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.
Orrrrrr.....
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
Website https://tranchess.com/
Wiki https://docs.tranchess.com/
Medium https://tranchess.medium.com/
Telegram https://tranchess.medium.com/
Discord https://discord.com/invite/tKxAq78VBr
CoinGecko https://www.coingecko.com/en/coins/tranchess
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.
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Sasha' music 🎶🎶🎶 and playing chess ?
How cool!
Wait, not playing chess and music? Not a medieval thingy 😅?
Ok, will leave the financial part for others, for me the sounds that the music brought were really interesting 👌
Definitely music and chess ....
Hahaha, this is a hilarious match to this post 👍🤣🤣
Cerebral fitness 😅
How clever is that ....
🤣
thats a GREAT pick and share! 🙇
darn: another well known from the past...NICE!
Crypto: Just pass it on to your husband. He may like it.
Sasha: Nice you like it, or at least find it interesting 🙃 from medieval times, maybe not, but still from about 20 years ago 🎶
Oops, where was my answer 👀
Yes, passed on to husb. :)
How is doing Tranchess today?
Time relativity: 20 years in nothing to us 😁 well, for my son it is an eternity 🤣
Tranchess doing super. Went for another 1,5x since post. Now settling itself at about 1,2/1,3x times since post. TVL through the roof, more than 1B$ worth of BTC staked already.
You did a good move then with this one 👌
Crypto guru ;)
yea, one of the few. it was alerted to me by someone else.
but I can tell you, some of the opportunities brought by the same individual, I didnt act upon. opportunities that would've given me a LOT of monies by now, and I mean a LOT. but hey, we can't change the past, and can't change my bad decisions. sooooo 'guru'? not really I'm afraid.
Nice one, I've seen the CHESS token around but missed it. I'll take a proper look. I like to use the BSC chain troo and am always looking for a good BTC staking option. Cheers!
Tranchess is a perfect BTC staking option, I would say.
I do hope Chess gets back to it's peak of a few weeks ago. Nice way to monetise a little, but so far, sitting on all my rewarded Chess since I like to see where it'll be heading to.
Sounds great, I'll definitely check it out thanks
Interesting project hadn't heard of it before.
Posted Using LeoFinance Beta
So many projects launching, it's impossible to catch them all 🎶
Thanks for the info.... I find Binance Side Chain not easy to use .... so I avoid it. I experimented with it using my cold storage wallet and it was so 'clunky' I gave up.
just move some funds to metamask and BSC chain transactions works well
My wife said "Transvestite chess?" 😄
But seriously, we are heavily into staking so I am going to check it out!
hahahahaha, something like that :)
🙇