Tranchess (CHESS), a protocol for managing tokenized assets and derivatives trading, has achieved a notable milestone. The project captured attention following a major announcement by the world's leading crypto exchange, Binance, which introduced a futures listing for its native token. In response, the CHESS price skyrocketed by 41%.
Binance Launched CHESS Futures Contract
According to an official Binance announcement, the platform launched the CHESS/USDT perpetual contract on August 29 at 07:30 UTC. Users can trade the asset with up to 75x leverage. Binance also set the capped funding rate at +2.00% / -2.00%. The announcement noted that the contract parameters, such as funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements, may be periodically reviewed.
Token Price Soars by 41%
At the time of writing, CHESS price surged by 41% to trade at $0.2193. The intraday lows and highs were $0.1422 and $0.2237, respectively. The rise is primarily linked to the futures listing announcements. A similar scenario was observed previously when VIDT price soared by 59% following its futures listing on Binance. Currently, VIDT DAO's weekly gains total 137%. Tokens POPCAT and SUN also rallied following similar listings.
Future Growth Prospects
Despite the positive trend and strong technical indicators for Tranchess, there are concerns about future growth. The Relative Strength Index (RSI) for the token is in overbought territory at 78, indicating a potential price pullback. Meanwhile, Coinglass data highlights the futures open interest for the asset at $2.58 million and derivatives volume at $15.68 million post the listing announcement.
Current market activity indicates significant interest from participants in Tranchess (CHESS). However, the future price dynamics remain uncertain and investors continue to monitor the situation closely.
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