Tranchess Offers Leveraged stETH Exposure Following V3 Launch – Crypto News – Crypto News
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Tranchess Offers Leveraged stETH Exposure Following V3 Launch Tranchess Offers Leveraged stETH Exposure Following V3 Launch

De-fi

Tranchess Offers Leveraged stETH Exposure Following V3 Launch – Crypto News

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Tranchess, a liquid staking-focused DeFi protocol, has shipped its v3 interaction, introducing new yield producs for stETH holders.

On Feb. 15, Tranchess announced the launch of its v3 protocol, debuting two new features developed alongside Lido, the team behind the stETH liquid staking token (LST).

Tranchess‘s Turbo Yield ETH (turYETH) product allows users to access leveraged exposure to steETH, bolstering the staking rewards earned by holders. Its Stable Yield ETH (staYETH) offering also offers fixed-rate staked ETH rewards for up to one year, allowing holders to sidestep the volatility of staking reward fluctuations as new validators come online.

Tranchess also offers a liquidity pool pairing wstETH and staYETH, allowing liquidity providers to earn fees on trades executed via the pool.

“We’re excited to announce the launch of Tranchess V3, LSTFi Expansion,” Tranchess said. “We focused on building vertically, unlocking LST utility surpassing simple collateralization.”

Tranchess also hinted that early adopters will be rewarded for adopting the new products, stating that more will be announced soon regarding “incentives, rewards, and programs” for early users.

Tranchess is hoping the new features rolled out alongside its v3 iteration will attract new users and grow the protocol’s market share.

The total value locked (TVL) in Tranchess has consistently trended between $42M and $75M since September 2022, with its TVL currently sitting at $58.8M.

Its CHESS token is also trading at $0.21, having gained 20% since Tranchess announced v3’s imminent launch on Feb. 6, according to CoinGecko.

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