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Tensor introduces governance token on Solana blockchain

TL;DR

  • Tensor, an NFT trading platform on Solana, announced the launch of its governance token, $TNSR, to decentralize protocol governance, though details on the token’s release are pending.
  • Since its 2022 launch, Tensor has traded over $2 billion in Solana NFTs, dominating Solana’s NFT market by facilitating over 70% of its trading volume in the last 90 days.
  • The introduction of $TNSR aims to incentivize the ecosystem of creators and NFT builders within Solana, amidst a surge in NFT sales on the blockchain surpassing major competitors like Ethereum and Bitcoin.

Tensor, an NFT trading platform based on the Solana blockchain, announced the forthcoming release of its governance token, $TNSR. The disclosure was made via a post on X, where the Tensor Foundation indicated that the token would allow for community-driven governance of its protocols. The statement, however, left out specific details regarding the token’s release schedule and whether an airdrop would accompany the launch.

Since its inception in late 2022, Tensor has rapidly emerged as a key player in the Solana NFT market, facilitating over $2 billion in trades. This volume accounts for a substantial portion of Solana’s NFT trading activity, with Tensor alone handling over 70% of it in the past 90 days. The platform’s influence further expanded in April 2023 when its trading volume outpaced that of Magic Eden, previously the leading NFT marketplace on Solana.

Community governance and market presence

The transition to a community governance model marks a notable trend among Solana blockchain projects, aiming to decentralize decision-making. Token holders, particularly active users of the platform, will have the ability to vote on the direction of the protocol. This move aligns with a broader push within the crypto space to engage users in the governance of decentralized platforms.

Despite the lack of comprehensive details about the $TNSR token launch, the Tensor Foundation hinted at future incentives for the ecosystem’s creators and NFT builders. This approach suggests a strategy to foster engagement and growth within the platform’s community.

Overall, the Solana blockchain has seen a surge in NFT sales, with projects like Mad Lads and Tensorians experiencing notable price increases. The overall trading volume of NFTs on Solana recently surpassed that of Ethereum, highlighting the blockchain’s growing significance in the NFT space.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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