Instant Swap
AMM pools for BISHOP, ROOK and QUEEN.

How many AMM pools are there on Tranchess?

Right now there are 4 AMM pools:
nBISHOP-BUSD;
bBISHOP-BUSD;
eBISHOP-BUSD;
nQUEEN-BNB.

Does BISHOP still follow the NAVs when trading in AMM pools?

Some might have noticed, Tranchess provides two sets of prices under BISHOP Swap for users' references: Fair Value and Price.
"Fair Value" is the NAV of BISHOP, calculated and updated real time. "Price" is the actual price level the BISHOP token is trading in the specific AMM pools. "Fair Value”, or BISHOP's NAV, acts as a reference in the AMM pools.

What's the transaction cost of AMM pools?

AMM pools charge 0.1% transaction costs in the form of BUSD for every swap. 80% of the transaction cost goes directly to the liquidity providers, while the other 20% goes to the Tranchess treasury and joins Tranchess' weekly rebate program for all veChess holders who have enrolled.

Without ROOK AMM pools, how do you achieve instant swap for ROOK tokens?

Let's use bROOK, the ROOK token of our BTCB fund as an example. The same route applies to the buy and sell of all three ROOK tokens.
  • Buying bROOK.
Alice wants to swap for 1 bROOK. She enters the amount and approves the transaction, the corresponding amount of BUSD then gets deducted from her account and she receives the bROOK token instantly. Behind the transaction, Tranchess automatically transfers from the bBISHOP-BUSD pool, enough BUSD to purchase 1 bBISHOP. It then uses the BUSD from the AMM pool and the BUSD from Alice to swap for BTCB from PancakeSwap. The BTCB is created into bQUEEN, split, with bROOK returns to Alice's account, and bBISHOP being put back into the bBISHOP-BUSD pool.
Under extreme circumstances when everyone's swapping for ROOK in a bullish market, the corresponding BISHOP could be trading at a discount in its AMM pool.
  • Selling bROOK.
Bob wants to sell 1 bROOK. After he approves the transaction, the 1 bROOK is deducted from his account with the corresponding BUSD added to his balance. Behind this one click of approval, Tranchess automatically transfers 1 bBISHOP from the bBISHOP-BUSD pool and merges with Bob's 1 bROOK token to form bQUEEN. It then redeems the bQUEEN back into BTCB and swaps BTCB for BUSD on PancakeSwap. Some of the BUSD is added to Bob's balance based on bROOK's market price, which is what Bob saw in his account at the beginning of this example. The rest of the BUSD is added to the bBISHOP-BUSD AMM pool.
Under extreme circumstances when everyone's selling ROOK for BUSD in a bearish market, the corresponding BISHOP could be trading at a premium in its AMM pool.