Multiple exchanges have listed TNSR, and Solana ecosystem NFTs have gained attention

Author: Mia, ChainCatcher

Editor: Marco, ChainCatcher

The leading NFT trading platform in the Solana ecosystem, Tensor, officially launched its governance token TNSR on the evening of April 8, rapidly landing on major exchanges such as Binance, OKX, and Coinbase with viral speed.

Tensor has been active as an NFT trading platform for a long time, having made its mark in 2022 by winning two Solana hackathons, becoming a complete dark horse project and earning approximately $60,000 to $70,000 in prizes. In March of last year, Tensor completed a $3 million financing round led by Placeholder, with participation from Solana Ventures, AllianceDAO, BigBrain Holdings, and Solana co-founders Anatoly Yakovenko and Raj Gokal. With this $3 million financing, Tensor officially entered the first tier of the Solana ecosystem's NFT trading field, after which OKX also announced the aggregation of the Tensor platform.

In March of this year, Tensor officially announced the issuance of the TNSR governance token, which will be managed by the Tensor Foundation and governed by the Tensor community using TNSR.

As expectations for the TNSR token airdrop continued to rise, Tensor's trading volume in the Solana ecosystem also saw a significant increase. Tensor has now become the largest NFT market in the Solana ecosystem in terms of trading volume, reaching new heights in both activity and influence.

TNSR Token Economic Model

According to Tensor's announced TNSR token economic model, this model focuses on protocol governance, aiming to achieve broad community participation and long-term incentives for core contributors. The total supply of TNSR tokens is set at 1 billion, with the initial distribution strategy as follows:

Community Distribution: 550 million tokens (55%), of which 12.5% will be directly distributed to community members through airdrops, and the remaining 42.5% will be used for incentive programs, liquidity provision, and grant activities beneficial to the Tensor ecosystem to promote community building and ecological development.

Core Contributor Distribution: 270 million tokens (27%), which will be locked for one year and then released linearly over three years to ensure that core team members and key contributors can participate long-term and drive the development of the Tensor platform.

Investor and Advisor Distribution: 90 million tokens (9%), also locked for one year and released linearly over three years. This portion of tokens aims to incentivize investors and advisors to continue supporting and guiding Tensor, jointly promoting the platform's growth.

Future Fundraising and Development Reserve: 90 million tokens (9%), to be used for Tensor's future fundraising activities and development reserves to address potential new opportunities and challenges, ensuring continuous innovation and progress of the platform.

Within 180 days of the airdrop, eligible addresses can claim airdrop rewards at any time on the Tensor Foundation's official website. According to community feedback, the minimum airdrop for this event will be 420 TNSR tokens, which also means that those looking to profit will receive at least a few hundred dollars. Such expectations for the airdrop have led to a surge in interactions with Tensor recently.

TNSR Launch Benefits, Leading the Tensor Trading Boom

With the official launch of TNSR, the long-silent Solana-based NFT trading platform Tensor has once again entered the public eye. According to NFT analysis service SolanaFloor, trading activity on Tensor has intensified since the end of 2023, with the number of traders reaching a new high of over 6,000 on April 3.

However, since hitting a historical high of 103,000 SOL in trading volume in mid-December last year, Tensor's trading volume in SOL has been continuously declining. By April 7, the daily trading volume had dropped to less than 7,000 SOL, but on the day TNSR launched, the daily trading volume soared to nearly 20,000 SOL, undoubtedly driven by the significant benefits of TNSR's launch.

Currently, among the two leading NFT markets on Solana, Tensor and MagicEden, MagicEden has outperformed Tensor in terms of dollar trading volume since March of this year, but Tensor continues to dominate the Solana NFT market in terms of the number of traders and executed trades. For independent traders, Tensor's market share exceeded 90% in early April, and the increase in activity on Tensor is likely also due to the launch of its governance token TNSR.

According to the ranking of the most popular series on Tensor over the past 7 days, it can be seen that among the top 10 NFT series, only 3 saw a price decrease last week, while the remaining 7 showed an upward trend. This data was exactly the opposite before the launch of TNSR; on the night before the launch, only 3 NFT series among the top 10 maintained price increases, while the others were all declining. Notably, the floor price of the second hottest series, Mutantmon, dropped to 1.2 SOL, but has now rebounded to 1.53 SOL.

With the airdrop benefits materializing, NFT prices have rebounded, and the trading wave has begun to decline. Currently, the number of Tensor traders has dropped from the previous 6,000 to 303. However, regarding the activity level of the Solana NFT market, the launch of TNSR has undoubtedly activated the trading enthusiasm across the entire market, becoming a lifeline to revive the stagnant Solana NFT space, while also allowing those looking to profit to taste success. But in the face of the significant selling pressure after the airdrop frenzy, what will the price trend of TNSR be? Will it become the next BLUR? And will the popularity of Solana NFTs continue?

According to OKX market data, after the launch of TNSR, it briefly reached 2.6 USDT but has now fallen to 1.64 USDT, with a daily drop of over 11%.