NFT Platform Tensor on Solana Set to Launch Governance Token TNSR
Tensor, a leading NFT marketplace on Solana, has announced the launch of its own governance token named TNSR, but has not provided further details.
NFT Platform Tensor on Solana Set to Launch Governance Token TNSR
Image: Tensor
In a statement released on the morning of March 13, Tensor revealed its own platform token called TNSR, which will primarily serve as a governance token for the protocol.
Tensor is currently one of the top NFT trading platforms on Solana, with a total trading volume exceeding $2 billion to date. Notably, in the last 90 days, Tensor claims to have handled up to 70% of Solana’s total NFT trading volume.
Introducing $TNSR - the future of NFT trading.$TNSR will govern Tensor protocols that have already traded over $2bn worth of NFTs on the fastest, most scalable blockchain - Solana. pic.twitter.com/eff2IxGOwr
— Tensor Foundation (@TensorFdn) March 12, 2024
Trading volume statistics of Tensor and Magic Eden on Solana. Source: @ilemi on Dune Analytics (March 13, 2024)
Tensor has declared its commitment to continue driving the growth of NFTs and the Solana ecosystem as a whole.
However, the project has not disclosed further details about the TNSR token, such as its tokenomics, allocation schedule, or airdrop timeline.
In March 2023, Tensor raised $3 million from several prominent Solana investment funds, including Placeholder VC, Solana Ventures, and the founders of Solana. The project describes itself as the "Blur on Solana," aiming to cater to professional NFT traders.
Since late 2023, the Solana ecosystem has experienced a remarkable comeback, led by the memecoin wave of Bonk (BONK), Dogwifhat (WIF), and other themed coins, as well as various airdrops that have garnered significant community attention, including those from Pyth Network (PYTH), Jupiter (JUP), Wen (WEN), Jito (JTO), Kamino (KMNO), and Wormhole (W).
The number of active wallets on Solana has reached record levels in recent days, as more cryptocurrency investors flock to the network to seize opportunities and avoid high transaction fees on Ethereum.
Tensor's main competitor in the Solana NFT marketplace space, Magic Eden, also announced plans to decentralize and hinted at launching its own token in January 2024.
