Tranchess, a liquid staking provider for the BNB ecosystem, will expand liquid staking on Ethereum with the launch of a non-custodial staking service and the qETH token.

A majority of leading liquid staking protocols on the Ethereum network come from centralized sources. In the wake of the collapse of centralized service providers such as FTX and those companies caught up in the backlash, decentralized approaches are becoming a greater necessity, Tranchess CEO and co-founder Danny Chong told The Block in an interview.

“We didn't really want to be a centralized entity,” Chong said, adding that the company is working with node operators it can trust for technical execution. Offering a decentralized alternative to major competitive staking services like Lido, Tranchess provides a 4% return on staked ETH, according to its website.