DeFi Protocol Tranchess Records Over $1 Billion in TVL

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DeFi
DeFi Protocol Tranchess Records Over $1 Billion in TVL

Decentralized finance (DeFi) protocol, Tranchess, has had success since its launch two months earlier, with the protocol recently crossing $1 billion in total value locked (TVL), within the period. 

$1 Billion TVL in Two Months

Tranchess, backed by hedge fund manager Three Arrows Capital, attained the $1 billion milestone in TVL, a sign of the protocol’s increasing popularity in the DeFi space. According to data from DeFi ranking and metrics platform DeFi Llama, the project ranks 26th on the list, having risen 12 positions from 38th two days earlier. 

DeFi Llama’s data also shows that the total TVL is more than $150 billion. In celebration of the impressive growth, Tranchess announced via Twitter, that it was hosting a give-away, with five lucky winners getting $100 worth of its governance token $CHESS. 

According to data from DeFi ranking and metrics platform DeFi Llama, Tranchess ranks 26th on the list, having risen 12 positions from 38th two days earlier. 

The project was launched on the Binance Smart Chain back in June 2021 as a “tokenized asset management and derivatives trading protocol.” Also, Tranchess has three tranche tokens called QUEEN, BISHOP, and ROOK., while the project offers leveraged tracking, yield farming, swapping and staking. 

Furthermore, the protocol provides a risk/return matrix from one main fund, which tracks a particular underlying asset. Currently, the only underlying asset tracked is bitcoin, with Tranchess’ QUEEN being the BTC-tracking token.  

Commenting on the Tranchess’ billion-dollar milestone achievement was Danny Chong, the project’s co-founder, who said:

“The phenomenal growth in TVL shows that investors are keenly attracted to the token system providing varied risk-return solutions. People of different risk profiles need a sager and simpler way to manage their digital assets.” 

Earlier in July, Tranchess raised $1.5 million in seed funding led by Three Arrows and Spartan Group. Participation came from other notable backers which include IMO Ventures, Binance Labs, and Longhash Ventures. The fund raised is aimed at fueling the project’s plans to become a multi-chain system and also develop its decentralized autonomous organization (DAO).

Meanwhile, the DeFi sector continues to increase in popularity and adoption. As previously reported by BTCManager earlier in August, Uniswap became the first DeFi protocol to record more than $1 billion in transaction fees.

Anthonia Isichei

A graduate of English, She stumbled on cryptocurrency while trying to proofread an article for a friend back in 2011, and since then, She has been hooked! She loves to play word games and tennis.