in brief
- Tensor, an NFT trading platform operating on the Solana blockchain, has announced the introduction of its governance token, $TNSR, designed to decentralize protocol governance. However, specific details regarding the token’s release are yet to be disclosed.
- Since its inception in 2022, Tensor has facilitated the trading of over $2 billion worth of Solana NFTs, establishing a dominant position in Solana’s NFT market. In the last 90 days alone, Tensor has overseen more than 70% of the trading volume within the Solana NFT ecosystem.
- The launch of $TNSR is intended to incentivize the community of creators and NFT builders operating within the Solana ecosystem. This initiative comes amidst a notable surge in NFT sales on the Solana blockchain, surpassing those of major competitors like Ethereum and Bitcoin.
Tensor, a platform facilitating NFT trading on the Solana blockchain, has revealed its plans to introduce a governance token, $TNSR. The announcement came through a post on X by the Tensor Foundation, signaling its intention to enable community-driven governance of its protocols. Notably, the statement did not provide precise information regarding the token’s release timeline or whether an airdrop would be part of the launch.
Shortly, Tensor protocols will be adopted by the Tensor Foundation and governed by the Tensor community using $TNSR.
— Tensor Foundation (@TensorFdn) March 12, 2024
Since its establishment in late 2022, Tensor has swiftly established itself as a prominent figure in the Solana NFT market, overseeing trades exceeding $2 billion. This considerable volume represents a significant portion of Solana’s overall NFT trading, with Tensor single-handedly managing over 70% of it within the last 90 days. The platform’s prominence reached new heights in April 2023, surpassing Magic Eden, the former leading NFT marketplace on Solana, in terms of trading volume.
Governance by the community and market influence
The shift towards a community-driven governance model reflects a prominent trend observed among projects on the Solana blockchain, with a concerted effort to decentralize decision-making processes. Under this model, token holders, particularly those actively involved in the platform, will be empowered to participate in voting on various aspects of the protocol’s direction. This strategic move aligns with broader industry trends within the crypto sphere, where there’s a growing emphasis on involving users in the governance of decentralized platforms, aiming for increased transparency and inclusivity.
While the specifics regarding the launch of the $TNSR token remain somewhat elusive, the Tensor Foundation has hinted at forthcoming incentives tailored for the ecosystem’s creators and NFT builders. This hints at a deliberate approach aimed at nurturing engagement and fostering growth within the community, potentially enhancing the platform’s vibrancy and sustainability over time.
Looking at the broader landscape of the Solana blockchain, there has been a noticeable uptick in NFT sales, with projects such as Mad Lads and Tensorians experiencing significant price surges. This surge in activity underscores the growing prominence of Solana within the NFT space. Notably, Solana’s overall trading volume for NFTs has recently surpassed that of Ethereum, indicating the blockchain’s increasing relevance and traction in the NFT ecosystem.
