- Solana has exploded in on-chain activity over the past week, reflecting a spike in the coin’s (SOL) value.
- The network’s most popular NFT marketplace, Tensor, announced the inception of the Tensor Foundation, which will oversee development.
- The team plans to introduce a native token, TNSR, to assist with governance and future direction.
Just days after breaking several key on-chain metrics, the Solana ecosystem is seeing even more activity – this time in the form of an NFT airdrop. The DeFi network has enjoyed a stellar past six months (up 600%), with SOL knocking off several competitors on its way to becoming a top-five coin by market cap.
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Behind the impressive performance is an equally impressive increase in fundamental utility and development within Solana’s DeFi sphere. And last week’s introduction of the Tensor Foundation may be yet another catalyst for greater engagement with the Solana blockchain.
What is the Tensor Foundation?
Tensor is a Solana decentralised application (dApp) founded in 2022 with one goal in mind – to become the DeFi network’s go-to NFT marketplace. Facing fierce competition from several other prominent Solana-based NFT platforms, Tensor recently upped its game. The developers created the Tensor Foundation to manage the dApp, and specifically, to oversee the upcoming airdrop of TNSR tokens.
According to Tensor, their protocols have accounted for over 70% of all NFT trading on Solana, equivalent to about USD $2B (AUD $3.03B) over the past 90 days. Leveraging this popularity, Tensor plans to revolutionise the way investors interact with non-fungible tokens:
NFTs today are a niche community on the fringes of the web… NFTs tomorrow will power products, businesses and entire industries. NFT traders will go from thousands – to billions.
Tensor FoundationThere is little detail so far as to the nitty-gritty of TNSR tokens. The cryptocurrency will no doubt be pivotal to the Tensor infrastructure in some way, likely providing token holders the ability to vote on governance and have a say in development. Any further utility is yet to be determined.
Similarly, no official date has been announced for the token launch. There is no information available on how users can participate. Based on previous project airdrops, those who already contribute to the Tensor marketplace are most likely to be prioritised for the issuance based on their trading volume.
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Tensor also praised Solana’s network as being one of the very few blockchains capable of hosting the new era of NFT technology.
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