Tranchess has unveiled a BNB fund that qualifies it as a Binance Smart Chain node validator in a bid to diversify its revenue streams.
Tranchess Co-founder, Danny Chong, says that the opportunity to validate BSC nodes would also contribute to the decentralization of the chain.
The executive notes that the firm chose BSC because of its competitive node validator requirements compared to other Proof-of-Stake protocols.
Node validators need to stake about 1,000 BNB, an equivalent of $4.6 million, to validate Binance transactions compared to Ethereum’s 32 ETH requirement.
Chong adds that their integration with BSC would open cross-chain interoperability.
Tranchess’ Chess token had gained 8.6% in the past 24 hours at $1.86. BNB is also up 4.5% on the Asian business hours.
The DeFi protocol raised $1.5 million in August during a funding round led by Three Arrows Capital and Spartan Group.
Band Protocol is another firm that operates a validator protocol on the Fantom network for additional revenues and token value enhancement.
Source: Coindesk