Stretchable nanocomposite conductors are essential for engineering of bio-inspired deformable electronics, human-machine interfaces, and energy storage devices. While the effect of strain on conductivity for stretchable conductors has been thoroughly investigated, the strain dependence of multiple other electrical-transport processes and parameters that determine the functionalities and biocompatibility of deformable electrodes has received virtually no attention. The constancy of electrochemical parameters at electrode-fluid interfaces such as redox potentials, impedances, and charge-transfer rate constants on strain is often tacitly assumed. However, it remains unknown whether these foundational assumptions actually hold true for deformable electrodes. Furthermore, it is also unknown whether the previously used charge-transport circuits describing electrochemical processes on rigid electrodes are applicable to deformable electrodes. Here, we investigate the validity of the strain invariability assumptions for an elastic composite electrode based on gold nanoparticles (AuNPs). A comprehensive model of electrode reactions that accurately describes electrochemical processes taking place on nanocomposite electrodes for ferro-/ferricyanide electrochemicals pair at different strains is developed. Unlike rigid gold electrodes, the model circuit for stretchable electrodes is comprised of two parallel impedance segments describing (a) diffusion and redox processes taking place on the open surface of the composite electrode and (b) redox processes that occur in nanopores. AuNPs forming the open-surface circuit support the redox process, whereas those forming the nanopores only increase the double-layer capacitance. The redox potential was found to be strain-independent for tensile deformations as high as 40%. Other parameters, however, display strong strain dependence, exemplified by the 2-2.5 and 27 times increases of active area of the open and nanopore surface area, respectively, after application of 40% strain. Gaining better understanding of the strain-dependent and -independent electrochemical parameters enables both fundamental and practical advances in technologies based on deformable electrodes.