Start with weETH

The basics of Tranchess weETH Fund.

Make sure to switch to the Scroll network before getting started.

Tranchess weETH Fund includes three product designs and a liquidity pool:

• turPWEETH: 40x points earnings

• staYWEETH: Fixed 10% APR and no points

• weethQUEEN: 1:1 with weETH.

• staYWEETH-weETH LP: points, trading fee, CHESS allocation and fixed yield

You can hold any combination of the four tokens to form your ideal yield/point earning portfolio, and adjust your portfolio anytime you need to. There is no lock-up period.

The first fund will conclude on December 15, 2024. After the fund closes, all tokens will be converted into weETH proportionally. You can track your Loyalty Points here.

All four tokens (weethQUEEN, turPWEETH, staYWEETH and the LP token) earn Scroll marks based on their USD values.

Choosing the ideal token - More points, fixed yield, or a little bit of everything:

turPWEETH: Max points

Short for "Turbo Point weETH," turPWEETH turbocharges your speed of earning Loyalty Points. With an innate leverage of 10 and a bonus multiplier of 4 from ether.fi, turPWEETH earns Loyalty Points at a 40x rate.

turPWEETH gets all the point shares allocated to staYWEETH; in return, it pays staYWEETH a fixed interest rate as a cost.

You can swap turPWEETH back to weETH anytime you want, or hold it until the fund ends, when all turPWEETHs can be converted back to weETH.

staYWEETH: Fixed yield

Short for "Stable Yield weETH", staYWEETH earns a fixed interest of 10%. staYWEETH doesn't earn any points.

You can swap staYWEETH back to weETH anytime you want, or hold it until the fund ends, when all staYWEETHs can be converted back to weETH.

staYWEETH-weETH LP: Points, yield, CHESS incentives and trading fees

staYWEETH-weETH LP holders collect a basket of yield including four parts:

• CHESS rewards: Weekly CHESS emissions decided by weekly governance voting

• Trading fee: 0.05%

• Interest: Partial interest from staYWEETH. Example: If one LP token consists of 0.6 staYWEETH and 0.4 weETH, the LP token would earn 0.6*10%=6% interest.

• weETH multiplier: Each weETH in LP receives a 4x multiplier of Loyalty Points. The value of a weETH is calculated based on its notional value.

You can add or withdraw liquidity anytime in pairs or single assets.

weethQUEEN

Swap weethQUEEN 1:1 with weETH. Every weethQUEEN can be split into 0.1 turPWEETH and 0.9 staYWEETH. Similarly, every 1 turPWEETH and 9 staYWEETH can be merged into 10 weethQUEEN. The ratio is always $1 \rightleftharpoons 0.1+0.9$.

weethQUEEN earns 4x Loyalty Points.

When the fund ends

All tokens will be converted back to weETH based on their fair value, specifically:

• weethQUEEN: 1:1

• turPWEETH and staYWEETH:

  • the fair values of turPWEETH and staYWEETH don't calculate their points and consider only their yield and cost on the platform.

  • Deployment Date: Jul-08-2024 07:54:59 AM UTC

    • settlementPeriod: https://scrollscan.com/address/0xfbee64fa1a89b76976750d62c8f3298952C5a518#readContract#F30

    • dailyRate: https://scrollscan.com/address/0xfEe8CdDcC1d2345d8e7057A5a19BC69694B86922#readContract#F1

  • staYWEETH 's fair value calculates its fixed interest earning, generating a fair value of about 1+DailyRate*SettlementPeriod=1.044, i.e., every staYWEETH will be converted into 1.044 weETH.

  • turPWEETH's fair value calculates its cost of holding all staYWEETH point-earning shares, generating a fair value of about 10-StableFairValue*9=0.603, i.e., every turPWEETH will be converted into about 0.603 weETH.

  • Note: the numbers above are rough estimates for illustration purposes only. The exact figures will be shown on the website when the fund reaches maturity.

Fees

• LP pool trading fee: 0.05%

• Protocol fee: 3% on turPWEETH points.

• That's it！