Tensor Foundation, the organization developing the Solana Tensor NFT marketplace, has launched the governance token TNSR.

According to the announcement on social media platform Specifically, listings created with TNSR will reduce protocol fees by 25% according to the governance document. Users have until October 5, 2024 to claim their tokens.

TNSR has a supply of 1 billion tokens. The initial airdrop includes 12.5% ​​of the token supply (125,000,000 tokens, worth $210 million at current prices) of the 55% (550,000,000 tokens) allocated to the community. Core contributors will receive 27% of the total supply. The remaining 18% is divided between future fundraising efforts as well as investors and advisors.

Tensor revealed it would launch its token nearly a month in advance but provided few details. The token can be used across Tensor protocols, including Tensor NFT marketplace, Tensor automated market maker, Tensor escrow, and others.

The above features could push up TNSR prices if the Tensor market continues to dominate. On-chain data platform Flipside shows that over the past 90 days, traders have moved more than $2.1 billion using Tensor, representing more than 70% of total NFT trading volume on Solana.

TNSR price started at $1.19 and CoinGecko data shows it increased more than 51% in the four hours after launch, currently at $1.68 at the time of writing. The fully diluted value of TNSR has exceeded $1.7 billion and the token has been listed on the largest centralized exchanges by trading volume, such as Binance and OKX.

TNSR price chart 1 day

Security recommendations and reviews in TNSR

Governance token ownership determines how users submit Tensor governance proposals for community input on Realms, a Solana-based platform that helps organizations manage their DAOs.

“Once the proposal has been fully discussed on the forum, addressing all questions and concerns, it can be submitted for a vote on Realms. Any community member with a sufficient amount of authorized tokens can submit a proposal. Voting rights are proportional to the TNSR balance the wallet holds. To vote, token holders must deposit their tokens into Realms or receive delegated tokens from another wallet,” Tensor Foundation wrote in an article explaining their governance.

Users need 250,000 TNSR to create a proposal, which must accumulate 10 million to be approved.

In addition to proposals, TNSR also facilitates payments to 7 “well-known” third-party Solana developers to review Tensor protocols to detect malicious proposals or other harmful governance attacks . Each security council member receives $1,000 worth of governance tokens monthly for security reviews.

Tensor is an NFT marketplace that aims to be the “Blur of Solana” and prioritizes professional traders. Tensor accumulated $2.08 million in daily trading volume on April 5.