Partnership Announcement — Tranchess Protocol

We are thrilled to announce our latest partnership with Tranchess, a unique tokenized structured fund protocol inspired by traditional finance. This collaboration marks a significant milestone for Lista DAO as we integrate our BNB Liquid staking token, slisBNB, into Tranchess’s yield-enhancing solutions. Through this partnership, we will introduce four new asset classes related to slisBNB, and we are excited to present them to you.

What is Tranchess

Tranchess is a tokenized structured fund protocol designed to offer users a variety of risk-return solutions for their crypto assets. Inspired by traditional structured funds, Tranchess provides a unique system where users can choose between different levels of risks and reward based on splitting and merging of tokens. It offers a range of investment options through its three tranche tokens — QUEEN, BISHOP, and ROOK — and its governance token, CHESS. Each tranche serves a specific purpose: Tranche BISHOP provides stable returns, Tranche ROOK offers leveraged crypto asset trading, and the Main Tranche QUEEN is suited for long-term crypto asset holding. This flexibility allows participants to tailor their investments according to their risk tolerance and market outlook.

New Asset classes

At the core of Lista DAO’s integration with Tranchess is the introduction of four new asset classes — slisQUEEN, staYLBNB, turPLBNB, and staYLBNB-slisBNB LP. Each of these tokens serves a specific purpose within the ecosystem, offering a range of investment options tailored to various risk appetites and strategies. This structured fund operates like a traditional fund and will be available until September 30. Here are the details:

slisQUEEN:

Users can exchange slisBNB for slisQUEEN at a 1:1 ratio and vice versa.

Each slisQUEEN can be split into 0.1 turPLBNB and 0.9 staYLBNB, and similarly, 0.1 turPLBNB and 0.9 staYLBNB can be merged back into one slisBNBQUEEN. Exchanges and splits/merges between these tokens incur no fees, excluding on-chain transaction fees.

slisQUEEN holders earn 5 stardust per USD per day.

staYLBNB (Stable Yield slisBNB):

staYLBNB, or “Stable Yield slisBNB,” offers a boosted yield of approximately 12% APR until the fund’s maturation date on September 30, 2024. This boosted yield is derived from turPslisBNB, a stardust leveraged token designed to accumulate stardust.

Users can convert staYslisBNB back to slisBNB at any time or hold it until the fund ends, at which point each staYslisBNB will convert to approximately 1.03 slisBNB, assuming a 75-day period.

It is important to note that staYslisBNB is intended to provide a stable & boosted yield in exchange for the stardust it accumulates. Consequently, staYslisBNB holders will not earn any CAC S3 stardust.

turPLBNB (Turbo Point slisBNB):

turPLBNB is specifically designed to enable users to earn CAC S3 stardust. As previously mentioned, 1 slisQUEEN can be exchanged for 0.1 turPLBNB and 0.9 staYLBNB. While slisQUEEN holders earn 5 stardust/USD/day, staYLBNB holders do not earn any stardust.

The stardust that would be earned from slisQUEEN is transferred to turPLBNB instead. Holding 0.1 turPLBNB entitles holders to 5 stardust per day, and with an additional 2x multiplier, this amount increases to 10 stardust per day. In exchange for earning this stardust, turPLBNB holders pay interest to staYLBNB holders in the form of a decreasing exchange rate back into slisBNB, resulting in the 12% boosted APR for staYLBNB.

This effectively gives turPLBNB a stardust leverage of over 20 times the original reward amount.

Example:

• 1 slisQUEEN = 5 stardust/USD/day
• 1 slisQUEEN can be split into 0.1 turPLBNB and 0.9 staYLBNB
• 0.9 staYLBNB = 0 stardust/USD/day but earns ~12% boosted APR
• 0.1 turPLBNB = 10 stardust/USD/day (5 stardust x 2 multiplier)
• 1 turPLBNB = 100 stardust/USD/day (20x from 1 slisQUEEN)

On the maturation date, assuming staYLBNB earns a 12% annual yield, due to the interest that is being paid to staYLBNB holders, 1 turPLBNB will approximately convert to 0.73 slisBNB. The interest is paid in the form of a decreasing exchange rate against slisBNB for turPLBNB, and an increasing exchange rate for staYLBNB on maturation date.

Hence, with the introduction of Tranchess’s QUEEN token mechanics into slisBNB, it allows users to either leverage stardust accumulation for CAC S3 or opt for a higher, more stable yield by holding staYLBNB.

staYLBNB-slisBNB LP:

Introducing staYLBNB-slisBNB LP tokens to Lista DAO’s ecosystem allows LP providers to earn four types of rewards:

1. Stardust rewards from slisBNB
2. CHESS rewards
3. Trading fees of 0.05% APR
4. Interest paid by turPLBNB holders to staYLBNB holders

For instance, if an LP token consists of 0.6 staYLBNB and 0.4 slisBNB, users will earn 0.6 * 12% = 7.2% APR on their LP. Additionally, all slisBNB in the LP earns 10 stardust per USD per day.

LP holders will also receive CHESS token emissions. The distribution ratio of weekly CHESS incentives can be found on Tranchess’s Governance page here. Learn more about Tranchess’s LP token mechanics here.

Looking ahead

This partnership between Lista DAO and Tranchess marks an exciting step forward in our mission to enhance the DeFi ecosystem. By integrating slisBNB into Tranchess’s innovative yield-enhancing solutions, we are offering our users new opportunities to maximize their returns through a diversified and structured approach.

With Tranchess’s robust platform and Lista DAO’s commitment to innovation, we are confident that this collaboration will bring significant value to our community. We look forward to seeing our users take advantage of these new offerings to optimize their crypto asset investments.

Explore the new possibilities and join us on this journey to revolutionize the DeFi landscape with Tranchess and Lista DAO.