On the first day of TGE, TNSR was listed on many mainstream exchanges such as Binance, OKX, and Coinbase. OKX market data showed that TNSR once reached a high of 2.6 USDT after its launch, and was temporarily reported at 1.72 USDT as of the time of writing.
Solana’s version of Blur?
The official launch of Tensor dates back to July 2022.
In March 2023, Tensor completed a $3 million financing round 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, "treasure chest" rewards with airdrop expectations were issued to all active NFT trading users in the Solana ecosystem. Then in Seasons 2 and 3, the same "treasure chest" incentives were provided to users who bid, list, and make markets on the Tensor platform.
Obviously, this strategy is largely similar to 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 said: "We and Blur are two similar but different platforms."
Just as Blur gradually eroded OpenSea's market share in the Ethereum ecosystem, Tensor has also achieved a latecomer in terms of transaction volume in the Solana ecosystem. Flipside data shows that Tensor is now the largest NFT market in the Solana ecosystem, and even occupied 70% of the market share in the ecosystem for a long time.
A Brief Analysis of the TNSR Token Economic Model
At the same time as TGE, Tensor also announced the overview of TNSR’s token economic model. In short, the utility of TNSR is mainly protocol governance. The total supply of the token is 1 billion, and the initial distribution is as follows:
550 million (55%) TNSRs are allocated to the community, of which 12.5% are initial airdrops, 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 are allocated to core contributors. This portion of shares will be locked for one year and then released linearly over the next three years;
90 million (9%) TNSR are allocated to investors and consultants. This portion of shares will be locked for one year and then released linearly over the next three years;
90 million (9%) TNSR are used for future fundraising and development reserves.
Odaily Note: TNSR distribution
Odaily Note: TNSR unlocking and circulation status
Tensor did not give much information about the specific design of the airdrop, but only mentioned that "users who help the development of the Tensor protocol and Tensorians holders are eligible for airdrops" and "the amount of airdrops that users can receive is proportional to their use of the Tensor protocol in Seasons 1, 2, and 3."
Within 180 days from the start of the airdrop, eligible addresses can claim the airdrop rewards at any time on the Tenser Foundation official website. According to community feedback, Tensor will issue at least 420 TNSR in this airdrop, which means that even low-income households will receive at least hundreds of dollars in benefits.
Can TNSR continue its wealth-creating miracle?
As the Solana ecosystem becomes more popular and market expectations for the ecosystem projects increase, many leading Solana ecosystem projects that have issued tokens in the past few months have achieved excellent secondary market performance.
Among them, although Jito (JTO) in the LSD track and Jupiter (JUP) in the DeFi track still have a certain gap in terms of circulating market value (MC) compared with the leading projects in the Ethereum ecosystem, their full circulation valuation FDV has surpassed them. The specific comparison is as follows:
Odaily Note: TNSR’s MC data is taken from Coinmarketcap, and other data are taken from CoinGecko.
As shown in the above figure, TNSR, as another leading project in the Solana ecosystem, has basically continued the trend characteristics of JTO and JUP with "relatively low MC and relatively high FDV" at the opening. If the convention of "FDV can surpass the leading Ethereum" above JTO and JUP is applied, TNSR seems to have some room for upward movement.
Finally, it should be emphasized that this is not and should not be regarded as a basis for investment. First, this is because the convention does not have a clear logical support. Second, NFT is not a current narrative hotspot, which also makes the future trend of TNSR more uncertain.
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