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Dec 29, 2021, 06:56 ET
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SINGAPORE, Dec. 29, 2021 /PRNewswire/ — Tranchess, the yield-enhancing asset tracker protocol on Binance Smart Chain (BSC), is bringing its yield-enhancing feature to the next level. Being a validator on BSC will allow Tranchess to add an exciting layer of alpha-enhancement to its BNB fund – Scheduled for launch before mid-January 2022.
Binance Smart Chain is the top leading POS (Proof-Of-Stake) chain providing one of the most active and robust blockchain networks. The fast and continuous growth of the ecosystem translates directly to the strong need and support of validator nodes, which in turn reflects a consistent and significant yield return to the validator node.
Launched and operating smoothly on BSC since June 2021, acting as a validator is also Tranchess way of expressing gratitude and giving back to the BSC community for their strong support and enthusiasm towards the protocol. With the alpha-enhanced BNB fund as its first product in 2022, Tranchess continues to provide diversified solutions to its users and to help improve users’ yield return on crypto assets.
How Does the Validator Node Help Enhance Yield for Users
With Tranchess, users can enhance their yield by creating Tranchess native tokens QUEEN, BISHOP and ROOK with the preferred tracked-underlying assets. The three tokens are designed with different characteristics to cater to varied risk-return capacities; users enjoy yield returns by staking these tokens and farming CHESS, the protocol governance token.
Fundamentally, the new BNB fund has a similar product structure, but with a validator node bonded together. With this symbiotic relationship, Tranchess will be able to stake the collected BNBs into the node to receive added APR rewards from the BSC network. The rewards are then distributed back to Tranchess BNB fund users who have created and staked QUEEN with their BNBs.
"Validators are a critical part of BSC decentralization as they guarantee the integrity of the blockchain and secure the network. As the BSC ecosystem grows, we are committed to ensuring the BSC community continues to have a seamless experience. We are thrilled to have Tranchess as a validator on BSC." said Gwendolyn Regina, Investment Director at Binance Smart Chain.
The criteria for becoming a BSC validator are stringent. A node needs to have a steady, robust and secure technical infrastructure to start. It also needs to hold a fairly large amount of BNBs to be considered eligible for reward collection. With the new BNB fund, Tranchess hopes to aid more users in benefiting across the crypto world – whether you are a "whale" or a "common supporter" of BSC with just one or two BNBs, you too can now enjoy even greater DeFi rewards and the blockchain world has to offer.
"We are both proud and excited to be a validator on BSC, especially at the beginning of a brand new year. This reflects Tranchess’ continuous commitment to providing a wider range of products to users in 2022 and beyond, which is in line with our roadmap. We are unveiling a new chapter in our journey with this launch, and we are off to a great start – This development marks a significant milestone to Tranchess continuous goal of generating sustainable and diverse returns for our users," says Danny Chong, Co-Founder of Tranchess.
About Binance Smart Chain
Binance Smart Chain is a fast, secure and low-cost EVM compatible blockchain. The sovereign smart contract chain delivers compatible programmability for an interoperable ecosystem. Designed to run in parallel with Binance Chain, BSC is a highly scalable infrastructure capable of catering to 1 billion users. For more information, visit – https://www.binance.org
SOURCE Binance Smart Chain
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