Posted: March 13, 2024 3:38 AM Updated: March 13, 2024 3:38 AM
Correction and fact check date: March 13, 2024, 3:38 AM
briefly
Tensor has revealed plans to introduce a TNSR token to allow holders to participate in protocol governance.
Solana-based non-fungible token (NFT) trading platform Tensor has announced plans to introduce the $TNSR token to allow holders to participate in protocol governance. The announcement did not specify whether there would be an airdrop or not, and additional information on the token launch is expected to be provided in the near future.
According to a post on social media platform Additionally, it is built on the Solana blockchain, one of the few chains with the throughput, speed, and low fees needed for widespread adoption.
In the near future, the Tensor Foundation plans to adopt the Tensor Protocol, delegating governance to the Tensor community using the $TNSR token. In addition to overseeing the necessary infrastructure, the Tensor Foundation aims to foster a community of creators and developers dedicated to the success of NFTs.
Tensor dominates Solana trading
An NFT marketplace tailored for traders, Tensor integrates advanced features such as real-time data, candlestick charts, and automated market making (AMM) pools designed specifically for NFTs. The platform also provides rewards to its users. The marketplace, which launched in 2022, raised $3 million in a seed funding round last year with backing from the likes of Placeholder VC and Solana Ventures.
In the past 90 days, Tensor has facilitated over $2 billion in NFT transactions, accounting for over 70% of Solana NFT transaction volume. This is a significant increase compared to the $7 million in NFT trading volume reported last year.
The trading volume of Solana NFTs, which historically lagged behind NFTs issued on the Ethereum blockchain, has recently shown a steady upward trend. According to data from CryptoSlam, more than $200 million worth of Solana NFTs were traded each month from December to February.
Tensor’s strategic initiatives and dominant performance highlight its important role in the NFT trading space.
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Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
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