When I was first introduced to Tranchess, I read: Trance Chess.
Playing Chess with Trance dance music? Really?
Isn't funny how our minds can read things in different ways than what is actually written down? Our brain filters and transformers in full effect! The Trance thingy is probably due to my slight deformation in our social communities at the HIVE chain for which Music is a constant factor. In case you are wondering, I don't even like Trance music... Well, some Trance music I do like, such as Sasha's album from medieval times Airdawndagger (click me to listen).
Turns out Tranchess is one of the newest high flying DeFi projects. Though this service may not try to solve a crypto space problem, it tries to solve a world problem that we will gonna face in the next few decades. With the exponential growth of automation (through massive adoption of AI), many of us will be out of a job at one point in time. We need something like a Universal Basic Income (UBI), to allow us to get to our basic necessities, food, housing, internet connectivity and what not.
We can skip UBI and create passive income for ourselves.
Since last year we've seen many staking-for-rewards projects born. Some do well, some ok to ok-ish, and others are not delivering what they should be. The problem with many staking-for-rewards projects is: How to get peeps holding the tokens, instead of dumping their rewards on the market driving the token prices down.
Staking-for-Rewards explained: Essentially these are all the projects that offer rewards when locking up tokens. Staking is the action of moving tokens in such reward pools. It's like moving dollars into a savings account at your own bank. The rewards are like interest that your bank is paying you for your funds in your saving account.
It looks like Tranchess found a model that works. At least so far so good... Or better said: So far so SUPER good! While in the first month of the project, the total amount of BTC staking was limited to something like 100M USD, today more than 6 times that amount is locked and staked; Almost 650M USD as of writing. It also seems the native token is getting the attention of investors and traders. With huge amounts of transactions with up to 50k USD worth of buy (and sell) orders, in recent days Chess more than doubled in value. Check the charts below, and see for yourself how well Tranchess is doing.
Am not saying at all this is a token to buy right now, but you may consider moving (some of your) BTC to the BSC chain and get into the staking pools at Tranchess and receive Chess rewards in return.
Yes, you read it right!
It's BTC staking that is on offer here.
Decentralised Management: Gain Vote Rights
Currently not entirely controlled in a decentralised manner, the team plans to move governance over to the community by means of the protocol's own DAO. Stake BTC/Chess and receive vote rights by locking Chess for a period of time. Any period you want. The longer the lock time, the more vote weight you get, ie the more influence you gain.
Earn BTC on top of Chess
Added to that, locking Chess will give you BTC rewards too. The protocol earnings is (partially) shared with the Chess stakers.
None of what is writing in this post is financial advise. Always DYOR!
Tranchess links to check as part of your research
EDIT: just an hour or so after publication of this post, TVL (Total Locked Value) moved up to 720M USD from the earlier mentioned 650M USD.