Tranchess (CHESS)：基于 Tranche 的加密货币投资和流动质押指南

Tranchess 是一种 DeFi 协议，提供两项主要服务：流动质押和基于 tranche 的加密投资，这是一种结构性投资形式，交易者可以根据相同的基础资产在基金中选择不同的风险/回报状况。

The decentralized finance (DeFi) sector boasts a wide range of protocols and solutions designed to enhance yield generation and optimization. Among these are asset optimization platforms, liquid staking solutions, and various other protocol types, all promising to deliver the best yields in the industry. However, most of these protocols lack the flexibility to cater to traders' specific risk profiles. While traders can choose to invest in different crypto assets, each with its own level of risk, the ability to select different risk profiles based on the same underlying investment asset is not a common offering in DeFi.

去中心化金融（DeFi）领域拥有广泛的协议和解决方案，旨在提高收益生成和优化。其中包括资产优化平台、流动质押解决方案和各种其他协议类型，所有这些都有望提供业内最佳的收益率。然而，大多数这些协议缺乏灵活性来满足交易者的特定风险状况。虽然交易者可以选择投资不同的加密资产，每种资产都有自己的风险水平，但基于相同的基础投资资产选择不同风险状况的能力在 DeFi 中并不常见。

Tranchess is a protocol that steps in to provide precisely this opportunity. By employing the concept of tranches — structured products with different risk profiles but based on the same underlying asset, like slices of a chessboard cake — the chess-themed Tranchess aims to provide DeFi traders with yield opportunities based on their preferred risk tolerances and investment styles.

Tranchess 协议正是为提供这种机会而介入的。通过采用 tranches 的概念——具有不同风险状况但基于相同标的资产的结构性产品，就像棋盘蛋糕的切片一样——以国际象棋为主题的 Tranches 旨在根据 DeFi 交易者偏好的风险承受能力和投资风格为他们提供收益机会。

The protocol began its journey in 2021 as an asset tracker for yield optimization and gradually evolved into a platform offering a comprehensive suite of DeFi services, including tranche-based crypto fund investment, liquid staking, and liquid token swaps. At its core, the protocol offers tranche-based crypto fund investments in funds based on high-cap assets like BNB and ETH.

该协议于 2021 年作为收益优化的资产跟踪器开始其旅程，并逐渐发展成为提供全套 DeFi 服务的平台，包括基于批次的加密基金投资、流动性质押和流动性代币互换。该协议的核心是提供基于 BNB 和 ETH 等高市值资产的加密货币基金投资。

Key Takeaways:

要点：

Tranchess is a DeFi protocol that offers two main services: liquid staking and tranche-based crypto investment, a form of structured investment where traders can choose different risk/reward profiles in a fund based on the same underlying asset.

Tranchess 是一种 DeFi 协议，提供两项主要服务：流动性质押和基于 tranche 的加密投资，这是一种结构性投资形式，交易者可以根据相同的标的资产在基金中选择不同的风险/回报状况。

The protocol provides its services on two blockchain platforms — BNB Chain (BNB) and Ethereum (ETH).

该协议在两个区块链平台上提供服务——BNB链（BNB）和以太坊（ETH）。

Tranchess utilizes a multi-token system, with the primary token, CHESS, used for governance, revenue-sharing, and staking reward accruals. CHESS can be purchased on Bybit as a USDT Perpetual contract.

Tranchess 采用多代币系统，其中主要代币 CHESS 用于治理、收入共享和质押奖励应计。 CHESS可以在Bybit上以USDT永续合约的形式购买。

What Is Tranchess?

什么是分批？

Tranchess is a decentralized protocol on BNB Chain that offers users crypto fund investment opportunities with varying risk profiles, as well as liquid staking services. The protocol's core service is tranche-based crypto fund investment, which provides traders with the opportunity to choose different risk levels based on tranches, or portions, of investment in the same underlying asset. This method of structuring products for different investor segments based on the same overall fund has been a popular approach in traditional finance (TradFi). Tranchess is among the first protocols to introduce this concept in the world of DeFi.

Tranchess 是 BNB 链上的去中心化协议，为用户提供具有不同风险状况的加密基金投资机会以及流动性质押服务。该协议的核心服务是基于批次的加密货币基金投资，它为交易者提供了根据同一标的资产的投资批次或部分选择不同风险水平的机会。这种基于同一整体基金为不同投资者群体构建产品的方法一直是传统金融 (TradFi) 中的流行方法。 Tranchess 是最早在 DeFi 领域引入这一概念的协议之一。

Founded by Danny Chong and his associates in 2020, Tranchess began its operations in June 2021 as a solution for tracking assets and offering yield opportunities in a fund based on Bitcoin (BTC). Later that year, in November, the protocol added support for an Ethereum (ETH) fund. In January 2022, Tranchess introduced its third major fund, based on the BNB coin, and also became a validator for the BNB Chain.

Tranchess 由 Danny Chong 及其同事于 2020 年创立，于 2021 年 6 月开始运营，作为跟踪资产并为基于比特币 (BTC) 的基金提供收益机会的解决方案。同年 11 月晚些时候，该协议增加了对以太坊 (ETH) 基金的支持。 2022 年 1 月，Tranchess 推出了基于 BNB 币的第三大基金，同时也成为了 BNB 链的验证者。

The original version of the protocol was based on an order book system, with traders executing their preferred strategies being supported in the background by a swap solution based on order matching. In August 2022, Tranchess introduced V2, a major revamp of the platform that largely replaced the order matching system with automated market maker (AMM) pools in Ethereum and BNB Chain.

该协议的原始版本基于订单簿系统，交易者执行他们的首选策略，并由基于订单匹配的掉期解决方案在后台支持。 2022 年 8 月，Tranchess 推出了 V2，这是对该平台的重大改造，在很大程度上用以太坊和 BNB 链中的自动做市商 (AMM) 池取代了订单匹配系统。

In February 2024, the project team further upgraded the platform to V3, introducing a range of Ethereum liquid staking products for enhanced yield opportunities.

2024年2月，项目团队将平台进一步升级至V3，推出一系列以太坊流动性质押产品，以提高收益机会。

How Does Tranchess Work?

批次如何运作？

The protocol utilizes three chess-themed crypto tokens — QUEEN, BISHOP, and ROOK — to enable investors to choose their preferred strategy and investment approach.

该协议利用三种国际象棋主题的加密代币——QUEEN、BISHOP 和 ROOK——让投资者能够选择自己喜欢的策略和投资方式。

The QUEEN token is used for yield farming and is issued on the platform when you deposit ETH, BNB, or BTCB (a BTC-pegged stablecoin issued and used on the BNB Chain) as collateral. This token tracks its specific underlying asset and is designed for investors who prefer a more stable, long-term investment approach.

QUEEN 代币用于流动性挖矿，当您存入 ETH、BNB 或 BTCB（在 BNB 链上发行并使用的与 BTC 挂钩的稳定币）作为抵押品时，该代币会在平台上发行。该代币跟踪其特定的基础资产，专为喜欢更稳定、长期投资方式的投资者而设计。

QUEEN also possesses a rather curious feature: it can be split into two tokens, BISHOP and ROOK, which open up opportunities for additional investment strategies. BISHOP allows investors to earn additional yields on their stablecoin investments. Yields on BISHOP are typically slightly higher than QUEEN yields, reflecting a somewhat riskier profile for this token. However, BISHOP is still an asset for relatively less risky strategies, at least when compared to ROOK.

QUEEN 还拥有一个相当奇怪的功能：它可以分为两种代币：BISHOP 和 ROOK，这为额外的投资策略提供了机会。 BISHOP 允许投资者通过稳定币投资获得额外收益。 BISHOP 的收益率通常略高于 QUEEN 的收益率，反映出该代币的风险较高。然而，对于风险相对较低的策略来说，BISHOP 仍然是一种资产，至少与 ROOK 相比是这样。

The ROOK token provides opportunities for particularly high yields in a high-risk investment environment. ROOK is used to open leveraged positions that are protected from forced liquidation. The three tokens — QUEEN, BISHOP, and ROOK — essentially act as tokenized fund-tracking investments, each with its own unique risk-and-reward profile.

ROOK 代币在高风险投资环境中提供了获得特别高收益的机会。 ROOK 用于开设免受强制清算的杠杆头寸。 QUEEN、BISHOP 和 ROOK 这三种代币本质上是代币化的基金跟踪投资，每种代币都有其独特的风险和回报特征。

The sustainability and stability of the Tranchess platform are directly tied to a fine balancing act between BISHOP's stable returns and ROOK's volatility. For instance, during adverse market events, the value of ROOK might drop so low (due to its leveraged nature) that it might affect the viability of stable returns from BISHOP.

Tranchess 平台的可持续性和稳定性与 BISHOP 的稳定回报和 ROOK 的波动性之间的良好平衡直接相关。例如，在不利的市场事件期间，ROOK 的价值可能会跌得很低（由于其杠杆性质），以至于可能会影响 BISHOP 稳定回报的可行性。