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Tranchess (CHESS) Spikes 60% Following Ethereum Staking Innovation

Thu, 02/09/2023 - 16:26
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Gamza Khanzadaev
CHESS price soars following new hype around Ethereum, but there's a catch
Tranchess (CHESS) Spikes 60% Following Ethereum Staking Innovation
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The Tranchess token (CHESS) showed a sharp spike in quotations of more than 60% from the start of today's trading session, despite uncertainty gripping the crypto market and turning it red. The reason for such excellent price action was the market hype surrounding Ethereum, or more precisely, its liquid staking options.

CHESS to USD by CoinMarketCap

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Thus, although Tranchess was originally a project on BNB Chain, that did not stop the development team from adding ETH liquid staking capabilities to a platform originally designed for farming. Thus, using Tranchess for this purpose, you can deposit your Ethereum at 2.7% and receive qETH in return. The rate on the platform is noticeably lower than many of its larger competitors, but that is not the key point.

The fact is that the introduction of Ethereum's liquid staking innovation at Tranchess occurred two months ago, and CHESS has only now shown a reaction.

Ethereum (ETH) liquid staking hype

At the same time as CHESS, evidence of something looming around Ethereum was provided by the price action of tokens such as Frax Share (FXS), Rocket Pool (RPL) and ssv network (SSV), directly related to the liquid staking of ETH.

Cardano CEO Says Ethereum Staking Is Problematic, Here's Why

It is funny that Tranchess' Twitter account caught the hype and hastened to remind and fixate enthusiasts on the fact that the platform also has something to do with it. Obviously, as the March update of Ethereum, called Shanghai, approaches, the interest and buzz around this topic will only grow in scale.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.