Primary Market

# How long do I have to wait for my creation and redemption requests?

As one of the major improvements in Tranchess V2, creation and redemption requests are now settled IMMEDIATELY.
However, please note, in order to achieve max Alpha benefit for the BNB fund, most of the BNBs are delegated to Tranchess' validator node. If users' redemption request for BNB exceeded the buffer amount (which is usually a very small percentage of all BNB fund) left in the Tranchess protocol, the redemption requests for BNB could take longer. Please refer to the real-time notice on Tranchess website when redeeming for BNB.

# Why can't I redeem my assets back?

Make sure to always "Unstake" your QUEEN tokens from the staking page into your wallet before redeeming.

# How many QUEEN tokens do I get for every BTCB, ETH, BNB I deposit in?

In Tranchess V2, the amount of QUEEN tokens users now receive is roughly EQUIVALENT to the actual amount of BTCB, ETH, and BNB they have in their account. At the very beginning, the ratio (or price as shown on the website) is exactly 1:1, that is, 1 BTCB=1 bQUEEN, 1 ETH=1 eQUEEN, 1 BNB=1 nQUEEN+. Protocol fees will be deducted gradually from the total pool. Alpha for BNB fund would also be added into the pool gradually. For the exact fees, please refer to "What are the fees?" in FAQ under "General".
When users create QUEEN with underlying assets, the amount of QUEEN they would get follows the following formula:
$QUEEN_{amount} = price (QUEEN) * UnderlyingAsset_{deposited}$
$price (QUEEN) = Equivalent TotalQueen/TotalUnderlying$
Equivalent Total Queen: the amount of QUEEN currently in the corresponding underlying asset's fund + the sum of its corresponding BISHOP and ROOK.
The real-time price of each QUEEN can be found under "Summary" in the "Create" tab:
Here is an example for bQUEEN, the QUEEN token of the BTCB fund.

# What is Fair Value?

In order to differentiate between the current trading price and the real value of BISHOP and ROOK, instead of NAV, Tranchess now uses the terms “fair value” and “price” when describing the values of QUEEN, BISHOP and ROOK tokens.
For BISHOP and ROOK tokens, If you are familiar with the previous version of Tranchess, think of “Fair Value” as the old “NAV” for easy understanding.
The “Fair Value” of QUEEN is the current market price of its corresponding underlying assets over price(QUEEN). For example, if the current market price of BNB is 270, and the price of nQUEEN, as explained in the previous question, is 0.9956, then the Fair Value of nQUEEN would be 270/0.9956, which is roughly 271.19.

# How many BISHOP and ROOK tokens would I get when splitting one QUEEN?

Because now 1 QUEEN represents a much larger value than it used to be in Tranchess V1, we introduced a new parameter called "Split Ratio". Split Ratio is the amount of BISHOP and ROOK users would get when splitting one QUEEN.
$CurrentSplitRatio = QUEEN_{FairValue}/FairValue_{BISHOP+ROOK}$
​After special events such as Rebalance, the new split ratio will be:
$NewSplitRatio = OldSplitRatio * FairValueSum_{OldBISHOP+OldROOK}/2$
A split ratio of 200 for bQUEEN means that for every bQUEEN split, users would get 200 bBISHOP and 200 bROOK.

# Can I buy Token QUEEN, BISHOP, and ROOK on some other exchanges? Why?

Right now, you can only trade Token QUEEN, BISHOP, and ROOK on Tranchess. In the future, these three tokens might become available on other exchanges as soon as there’s enough technical support from them.