The Solana-based NFT marketplace, Tensor, managed by the Tensor Foundation, is gearing up to launch a governance token named TNSR. The announcement was made public by the foundation of this through a post on a social media platform with generated curiosity among the communities of cryptocurrency and NFT. The shift is in line with the trend of decentralized governance in the digital asset space, where users and stakeholders have more power and influence over the direction of the platform.
Growth in Trading Volume
The announcement from Tensor is a result of remarkable trading activity on its platform. The foundation has stated that Tensor has made around $2.2 billion worth of Solana NFT transactions, a big jump from the $7 million reported the year before.
This spike in trading volume highlights the increasing popularity of Solana NFTs and the important role Tensor plays in this growing market. In the last 90 days, the platform is responsible for more than 70% of all Solana NFT trading volume, with processes in place to eliminate wash trading from these statistics.
Solana Tensor Foundation Positioning and Plans
Calling itself the “Blur of Solana,” Tensor is focused on engaging with professional traders and Solana fans. This nickname portrays its determination to become the top NFT marketplace on the Solana blockchain, much like Blur has secured a position in the Ethereum ecosystem.
Last year, Tensor’s market position was reinforced by a $3 million seed funding round led by Placeholder VC, with participation from Solana Ventures and Solana co-founders Anatoly Yakovenko and Raj Gokal.
The foundation has teased quite a bit of additional information regarding the TNSR token release, which is supposed to come soon. Nevertheless, details regarding possible airdrops or how TNSR tokens act as governing instruments are undisclosed. This governance token effort is a component of a larger trend in the Solana ecosystem, wherein several projects are looking into decentralized governance models to mobilize their communities more strategically and democratically.
Decentralization and Community Engagement
The tokenization of the TNSR is an important step towards decentralising governance on the Tensor project. Token holders will be allowed to vote on different proposals and decisions relating to the market, starting with feature updates and ending with partnership agreements.
Concurrently, this type of governance led by a community is becoming ever so popular in the DeFi and NFT markets, which coincides with the general tendencies of blockchain and decentralization – transparency, openness, and user control.
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