浅析Tensor：TNSR能否延续Solana生态的造富奇迹

Original - Odaily

Author - Azuma

On the evening of April 8th, Beijing time, Tensor, the leading NFT trading platform in the Solana ecosystem, officially launched its governance token TNSR.

On the first day of TGE, TNSR was listed on many mainstream exchanges such as Binance, OKX, and Coinbase. OKX market data shows that TNSR once hit a maximum of 2.6 USDT after its launch, and was temporarily trading at 1.72 USDT as of the time of publication.

Solana version of Blur?

The official launch of Tensor can be traced back to July 2022.

In March 2023, Tensor completed a $3 million round of financing led by Placeholder, with participation from Solana Ventures, Alliance DAO, Big Brain Holdings, and Solana’s two co-founders Anatoly Yakovenko and Raj Gokal.

In the same month, Tensor launched three rounds of incentive activities (Seasons 1, 2, and 3). First, in Seasons 1, it issued “treasure box” rewards with airdrop expectations to all active NFT trading users in the Solana ecosystem, and then in Seasons 2. 3 The same treasure box incentives are provided to users who place quotes (bid), place orders (list), and market make (market make) on the Tensor platform.

Obviously, this approach largely imitates Blur, a similar project in the Ethereum ecosystem. Tensor is not shy about this. In an interview with Tech Crunch, Tensor co-founder Ilja Moisejevs once said: We and Blur are two similar but different platforms.

Just as Blur has gradually eroded OpenSeas market share in the Ethereum ecosystem, Tensor has also achieved the upper hand in terms of transaction volume in the Solana ecosystem.FlipsideData shows that Tensor is now the NFT market with the largest transaction volume in the Solana ecosystem, and even occupied 70% of the ecosystems market share for a long time.

A brief analysis of the TNSR token economic model

At the same time as TGE, Tensor also announced an overview of TNSR’s token economic model. In short, the utility of TNSR is mainly for protocol governance. The total supply of the token is 1 billion, and the initial distribution status is as follows:

550 million (55%) TNSR will be allocated to the community, 12.5% ​​of which will be the initial airdrop, and the remaining 42.5% will be used for incentive programs, liquidity supply, and Grant activities that benefit the Tensor ecosystem;

270 million (27%) TNSR will be allocated to core contributors. This share will be locked for one year and will be released linearly over the next three years;

90 million (9%) TNSR will be allocated to investors and consultants. This share will be locked for one year and released linearly over the next three years;

90 million (9%) TNSR will be used for future fundraising and development reserves.

Odaily Note: TNSR allocation status

Odaily Note: TNSR unlocking and circulation status

Regarding the specific design of the airdrop, Tensor did not introduce much, but only mentioned that “users who help the development of the Tensor protocol and Tensorians holders are eligible to receive airdrops”, and “the amount of airdrops available to users is the same as in Seasons 1, 2, 3 is directly proportional to the use of the Tensor protocol.

Within 180 days from the start of the airdrop, eligible addresses can apply for airdrop rewards at any time on the official website of the Tenser Foundation. According to community feedback, Tensor’s airdrop this time will issue a minimum of 420 TNSR, which means that minimum living security accounts will also have considerable profits of at least several hundred dollars.

Can TNSR continue its wealth-making miracle?

With the rising popularity of the Solana ecosystem and the rising market expectations for the ecological project, many leading Solana ecological projects that have successively issued coins in the past few months have achieved excellent secondary market performance.

Among them, although Jito (JTO) on the LSD track and Jupiter (JUP) on the DeFi track are still lagging behind the leading projects in the Ethereum ecosystem in terms of circulating market capitalization (MC), they have both achieved full circulation valuation FDV. Beyond. The specific comparison is as follows:

Odaily Note: TNSRs MC data is taken from Coinmarketcap, and other data are taken from CoinGecko.

As shown in the figure above, TNSR is another leading project of the Solana ecosystem. Its opening performance basically continues the trend characteristics of JTO and JUP of relatively low MC and relatively high FDV. If the FDV can be applied to JTO and JUP, Beyond the practice of beyond the leader of Ethereum, TNSR seems to have some room for upside.

Finally, it needs to be emphasized that this is not and should not be regarded as an investment basis. First, because this convention does not have clear logical support. Second, because NFT is not a current narrative hot spot, which also makes the future of TNSR There is greater uncertainty in the trend.