The yield-enhancing asset tracker protocol becoming a validator will allow the addition of a layer of alpha-enhancement to its upcoming BNB fund.
BSC Ecosystem Gets Another Validator
Tranchess will be a validator on the Binance Smart Chain (BSC) post the launch of the protocol’s Binance Coin (BNB) fund. The protocol intends to launch the BNB fund before mid-January 2022, becoming the protocol’s first product this year.
The announcement was made on Dec. 30 by the protocol via a Twitter post. The fund will use a product structure similar to the structure and utility of the protocol’s native tokens with the difference that the validator node will be bonded together. Users will be able to stake the collected BNB token into the validator node to receive additional APR rewards from the BSC network.
“We are both proud and excited to be a validator on BSC, especially at the beginning of a brand new year. This reflects Tranchess’s continuous commitment to provide 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’s continuous goal of generating sustainable and diverse returns for our users,” mentioned Danny Chong, the co-founder of Tranchess, in the official Medium blog explaining the announcement.
The rewards received from the BSC network would be distributed back to the protocol’s BNB fund users that have created and staked QUEEN with their BNB tokens.
“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,” added Gwendolyn Regina, Investment Director at Binance Smart Chain, in the blog.
As previously reported by BSC News, Transchess completed the full launch of its protocol on July 22 after surpassing 1,000 BTC in Total Value Locked (TVL). Currently, the protocol has over $1.1 billion in TVL as per data from DeFiLlama.
More recently, the protocol ended the first proposal vote on its decentralized autonomous organization (DAO) on Dec. 10. The launch of a 3rd BNB fund was approved by the community. Soon after, the protocol integrated with Chailink’s price fees on Dec. 27 to access price data through oracles.
Source: BSC News
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