TL;DR
- Tranchess, a DeFi protocol, has launched its v3 iteration introducing innovative yield products for stETH holders, marking a significant milestone in the DeFi space.
- The v3 protocol introduces Turbo Yield ETH (turYETH) and Stable Yield ETH (staYETH), developed in collaboration with Lido, offering leveraged exposure and fixed-rate staked ETH rewards respectively.
- The launch of Tranchess v3, aimed at attracting new users and expanding the protocol’s market share, has seen a positive market response with a 20% increase in the value of Tranchess’s native token, CHESS.
Tranchess, a DeFi protocol focused on liquid staking, has launched its v3 iteration, introducing innovative yield products for stETH holders. The launch, announced on February 15, marks a significant milestone in the DeFi space, offering users new ways to maximize their staking rewards.
We’re excited to announce the launch of Tranchess V3 – LSTFi Expansion, working alongside @lido to provide full $stETH compatibility which gives users a brand new ability to gain on network rewards in MULTIPLES!
Read on…👀
1/6 pic.twitter.com/K5cmgqJFkb
— Tranchess (@Tranchess) February 15, 2024
The v3 protocol introduces two new features developed in collaboration with Lido, the team behind the stETH liquid staking token (LST). The first, Turbo Yield ETH (turYETH), allows users to gain leveraged exposure to stETH, thereby enhancing the staking rewards earned. This product is designed to cater to users seeking to optimize their staking returns.
The second feature, Stable Yield ETH (staYETH), offers fixed-rate staked ETH rewards for up to one year. This product is aimed at users who prefer to avoid the volatility of staking reward fluctuations as new validators join the network.
In addition to these new offerings, Tranchess also provides a liquidity pool pairing wstETH and staYETH. This allows liquidity providers to earn fees on trades executed via the pool, further enhancing the earning potential for participants.
How Tranchess Attracts New Users and Increases Market Share with v3 Launch
Tranchess expressed its excitement about the v3 launch, stating:
“We focused on building vertically, unlocking LST utility surpassing simple collateralization”. The company also hinted at rewarding early adopters of the new products, with announcements regarding “incentives, rewards, and programs” for early users expected soon.
The launch of Tranchess v3 is a strategic move aimed at attracting new users and expanding the protocol’s market share. The total value locked (TVL) in Tranchess has consistently ranged between $42M and $75M since September 2022, with the TVL currently standing at $58.8M.
The CHESS token, Tranchess’s native token, has also seen a 20% increase since the announcement of the imminent v3 launch on February 6. This positive market response indicates the growing interest and confidence in Tranchess’s offerings.
With the v3 launch, Tranchess continues to innovate and provide users with new opportunities to maximize their staking rewards. The introduction of leveraged exposure and fixed staking returns for stETH holders underscores Tranchess’s commitment to enhancing the DeFi staking landscape.
