User Guide: CHESS Cross-Chain
Tranchess recently soft-launched its ETH liquid staking protocol on Ethereum, unlocking more possibilities for the utility of CHESS, the governance token of Tranchess. To help our users better enjoy the added benefits, here’s a quick guide for CHESS, veCHESS, and how to bridge them to Ethereum on Tranchess.
Tranchess uses Multichain, a decentralized cross-chain protocol, to facilitate all cross-chain activities. Please refer to the previous joint announcement for more technical details on the collaboration. Users can bridge CHESS/veCHESS from BNB Chain to Ethereum or the other way around. In this article, we will be focusing on demonstrating how to bridge from BNB Chain to Ethereum, which is typical for most of our users.
To bridge CHESS, look for “Bridge” under the dropdown.
Tranchess uses Multichain’s built-in router for CHESS cross-chain. By clicking “Visit Multichain to move CHESS,” users will be redirected to Multichain’s website to complete the transaction.
Multichain charges a set fee for all cross-chain transactions, which can also be found as reminders on the page. The exact token amount fluctuates with the CHESS price.
It usually takes 10~30 mins for the bridged CHESS to appear in the destination address. You can also find the transaction logs on the Bridge page for reference.
Given the current fee setting, we advise our users to check the fees and choose between bridging CHESS directly and locking their CHESS on BNB Chain first and bridging their veCHESS onto Ethereum for lower transaction costs. Tranchess is also actively exploring more solutions to support CHESS cross-chain transfers.
Tranchess uses AnyCall, a generic cross-chain message protocol from Multichain, to support veCHESS cross-chain transactions. To bridge veCHESS, select “Locked CHESS” and enter the desired amount.
Bridging veCHESS does not change the locked period or the amount of veCHESS tokens. Due to the nature of veCHESS, users can only bridge veCHESS with a lock period of more than four weeks. Similar to the CHESS cross-chain, it takes around 10~30 minutes for the bridged veCHESS to appear in the recipient address. Once the transaction is confirmed, the transaction log at the bottom of the “Bridge” page will be updated for users’ reference.
Just like on BNB Chain, veCHESS on Ethereum can be used to participate in weekly governance voting. It also earns protocol fee rebates from the Tranchess protocol on Ethereum. During the initial soft launch phase, qETH from liquid staking fees will be the sole source of the weekly rebate. As Tranchess gradually releases more features on Ethereum, the weekly rebate pool will grow and diversify.
Tranchess weekly CHESS emission is distributed among various pools; the weekly governance voting decides the specific split.
CHESS tokens allocated to the Balancer qETH/ETH pool will not be distributed directly to liquidity providers. Instead, to maximize LP holders’ benefit, the allocated CHESS will act as incentives for auraBAL holders and join the weekly bribing mechanism on Hiddenhand. Bribing with CHESS incentivizes auraBAL holders and gains a higher BAL allocation to the qETH/ETH pool, which will be distributed to all liquidity providers of the pool.
Tranchess has added the qETH/ETH pool into governance voting together with the soft launch. All the CHESS tokens allocated to qETH/ETH pool per voting result would be collected and temporarily kept in the smart contract until Tranchess joins Hiddenhand bribing, upon which the accumulated CHESS will be used in the first bribing round.
The soft launch on Ethereum marks the start of another exciting journey for Tranchess. Just like on the BNB Chain, the growth and development of Tranchess on Ethereum involves a comprehensive product line, multidimensional collaborations within the Ethereum ecosystem, and the support of our community. A new chapter of CHESS has just unfolded. Stay tuned as we release more utilities and solutions for CHESS and veCHESS in the coming weeks!