.png)
Tranchess Protocol, the chess-themed decentralized finance (DeFi) asset management platform, has been on a tear ever since debuting in June.
The Three Arrows Capital-backed project’s popularity is evidenced in its total value locked (TVL) which has quickly risen to above $1.1 billion during that time. TVL refers to the number of assets currently staked in a given protocol and is a general way of determining popularity.
As of press time, TVL across most of the DeFi protocols exceeds $150 billion, data shows. Not bad for a roughly two-year-old sector.
Rankings over at the DeFi Llama dashboard show Tranchess’ meteoric rise from obscurity to 26th on the list, and it continues to climb the ladder. Two days prior, Tranchess was ranked 38th and is currently trailing not far behind more well-known projects including Bancor, Cream Finance, and Alpaca Finance.
“The phenomenal growth in TVL shows that investors are keenly attracted to the token system providing varied risk-return solutions,” Tranchess co-founder Danny Chong told CoinDesk on Thursday. “People of different risk profiles need a safer and simpler way to manage their digital assets.”
Tranchess had been under development for almost a year before launching on June 24 via Binance’s Smart Chain — an ecosystem designed by the exchange giant for budding DeFi apps running smart contracts.
Tranchess’ platform offers all the typical DeFi goodies including yield farming, staking, leveraged tracking, and swapping but it also offers a unique structure of risk/return matrix from a singular primary fund that tracks a specific underlying crypto asset. For the moment that underlying is bitcoin with more expected to be added in the future.
The project raised $1.5 million in a seed round in July led by Three Arrows Capital and Spartan Group with participation coming from notable investors including Binance Labs, Longhash Ventures, and IMO Ventures.
World Forex Award
Forex Awards
Forex Broker Awards
Coindesk
Comments