The term "CHESS token" most commonly refers to the Tranchess (CHESS) token, which is the governance and utility token for the Tranchess protocol. Tranchess is a yield-enhancing asset tracker protocol that uses smart contracts to create a risk/return matrix from a single fund tracking an underlying asset.
Tranchess (CHESS) Token:
Governance Token: CHESS tokens allow holders to participate in the governance of the Tranchess platform, including voting on proposals for protocol upgrades and changes.
Utility Token: CHESS tokens are also used for various utility functions within the Tranchess ecosystem, such as staking for veCHESS (which grants voting rights and fee rebates).
Risk/Return Matrix: Tranchess creates different "tranche" tokens (QUEEN, BISHOP, and ROOK) from a single underlying asset, offering varying risk and return profiles.
Yield Farming: Users can earn CHESS tokens by staking QUEEN, BISHOP, and/or ROOK tokens.
Trading: CHESS tokens are available for trading on various centralized and decentralized exchanges.
