CHESS (Tranchess) rose 19.28% in the last 24 hours.

Gate News Bot news, July 2nd, according to CoinMarketCap data, as of the time of writing, CHESS (Tranchess) is currently priced at 0.09 USD, having risen 19.28% in the last 24 hours, with a high of 0.09 USD and a low of 0.07 USD. The current market capitalization is approximately 17.4 million USD, an increase of 2.81 million USD compared to yesterday.

Tranchess is a decentralized finance protocol that provides liquidity staking, leveraged trading, and stable returns. Users can obtain sustainable returns by staking ETH, BNB, or BTC while maintaining the liquidity of their assets. CHESS is the governance token of Tranchess, and holders can participate in protocol decisions, such as CHESS token distribution and staking reward distribution. The protocol also offers two derivatives, BISHOP and ROOK, which are pegged to the US dollar and provide leveraged trading capabilities.

Important news about CHESS recently:

1️⃣ Australia’s Securities Exchange CHESS System Upgrade Cancellation Raises Concerns The Australian Securities Exchange (ASX) canceled the highly anticipated CHESS settlement system blockchain upgrade plan in 2022. This decision led to project delays, financial losses, and widespread criticism, and indirectly affected the market’s confidence in the application of blockchain technology in the traditional financial sector.

2️⃣ Regulators Launch Formal Investigation into ASX The Australian Securities and Investments Commission (ASIC) announced on June 16 that it has launched a formal investigation into ASX, focusing on its abandoned blockchain projects and broader operational risks. Three of Australia’s top financial experts have been appointed to lead this review, aimed at assessing ASX’s governance, risk control, and system resilience.

3️⃣ ASIC accuses ASX of making misleading statements The Australian Securities and Investments Commission subsequently filed a lawsuit, accusing ASX of making misleading statements regarding the progress and feasibility of the CHESS system upgrade project. This move highlights the regulatory body’s stringent review approach towards innovative financial infrastructure projects.

Although these events are not directly related to the Tranchess project, they may indirectly affect the market sentiment for the cryptocurrency project that also uses the name CHESS. Investors may pay more attention to the actual implementation of blockchain projects and regulatory risks, which may partly explain the recent price fluctuations of the CHESS token.

This message is not to be taken as investment advice; investors should be aware of market volatility risks.