Solana (SOL) Announces New Token Launch on Its NFT Marketplace

  • Solana has seen a surge in on-chain activity over the last week, indicating a rise in the coin’s (SOL) price.
  • Tensor, the network’s most popular NFT marketplace, has announced the creation of the Tensor Foundation, which will oversee development.
  • As part of its governance and future planning, the team plans to introduce a native token, TNSR.

Only days after breaching numerous major on-chain benchmarks, the Solana ecosystem is experiencing even more activity, this time in the form of an NFT airdrop. The DeFi network has had a great six months (up 600%), with SOL edging out numerous competitors on its route to becoming a top-five coin by market valuation. Behind the excellent performance lies an equally astounding boost in core utility and growth within Solana’s DeFi space. The Tensor Foundation, which was announced last week, may provide another driver for increased interaction with the Solana blockchain.

What is the Tensor Foundation? 

Tensor is a Solana decentralized application (dApp) founded in 2022 with a single purpose in mind: to become the DeFi network’s preferred NFT marketplace. Tensor, which was facing stiff competition from several other prominent Solana-based NFT platforms, has upped its game. The developers established the Tensor Foundation to administer the dApp, specifically the planned airdrop of TNSR tokens.

According to Tensor, their protocols have accounted for more than 70% of all NFT trading on Solana in the last 90 days, totaling over USD 2 billion (AUD 3.03 billion). Tensor intends to use this popularity to revolutionize the way investors interact with non-fungible tokens: There is currently little information available about TNSR tokens. 

The cryptocurrency will undoubtedly play an important role in the Tensor infrastructure, allowing token holders can vote on governance and influence development. Any additional utility has yet to be determined. Similarly, no formal date has been set for the token’s introduction. There is no information available regarding how users can participate. According to previous project airdrops, people who have already contributed to the Tensor marketplace are more likely to be prioritised for issue based on trading volume.

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