CHESS
CHESS token and its tokenomics.
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CHESS token and its tokenomics.
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CHESS is the governance token of the Tranchess community.
You can harvest CHESS by staking Token QUEEN, BISHOP, and/or ROOK in the protocol.
The total supply of CHESS tokens is 300M.
0x20de22029ab63cf9A7Cf5fEB2b737Ca1eE4c82A6
Currently, the community incentives are planned to vest throughout a 207-week time period, that is around 4 years.
Out of the 300Mn total supply of CHESS, 50% will be used for community distribution and incentives, of which 120Mn will be released on Tranchess.
On Tranchess, CHESS distribution started on June 24th. The week from June 24th to July 1st is defined as "week 1". Week 1 started with distributing 300,000 tokens, and from week 2 to 4, each week distributes an additional 300,000 on top of the previous week. By the end of week 4, the accumulated distribution was 3,000,000.
CHESS staking reward for ETH starts on 14:00 UTC, November 4th, 2021.
CHESS staking reward for BNB starts on 14:00 UTC, January 13th, 2022.
The detailed emission schedule for all staked assets is as below:
For the first four weeks after the ETH fund launched, the distributed CHESS tokens were allocated to the staked BTC and ETH funds at a certain percentage. The detailed split between the two funds are as below:
*: For week 24 onwards, the split between BTCB and ETH is calculated using the following formula:
ETH% = ( + Last Week's ETH% )/2
BTCB% = ( + Last Week's BTCB% )/2
For example, at the beginning of a certain week, the total TVL of Tranchess is 2 billion, with 1.5 billion of BTCB and 0.5 billion of ETH. Also, the previous week's allocation split was 80% for BTCB and 20% for ETH.
(0.5/2+0.2)/2=22.5% ==> 22.5% of this week's total weekly CHESS emission will be allocated to the ETH staking pool;
(1.5/2+0.8)/2=77.5% ==> 77.5% of this week's total weekly CHESS emission will be allocated to the BTCB staking pool.
For the first five weeks after the BNB fund launched, there would be an additional amount of CHESS distributed to all Tranchess users besides the regular emission. Detailed schedule as below:
The split among all three funds is currently decided by 50% TVL ratio and 50% community voting result.
The weight for Token QUEEN, Token BISHOP, and Token ROOK is set at 3:4:2, which means that IF 1 QUEEN received 3 CHESS tokens in a certain week, then during the same time period, 1 BISHOP would receive 4 CHESS tokens, and 1 ROOK would receive 2 CHESS tokens.
For example:
Suppose that Tranchess distributed 300,000 CHESS in total during a certain week and had an average total number of 30,000 QUEEN, 15,000 BISHOP, and 15,000 ROOK staked in the protocol during that week. The average number of CHESS that each QUEEN could get during this period would be 5, each BISHOP would get 5*(1+33%) ≈ 6.67, and each ROOK would get 5*(1-33%) ≈ 3.33.
The weight for Q/B/R of the ETH fund is the same as the BTCB fund, thus follows the same calculation as the example above.
