As of February 4, 2026, Tranchess (CHESS) remains a niche but established player in the DeFi ecosystem, particularly known for its structured fund approach to tracking major crypto assets like Bitcoin, Ethereum, and BNB.
Short Analysis of CHESS (Tranchess)
Fundamental Purpose:
Tranchess is a yield-enhancing asset tracker that splits a "Main Fund" (tracking an underlying asset) into two sub-tranches:
BISHOP: A low-risk, yield-bearing token (stablecoin-like).
ROOK: A high-risk, leveraged token for traders seeking multiplied exposure.
CHESS: The governance and utility token used to vote on emissions and earn protocol rebates.
Current Market Status:
Price: Currently trading around \$0.024, showing a slight recovery from a recent 24-hour low of approximately \$0.018.
Market Cap: Small-cap status, valued at roughly \$4.97\text{M} - \$5.6\text{M}.
Supply: Circulating supply is about 205.9\text{M} out of a maximum 300\text{M}.
Performance: The token is down over 99\% from its all-time high of \$7.92. In the last 30 days, it has seen a decline of roughly 25\% to 40\%, reflecting broader bearish sentiment or rotation in the DeFi sector.
Key Drivers & Risks:
Buyback Program: The team initiated a significant buyback program (targeting 10% of market cap) using protocol revenue, which acts as a "soft floor" for the price.
Utility: Unlike many "farm and dump" tokens, CHESS has a clear revenue-sharing model where locking it for veCHESS entitles holders to 50% of protocol fees.
Risk: Its extremely low market cap makes it highly volatile and sensitive to small sell-offs. It currently lacks the massive TVL (Total Value Locked) growth seen in newer "Liquid Staking" competitors.
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