Chainbound is a neutral status effect that readies the target for a skillchain. It acts as a "wildcard" for the first weapon skill in a Skillchain when applied. In essence, it allows a skillchain to be performed with a single weapon skill. The effect lasts for a few seconds (the same amount of time allowed for a normal skillchain) or until a weapon skill with at least one skillchain attribute is performed.
Chainbound status with Wild Flourish only allows for level 1 and level 2 skillchains to immediately follow it (for instance, Wild Flourish -> Spinning Slash will not produce a Light skillchain). As a result, to progress from Chainbound status to a level 3 skillchain, a third element to the chain must be added.
Using Konzen-ittai will allow the user to perform Level 1, 2 and 3 skillchains immediately following it with Chainbound status.