Tranchess
CHESSTranchess is a structured asset protocol
Performances
RD Popularity Index
RD Growth Index
| 1h | 24h | 7d | 30d | 60d | 90d |
|---|---|---|---|---|---|
| 0.15% | 1.23% | 0.95% | 2.00% | 42.97% | 26.39% |
Comparison
Tokenomics
Unlock Progress
Data source: CoinGecko
Top Holders
| Address | Token | Quantity | Percentage | Value |
|---|---|---|---|---|
| 0x1bf0...3a7b |   CHESS | 85,698,315.94 | 28.57% | $6.45K |
| 0x1472...b64f | CHESS | 60,433,425.37 | 20.14% | $4.55K |
| 0x95a2...c6c2 | CHESS | 39,255,089.28 | 13.09% | $2.95K |
Open Markets
| # | Exchange | Pair | Price | Volume (24h) | volume % |
|---|---|---|---|---|---|
| 1 | CHESS/USDT | $0.0334 | $2,414,660 | 5404054.09% | |
| 2 | CHESS/USDT | $0.03321 | $893,303 | 1999229.04% | |
| 3 | CHESS/USDT | $0.04239 | $501,137 | 1121553.80% | |
| 4 | CHESS/USDT | $0.03339 | $243,492 | 544939.71% | |
| 5 | CHESS/USDT | $0.04452 | $134,445 | 300890.61% | |
| 6 | CHESS/USDT | $0.0455 | $132,200 | 295866.33% | |
| 7 | CHESS/USDT | $0.0449 | $23,312 | 52174.11% |
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About Tranchess
Tranchess is a structured yield and tranche fund protocol that started on BNB Chain and now also runs Ethereum liquid staking products. It targets users who want stable and leveraged exposure separated, where splitting it themselves brings liquidation, capital efficiency and counterparty problems. One asset is split into a base tranche, a dollar-pegged fixed-income tranche and a leveraged long tranche with no forced liquidation, with yield from staking, lending spreads and validator nodes; locking the governance token sets emissions and revenue share.
Replacing borrowing and leverage with tranching avoids a liquidation line, and ties the leveraged tranche's upside to the size of the base tranche. On 13 February 2026 a major exchange delisted all of its spot pairs, with futures settled on 6 February, and on 29 September that exchange completed Ethereum network integration and reopened deposits and withdrawals. October value locked was about $5.01 million, $4.58 million of it on BNB Chain, with Scroll and Ethereum holding legacy balances, continuing an outflow from roughly $70 million in 2022.
Fundamentals: Liquidity kept draining after delistings from Binance and other exchanges, and CHESS hit an all-time low of $0.0000590 on July 13, down about 100% from its 2021 high; as of October it trades near $0.000078 with a market cap of only about $16,000 against roughly $5 million of protocol TVL.
Holder incentives: The site shows zero CHESS emissions for the week of July 16-23; veCHESS holders still receive 50% of protocol revenue and vote on emission splits, but incentives have effectively ground to a halt.
Tranchess grew its total value locked (TVL) by roughly 240% year-over-year in 2026, driven by strong structured-yield demand after deploying its Turbo and Stable fund series across multiple chains. The Turbo and Stable funds are live on Ethereum, BNB Chain, and Scroll, covering major assets and stablecoin strategies.
Its STONE fund surpassed $190M on Scroll, becoming a leading yield product on that chain and highlighting Tranchess's expansion into restaking and structured notes. In 2026 the team also optimized fund fees and redemption mechanics.
Future strategy and roadmap: Looking ahead, Tranchess plans to extend the Turbo, Stable, and STONE product lines to more L2s and emerging chains, deepen integration with restaking protocols, and introduce richer risk tranching and automated rebalancing strategies.
Danny Chong — Co-founder & CEO; Nanyang Technological University graduate with 16 years in investment banking, former Asia-Pacific head of FX and emerging markets at Societe Generale and BNP Paribas.
Tranchess charges 0.1% on every swap in its AMM pools, settled in USDC or BUSD.
Tranchess pays 80% of that 0.1% directly to liquidity providers, while the remaining 20% goes to the protocol treasury and feeds the weekly veCHESS rebate pool.