DeFi protocol Tranchess introduces ETH liquid staking
DeFi protocol Tranches has launched ETH liquid staking to fulfil an urgent need for secure and decentralized alternatives on Ethereum.
KEY TAKEAWAYS
Tranchess is a decentralized app that executes yield-generating strategies tailored to users’ risk profiles.
The ETH liquid staking will enable users to earn from staked ETH while retaining liquidity with an ETH-equivalent token, qETH.
The new Tranchess offering comes at a time when the top holders of staked ETH are under scrutiny following the recent collapse of FTX which was at some point the second-largest cryptocurrency exchange. It provides a solution for secure and decentralized alternatives on Ethereum.
Offering non-custodial ETH staking
The Tranchess ETH liquid staking meets a crucial need for more decentralized entities to offer non-custodial ETH staking which is in line with Ethereum’s objective of being a secure, decentralized, and censorship-resistant network.
While announcing the launch of the ETH liquid staking, the co-founder of Tranchess, Danny Chong, said:
“This launch is part of our ongoing commitment to deliver new and sustainable products for DeFi users. With the surging demand for more decentralized entities that have sufficient technical know-how, we’re thrilled to bring our expertise of securing PoS blockchains to Ethereum.”
Liquid staking is specifically important since Ethereum does not currently allow the withdrawal of staked ETH. With the ETH liquid staking, validators can offer liquid staking services and also give users token equivalents that they can use as collateral elsewhere.
Users will be able to deposit ETH on Tranchess to earn yield through liquid staking and at the same time receive qETH which can be swapped for ETH in the Tranchess’ Balancer pool.
About Tranchess
Tranchess is a decentralized application built on BNB Chain and it executes yield-generating strategies tailored to users’ risk profiles. It has also remained a top validator of the BNB Chain, which is a Proof-of-Stake (PoS) blockchain with the second-largest total value locked (TVL).
The validators of PoS blockchains like Tranchess earn native tokens for processing transactions and Tranchess has used this revenue to offer users additional yields of 6 to 12% over the past year.
The CEO said:
“Tranchess provides a sound and transparent alternative to centralised entities that offer liquid staking. As a top BNB Chain validator, the protocol has the solid technical background needed to operate proof-of-stake validators, on top of offering different risk-return solutions for users.”
