asset holders but also the entire Tranchess ecosystem via improved liquidity and CHESS earnings…
Finally, we also have many new products in the pipeline such as providing lending services to our users. All of the new features are designed to further improve the tokenomics of CHESS and improve long term yield/revenue earning of the entire Tranchess ecosystem.
确实，整体市场目前明显处于一个低谷期，但是加密货币市场长期来看，就像其他所有市场一样，也是有周期性的。在市场整体市值走低的时候，其中的项目自然也会受到连带影响。但这也是为什么，我们在前面一直强调，作为一个团队，我们当然时刻密切关注整个市场的发展和消息，但我们不希望自己被短期事件遮蔽双眼，或是暂缓开发进度。无论市场处在一个周期的什么阶段，Tranchess都希望能够稳定地上线新的功能和设计，就像V2一样。V2为我们迈向自己的终极目标，即为新老DeFi用户提供一整套的DeFi产品服务，提供了很重要的支撑和下一步发展的铺垫。
我们相信，凭借团队的能力、持续稳定开发高质量产品的一贯性以及我们对这个市场的长期理解，Tranchess能够在这个高波动性的市场里找到一个恰当且稳固的位置，并且更好地在下一次DeFi以及整体加密行业机会到来的时候，共同参与其中。
我们的核心重点始终是扩展除了每周CHESS投放以外的超额收益，特别是通过比如参与pos节点以及不断增加产品线这样的方式。我们在BNB链上运行的节点，自从今年年初上线开始，一直在为BNB基金的用户提供高于平均水平的节点收益，这也证明这个模式是非常有效的。
而这一模式将来我们也会扩展运用到其他的链上，进一步丰富收益。而随着项目的持续发展，一直增强的流动性和CHESS收益水平，不单单会利于POS节点相关基金的参与用户，也会有助于Tranchess整体生态的发展。
最后，我们还有许多新产品正在筹备中，但在每一个新功能最终上线之前，都需要反复去验证测试，确保安全稳定的运行。所有新功能都旨在进一步改进 CHESS 整体的tokenomics, 并提高整个 Tranchess 生态系统的长期收益。
Q7. What are the next steps for Tranchess, especially with the launch of V2, how would Tranchess position itself in DeFi 2.0?
Tranchess接下来有什么计划，尤其是随着前面提到的DeFi 2.0的到来，Tranchess计划怎么更好的在DeFi 2.0中发展？
Tranchess King: v2 was an important step for us because it allows us to rectify what we thought were bottlenecks to usability and also for the growth of the protocol. With this step completed, we are ready for the next steps marching towards multi chain, with our first stop being Ethereum chain.
Given the relative success we had with running both BNB funds as well as managing our own validator node on the BNB chain, we believe that we would be able to have relative success with the coming of Ethereum merge 2.0.
Running the validator node on the BNB chain was never easy and we chose to do our own node rather than staking it into 3rd party validator nodes because we were concerned with both security as well as performance. Working with 3rd party nodes increases our risk and exposure given that BNBs are delegated outside of Tranchess jurisdiction, BNB has stringent requirements for node operators, requiring them to always be online and producing blocks with little downtime; There will be costly penalties in the event that the validator node ceases to produce blocks properly which increases in terms of severities with time. With all these considerations in mind — we had decided to run our own node on bnb chain, but this also gave us the necessary experience to be able to replicate the current success onto other POS block chain networks.
Some of the more well known limitations in the original DeFi 1.0 include : usability of defi platforms in terms of UI/UX, Lack of long term, practical incentives outside of distributing LP tokens, scalability issues due to network congestions, security of individual protocols, not integrating with trusted onchain oracle sources and so on….
DeFi 2.0 is an ongoing upgrading and development of DeFi. It’s meant to rectify current issues and improve the usability of DeFi overall. As an example, If we look at Yields and Revenue model of DeFi protocols.
Most DeFi projects leverage token emissions to yield rewards as a direct and fast method of gaining users and TVL. But some project teams may not be as cautious of their token supply or long-term yield farming methods to avoid negative spiral of the native token ~ The long-term consequences of purely relying on native token to generate yield as returns for user would result in continuous selling of the native token. There needs to be a continuous monitoring or transition to ensure that revenue of the protocol continues to grow and also the yield rewards can be sustainable even if as TVL and users continue to grow.
Tranchess V2 now consists of a few ways to gain sustainable yield, such as dedicating BNB fund to do validation work on BNB blockchain to gain validator rewards, which only the top 21 validators get.
With the new AMM pools, there will be an increase in revenue and yield earning for users at the same time via trading fees. There are more products planned ahead to earn sustainable yield for users in Tranchess, so do stay tuned.
We believe that with increasing protocol revenue in the mid — long term, users will be able to directly benefit from locking CHESS and earning increasing protocol revenue distribution week after week. Also in V2, security continues to be an emphasis, oracles have been fully integrated with Chainlink whilst in terms of smart contract vetting, not only do we have stringent logic and bug test internally, but we have also sure that audits are done for smart contracts any times there’s an update — big or small. Not to mention, UI.UX has been much improved to allow users to easily access and navigate across different functionality which in front as I’ve mentioned was also one of the bottlenecks for great proliferation of users to DeFi.
v2 对我们来说是一次非常重要的更新，通过这次更新，我们解决了一些之前使用上的瓶颈问题，优化了使用体验，也为接下来的产品上线做好了准备和接口。随着这一步的完成，下一步我们将开始从单链到多链的发展，而多链的第一站毫无疑问是以太坊。这个计划一直都有，但是过去半年BNB基金以及BNB节点的成功运行，无疑增强了我们对于在ETH 2.0上成功运行的信心。
在 BNB 链上运行一个独立节点是一件很有挑战的事情，但是我们还是选择自己运行，而不是去直接参与其他第三方运行的节点，这不单单是收益表现方面的考量，更重要的是安全性 — — 我们需要确保BNB是能够按照用户需求灵活进出BNB基金的，而交付第三方则会大幅增加在这方面的流动性风险。因此，虽然BNB链对节点运营有严格的要求，而在没有满足那些要求的情况下，还可能会面临严格的惩罚，我们依然决定要运行自己的节点。这也为我们提供了很重要也很宝贵的经验，让我们能够在接下来的产品发展中，将成功的模式复制到其他POS链上。
最初的DeFi 1.0的时代，在它的创新性和高速发展之外，1.0也有很多广为人知的限制，包括：在 UI/UX 方面大部分defi 平台的可用性都偏低、也缺乏长期发展的韧性、激励措施比较单一、容易受链上拥堵的影响导致可扩展性有限、协议的安全性良莠不齐、没能和其他去中心化的、被广泛验证的预言机机制很好的整合、更高的被攻击风险等等。
DeFi 2.0 是 DeFi 的不断升级和发展。它旨在纠正上述的种种问题并整体提高 DeFi 的可用性。举个例子，我们看一下 DeFi 协议的收益和收入模型：
DeFi 项目自身代币的固定空投和奖励，是绝大部分项目最常使用的、用来快速增长用户和规模所采取的方法。但不是每个项目在设计之初都谨慎地计算和设计了代币的经济模型，而经济模型一旦出错，DeFi项目的原生代币将很容易陷所谓的“死亡螺旋” — — 这种单一的收益方式会鼓励挖提卖行为，进一步踩踏项目价值，所以有时候哪怕项目的用户和规模在增加，整体市值却会一直下跌。项目应该持续的观察、灵活的调整自己的产品设计和代币模型，以确保整体项目的价值成长和它的规模以及用户数，是保持一致的，是长期有机成长的。
随着V2的上线，Tranchess现在包含了几种获得可持续收益的方法，包括我们前面提到的BNB链节点收益以及新增产品线，等等。而新的 AMM 池带来的手续费，也会进一步为用户增加收益。未来，我们还会有更多的功能上线，敬请期待！
随着Tranchess中长期协议收益的增加，选择锁定项目代币CHESS的用户将直接且稳定的受益，也持续地在每周的协议收入返利中获益。同时，在V2 中，安全性仍然是Tranchess不变的重点，在喂价机制方面，我们已经和Chainlink的去中心化网络完成整合，而在智能合约审查方面，我们不仅内部有严格的内测流程，也始终确保每一次对智能合约的重要升级和更新，都有第三方的专业团队进行严格且彻底的审计，无论大小。同时，我们会持续在用户界面和用户使用体验方面更新改进，让Tranchess这个DeFi项目变得越来越易用，弱化它的强技术属性，帮助用户轻松的访问和使用不同的功能。相信随着Tranchess的不断演变，我们会和DeFi 2.0的生态一起，越来越好。
好的，谢谢你们的精彩分享，接下来是自由问答环节。本次自由问答有空投奖励哦！
我将开放发言，欢迎大家提问。大约1分钟后我将再次开启禁言模式，请Danny从现场观众的提问中选5个问题回答。
Amy Gui:
Thanks for the great sharing.
The next part will be the live questions. I will unmute the group and our audience could ask anything they want to know about Tranchess (CHESS).
In around 1 minute, I will mute the group again. And then Danny, please choose 5 questions.
Tranchess King:, [14/7/2022 9:07 PM]
Many many questions 🙂
Thank you everyone for your questions. Let’s give Danny some time to do the selection. You can start answering when you are ready, Danny :)
感谢大家的积极提问。我们给Danny一些时间选问题。Danny你准备好的话，就可以直接开始哦。请大家不要离开，最后还有红包🧧雨送给各位。
Question 1: 3AC is one of your investors, and maybe the biggest one (since they’re listed in the first place on your website), will 3AC’s bankruptcy affects Tranchess and how will you deal with this? Moreover, what’s your next step for finding other VC investors?
我去官網看了你們的投資者，發現3AC應該是你們的最大投資這（因為在第一位），請問3AC的破產會對Tranchess造成什麼影響，你們又會怎麼處理？另外，你們還會找新的VC來進行投資嗎？
Tranchess King: 3AC is our seed investor and we have amongst them many solid seed investors including Binance Labs, Spartans, etc.
5% of our tokens are with our seed investors and they are distributed over a period of 2 years to prevent pre mature selling and you can quickly realize that our seed investors have only small portions of tokens on hand — and that keeps our tokens protected and safe.
Given my team and myself are from tradfi background — we manage our treasury ourselves. Our funds are either safely locked in smart contracts or deployed to validator nodes within the safety of our blockchain network. We don’t depend on seed investors for TVL as well — you can say we build our TVL by ourselves and it’s mainly supported by community of Tranchess.
So the simple answer is no — we are NOT impacted by 3AC and we continue to have keen queries from investors regarding our protocol and how it works. Thanks for asking this 🙂
好的问题 1，我猜我必须回答这个问题了。鉴于这是所有问题里的第一个，而且可能也是所有人都最想知道的。
3AC 是我们的种子轮的众多投资人中的一位，除了他们之外，我们也有很多可能大家都很熟悉的名字，包括 Binance Labs、Spartans 等。
Tranchess代币里，一共有5% 的代币，由所有这些种子轮投资人共同获得，并且有一个长达两年的线性释放周期，以防止批量的提前出售。所以简单计算一下就会发现，其实代币的分布是非常分散的，每一个种子轮投资人持有的都只有非常小的一部分 — 这也是能够确保我们的代币受到保护和安全的设计机制。
鉴于我和我的团队都来自 tradfi 背景，我们对资金风险很敏感，这也是为什么Tranchess选择了自己保管自己的treasury。我们的资金要么安全地锁定在智能合约中，要么部署到我们链上的节点中增厚协议收益。我们也不依赖种子投资者的 TVL 来支撑项目- 你可以说我们自己从头开始将Tranchess的 TVL一点点的养了起来，它主要依靠的是Tranchess 社区的支持。
所以简单的答案是否定的 — — 我们不受 3AC 的影响，我们也一直在陆续收到投资者对我们的协议及运作方式的问询，所以也谢谢你的问题。
Question 2: ‘Tranchess can provide users with varying products to better manage their portfolio.’ So I just wonder if people only have little money, is it possible to choose ROOK / QUEEN or just limited to the BISHOP ? I guess there should be some rules of qualification for users about it? Can share some details about it ?
‘Tranchess 可以提供使用者多種產品去選擇管理他們的資產配置’ 所以我想知道人們若只有點小錢，那他們還能夠選擇 ROOK / QUEEN 的產品 還是只能被限制去選擇 BISHOP ? 我猜應該有一些對於用戶的相關規則或限制可分享下 ?
Tranchess King: Tranchess is part of DeFi and it’s always our aim and direction to be providing services for users across different types.
Whether you are small or big user, frequent and infrequent user, we welcome everyone 🙂
I would however like to encourage users though to have a decent understanding of our protocol as well as monitor the gas fee expenses (versus your crypto assets put in) before actually embarking on using Tranchess — sorry to sound long winded but we do care for our users and it’s just a gentle reminder.
if you are just want to hold to long term btc / eth / bnb with good returns — it will be Queen.
if you want to enjoy a leverage of around 2x on btc/eth/bnb
- it will be Rook
if you want to be involved in crypto but prefers to be conservative or prefers market neutral strategies
- it will be Bishop
- it could also be our Bishop-BUSD liquidity pools ( but suggested to user with prior DeFi experiences.
Thanks for your question. 🙂
Tranchess 是 DeFi 的一部分，为不同类型的用户提供服务始终是我们的目标和方向。
无论是小投资人还是大资金的持有者，也无论你是频繁使用defi的用户，还是偶尔使用defi的用户，我们都欢迎。
我会鼓励用户在实际开始使用 Tranchess 之前对我们的协议有一个基本的了解，并且关注一些你的 gas 费用相对于你投入的加密资产，是否是符合你的预期的 — — 很抱歉这可能听起来有些老生常谈，但我们确实关心我们的用户，也希望这个温馨提示能够帮助到大家。
如果你只是想持有长期的 btc / eth / bnb 并获得丰厚的回报 — 那是 Queen。
如果你想在 btc/eth/bnb的涨幅上享受 2 倍左右的杠杆- 这是 Rook
如果你想参与数字货币但更喜欢保守或更喜欢市场中性策略- BISHOP
- 也可以参与我们的 Bishop-BUSD AMM池子（但建议有 DeFi 经验的用户使用。
BISHOP和ROOK都可以通过BUSD Swap的方式获得，就像其他DEX一样，对金额没有要求。但就像上面说到的，我们提醒用户关注自己的投入产出是否符合预期。
谢谢你的问题。
Question 3: Hello King@Tranchess_King, I have a question whether to consider adding other underlying assets as farming objects, such as $SOL, $AVAX etc….
Best wishes, hope every $chess holder be the winner in The Queen’s Gambit 🥰
Tranchess King: Thanks for asking this.
The quick reply to your question is that post v2 — we have corrected the inherent bottlenecks and definitely ready to move on to multichains — which includes what you’ve mention and more.
The question is when to move on to which blockchain network. We are definitely keen to move ahead with the bigger and more stable ones to start. Once ETH Merge 2.0 is completed, it will definitely be the first step for us towards rest of POS networks.
Certain blockchain networks we are also still monitoring on security and also consistency issues — that includes of course whether there are block delays and other network issues. There’s no point in letting down our users because of such issues.
Tranchess was always designed for multiple underlyings and multiple products. We have developed well so far but there’s so much mooooooooooooooooooooooooooooore to come.
I’m excited and hope to be able to have everyone following us to see what we can deliver in the near and far term.
谢谢你的问题。
最简单了当的答案是，在发布了V2之后，随着过去一些制约项目发展的瓶颈被解决，并且为接下来的产品上线留足了准备，我们绝对是会从单链进入多链运行阶段的 — 其中就包括你的问题中提到的内容等等。
更重要的问题是，我们什么时候去哪一个公链。我们毫无疑问想要选择更大也更稳定的链作为开始，也因此，一旦 ETH Merge 2.0 完成，这绝对是我们迈向其他 POS 网络的第一步。
我们也始终在密切的关注其他很多网络，主要是安全性和稳定性的问题 — — 当然也包括是否存在区块延迟是否严重和有没有其他网络问题。如果因为这些方面出了问题，导致影响了我们的用户体验，这无疑是得不偿失的选择。
Tranchess 从一开始就是为了多种底层标的资产以及多重产品结构而设计的DeFi协议。目前为止我们还算是发展的挺好，但是接下来还有非常非常非常非常 x10086的新功能和产品会上线。
我为此感到很兴奋，也并希望能够让每个关注我们的人，都能够在接下来的时间里看到我们更多的新发展。
Amy Gui: 感兴趣的小伙伴关注Tranchess和Danny的推特哦
Twitter @Tranchess / My Twitter handle is @DcKingT
好的，辛苦二位啦今天。谢谢你们的精彩分享以及Tranchess团队给我们社区小伙伴的大红包。也感谢大家的时间！
Thank you very much for the great sharing today and the generous Hongbao. Thank you everyone for your time.
A.Huang: 谢谢大家的关注，谢谢Binance，谢谢King~
Amy Gui: 感谢大家，我们还有最后两波红包送给大家
