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If you mean the chest on the rock at the end of the rapids, where there are a couple wrecked ships, it is part of Radcliff's battle tower quest, if you have him as an enchanter. The chest contains
some random minor loot and a 'goblin stone' gem, which 2 goblins will show up to demand back after you retrieve it; you can either fight them or trade the stone for 2 malachite gems. If you kill them and return with the stone, you get both platform upgrades; if you trade it, you only get one upgrade.
If you have Wesson as an enchanter, the chest can not be opened (except by the 'unlock' cheat function in the Developer Mode version of the Developer's Cut release).