Tranchess (CHESS) Achieves Milestone with Binance Futures Listing, Fueling Price Surge

Tranchess (CHESS) Achieves Milestone with Binance Futures Listing, Fueling Price Surge

Tranchess (CHESS), a protocol for tokenized asset management and derivatives trading, has recently reached a significant milestone that has caught the attention of the crypto community. Today, Binance, the world’s largest cryptocurrency exchange, announced the listing of a futures contract for the CHESS token, sparking a wave of optimism. In response to this news, the price of CHESS skyrocketed by nearly 41%.

The crypto market is abuzz with speculation about the token’s potential price trajectory.

Binance Introduces USD-Margined Perpetual Contract for Tranchess (CHESS)

According to an official announcement from Binance on August 29, the exchange’s futures trading division launched the CHESS/USDT perpetual contract at 07:30 UTC. This move allows Binance’s vast user base to trade CHESS with up to 75x leverage.

Binance’s decision to introduce this futures contract is part of its broader strategy to enhance its offerings. Tranchess remains the underlying asset for this new product. The exchange also set the capped funding rate at +2.00% / -2.00%.

The announcement noted that Binance might periodically review and update the contract’s terms, including adjustments to the funding fee, tick size, maximum leverage, initial margin, and maintenance margin requirements. Despite these potential changes, the listing has already contributed to significant gains in the CHESS price.

Additionally, BingX, another prominent cryptocurrency exchange, revealed that CHESS perpetual and standard futures are now live on its platform, adding further positive momentum for the token.

CHESS Price Soars 41% Following Futures Listings

At the time of writing, CHESS is trading at $0.2193, representing a 41% increase. The token’s intraday range spanned from a low of $0.1422 to a high of $0.2237.

This price surge is closely tied to the recent futures listings. Similar instances have been observed before, such as when VIDT saw a 59% price increase following its futures listing on Binance just a week ago. Currently, VIDT DAO has achieved an impressive 137% gain over the week, fostering similar optimism for CHESS.

Tokens like POPCAT and SUN have also experienced significant rallies after their respective futures listings on centralized exchanges. However, despite the bullish sentiment, there are some uncertainties surrounding the future price movements of CHESS.

While technical indicators suggest strong buying interest in Tranchess, the Relative Strength Index (RSI) raises caution. As of now, the RSI for CHESS is at 78, indicating that the token is in overbought territory, which could lead to a potential price correction.

Crypto market watchers are closely monitoring CHESS for any further shifts in its price action. According to Coinglass data, open interest in CHESS futures currently stands at $2.58 million, with derivatives volume reaching $15.68 million following the listing announcement.