Token QUEEN is the token for the main tranche, or main fund, as the old-school financial industry might call it. Each Token QUEEN represents one share of the main fund. The main fund is an asset tracking index fund. QUEEN’s Net Asset Value (NAV) tracks the underlying asset's price on a fully correlated basis*.
Right now Tranchess has three main funds, the BTCB fund and the ETH fund, thus two QUEEN tokens, bQUEEN and eQUEEN.
Rather than holding BTCB or ETH passively, investors can now swap their assets for token QUEEN via a ‘creation process’ or buy from the “Swap” with USDC. In doing so, they will have the same underlying asset exposure and, alongside the ability to farm Tranchess’s CHESS tokens for further yield enhancement. CHESS is also key to receiving an additional rebate from fees collected within Tranchess. (* with deduction of management fees.)
Token QUEEN is designed for long-term crypto asset (i.e., BTC) holders. For those who have BTC, converting BTC into Token QUEEN allows them to stake the token and harvest CHESS; for those that want to buy BTC, Tranchess main fund is much more flexible than other BTC tracking funds because it has no lock-up period and only takes up to 24 hours to process requests.