The liquid staking provider for the BNB ecosystem, Tranchess, has expanded its offering. Tranchess has officially launched its non-custodial liquid staking product, qETH, on Ethereum.
Announcing this in a Twitter post, the trading protocol stated that qETH was officially live on Ethereum and additional features would go live as soon as possible.
Tranchess recognizes the fact that decentralized approaches are becoming a greater necessity. Several leading liquid staking platforms on the Ethereum network have always come from centralized service providers. However, with the collapse of some of these protocols, like FTX, there is an increasing shift to decentralized protocols.
According to a statement by co-founder and CEO of Tranchess, Danny Chong,
“DeFi is now back into the limelight, especially in the lights of liquid staking. The yields in terms of returns are stable, and people know exactly where it comes from, which is from gas fees.”
Chong stated Tranchess does not intend to be a centralized entity, citing that the company is working with node operators it trusts for technical execution. Since Tranchess offers a decentralized alternative, the protocol provides a 4% return on staked ETH.
This upgrade by Tranchess will enable users to withdraw their staked tokens. Users will be allowed to stake their tokens, and in return, they will receive a token of equivalent value like qETH. This qETH token is a redeemable receipt that can be used as collateral with participating DeFi platforms.
The protocol also stated it ensured its deployment on Ethereum was seamless by applying lessons learned from validating on the BNB chain. Tranchess has over $45 million in total value locked, and it hopes to grow with this move into the Ethereum liquid staking ecosystem.
