Tranchess x Multichain: Empowering Tranchess ETH Liquid Staking

Tranchess
4 min readOct 18, 2022

We are excited to announce Tranchess’s integration with Multichain. This integration is fundamental to Tranchess’ upcoming liquid staking product on Ethereum. With the integration, users could quickly transfer both CHESS and veCHESS between BNB Chain and Ethereum.

CHESS, the native token of the Tranchess protocol, and veCHESS, the governance token of Tranchess, which allows users to gain rebates and vote on proposals, are vital to the Tranchess ecosystem. To ensure a smooth transition of both tokens for Tranchess users after the launch of ETH liquid staking on Ethereum, Tranchess decided to use Multichain, the industry-leading cross-chain solution, for a swift and secure user experience.

Tranchess adopts two main products from Multichain to realize the cross-chain purpose: Cross-chain Router for users’ CHESS cross-chain transfers and Anycall for veCHESS and weekly CHESS emission distribution across both chains.

Let’s take a closer look at the three cases and how Tranchess adopts Multichain to achieve effective cross-chain swaps.

CHESS Cross-chain with Cross-Chain Router.

*BSC: BNB Smart Chain
  • Users initiate CHESS cross-chain transfer from BNB Chain/Ethereum to Ethereum/BNB Chain.
  • They will be redirected to the Multichain Router to finish the transaction.
  • After the transaction, users will receive CHESS in their destination wallet address on Ethereum/BNB Chain.

The technical workflow is described in the chart above. Tranchess will update its Doc soon with a deep dive into the technical details for anyone interested to learn more.

AnyCall adoption for veCHESS and CHESS emission cross-chain.

AnyCall is a generic cross-chain message protocol that enables cross-chain messaging and contract calling from one chain to another. With AnyCall, Tranchess can customize its need for veCHESS and CHESS Emission cross-chain swaps without sacrificing the structural integrity of the product design or the UX flow within the Tranchess ecosystem that users are already familiar with.

veCHESS Cross-Chain

*BSC: BNB Smart Chain
  1. User initiates veChessCrossChain in VotingEscrowV3 (BSC), which deposits CHESS to AnySwapChessPool (BSC)
  2. AnyCallProxy (BSC) emits LogAnyCall event, including the unlock schedule and amount of CHESS
  3. SMPC Network relays the message and calls AnyExec in AnyCallProxy (ETH)
  4. AnyCallProxy (ETH) calls AnyExecute in VotingEscrowV3 (ETH) and syncs up the user’s lock schedule and amount of CHESS
  5. VotingEscrowV3 (ETH) mint CHESS from Chess (ETH) to VotingEscrowV3 (ETH)

Transferring veCHESS from Ethereum to BNB Chain would follow the same procedure as above.

CHESS Emission Cross-Chain

*BSC: BNB Smart Chain

The process is combined with two parts: Crosschain Sync, which syncs and updates the total voting results from Tranchess users on Ethereum, and Crosschain mint, which gathers the result from Crosschain Sync and mint the corresponding amount of CHESS for distribution. Specifically:

Crosschain Sync:

  1. Initiates crossChainSync in ChessSubSchedule (ETH)
  2. AnyCallProxy (ETH) emits LogAnyCall event, including the total vote counts
  3. SMPC Network relays the message and calls AnyExec in AnyCallProxy (BSC)
  4. AnyCallProxy (BSC) calls AnyExecute in ChessScheduleRelayer (BSC) to update the total vote counts from ETH chain

Crosschain Mint:

  1. Initiates crossChainMint in ChessScheduleRelayer (BSC)
  2. ChessScheduleRelayer (BSC) mints CHESS from ChessSchedule (BSC) to AnySwapChessPool (BSC)
  3. AnyCallProxy (BSC) emits LogAnyCall event, including the weekly amount of CHESS to mint on ETH chain
  4. SMPC Network relays the message and calls AnyExec in AnyCallProxy (ETH)
  5. AnyCallProxy (ETH) calls AnyExecute in ChessSubSchedule (ETH) to update the weekly amount of CHESS
  6. ChessSubSchedule (ETH) mint Chess (ETH) on Minter’s demand

Tranchess will update its Doc soon with a deep dive into the technical details of the cross-chain functions for anyone interested to learn more.

The integration with Multichain has successfully tackled some of the most challenging tasks before Tranchess launches its liquid staking product on Ethereum. It has brought us one big step closer to the final release of Tranchess ETH liquid staking. For more information on how Tranchess’ ETH liquid staking product works and how the Multichain integration functions for users every day. Stay tuned as Tranchess gradually reveals its complete design on the ETH liquid staking product in the coming days!

About Tranchess

Tranchess is a yield-enhancing asset tracker protocol with liquid staking and structured products. Inspired by tranche funds’ ability to satisfy users’ varying risk appetites, Tranchess aims to provide a different risk/return matrix out of a single main fund that tracks a specific underlying asset. Tranchess launched its first fund in June 2021 and its validator staking solution for BNB in January 2022. It is now a leading protocol on the BNB Chain.

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About Multichain

Born as Anyswap on July 20th, 2020, Multichain is positioned as a decentralized cross-chain router to address the clear need for distinct and diverse blockchains to communicate with one another.

Multichain promotes interoperability across different networks and actualizes smooth asset and value transfers as a cross-chain architecture. In addition, Multichain also powers the seamless data or message transmission across chains by anyCall, enabling the building of cross-chain Dapps.

Multichain is the leader in the cross-chain sector, with a constantly growing family of EVM and non-EVM chains (currently 64) and deployed bridges (currently 2,700+). Multichain, working hard to push the boundary of multi-chain, envisions to be the ultimate router for Web3.

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Tranchess

A Yield Enhancing Asset Tracker with Varied Risk-Return Solutions. https://www.tranchess.com/