Solana-based NFT trading platform Tensor said Tuesday it will issue a token, $TNSR, whose holders will govern the protocol.

Since December a spate of crypto finance projects in the Solana blockchain ecosystem have released tokens in attempts to "decentralize" their governance. Holders of these tokens get to vote on the directions of their protocols. Oftentimes those who have used the protocol heavily – by, say, trading hundreds of NFTS – get bigger allocations of the token.

In a post on X (formerly Twitter) the Tensor Foundation said more details about the token's release will come "soon." It did not state whether there would be an airdrop.

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Solana's Soaring: Daily Trading Volume Surpasses $8 Billion Amid Bitcoin ETF Surge 🤯📈
Solana has surged by 15% in the past 24 hours, reaching $130, fueled by the ongoing trades in Bitcoin ETFs, propelling the cryptocurrency market.
Over the previous week, Solana has seen a remarkable 23% increase, with a 25% surge in the last 30 days and an astounding 480% surge over the past year.
Today, the 24-hour trading volume for Solana has surpassed $8 billion, driven by bullish sentiment and FOMO as investors flock to the crypto market.
The robust fundamentals of Solana suggest its potential to ride the current bull market wave for an extended period.
With its relative strength index soaring to 70, signaling strong momentum, there is potential for further price increases.
Furthermore, its 30-day moving average has been steadily climbing, surpassing its 200-day moving average, which remains barely visible.
Solana's price has also broken above the 30-day moving average, indicating a breakout.
The trading volume for Solana has surged by 700% in just three days, a clear demonstration of the current market dynamics.
This recent surge is not merely a typical short-term rebound; rather, it reflects a broader market trend characterized by significant spikes in both volume and price.
The surge in trading activity is largely attributed to the increasing popularity of Bitcoin ETFs, with anticipation building for the next Bitcoin halving scheduled for April.
Solana, as a blockchain network, is experiencing healthy growth, with its total value locked increasing to $2.5 billion today.
Moreover, Solana is emerging as a favored platform for NFTs, meme tokens, and DeFi, witnessing a 66% month-over-month growth and an impressive 860% year-over-year gain.
Given such positive developments, Solana's price is expected to continue its upward trajectory in the coming weeks and months.
Short-term projections suggest a potential rise to $150 in the near future, with further gains anticipated to reach $200 by spring.
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