Tranchess, an asset management protocol based on the BNB chain, will offer a non-custodial staking service and the qETH token to extend liquid staking on Ethereum.
In the lack of a definite date for the Shanghai upgrade on Ethereum, Tranchess has developed around liquid staking systems. Users would be able to withdraw their staked ETH after the update.
Users can stake tokens using the protocols. In exchange, they would receive a token of similar value, such as qETH, which would act as a redeemable receipt that could be used as collateral with participating DeFi platforms.
The Tranchess team recently met with Ethereum inventor Vitalik Buterin in Singapore, who represents the inclusion of zero-knowledge techniques that enable transactional verification and user privacy. The team is currently investigating this.
The protocol was released 2 weeks ago. According to DefiLlama, it has around $46 million in total value locked, with the potential to grow by forking into the Ethereum liquidity staking ecosystem.
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