A brief analysis of Tensor: Can TNSR continue the Solana ecosystem’s wealth creation miracle?

Written by: Azuma, Odaily Planet Daily

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On the evening of April 8th, Beijing time, Tensor, the leading NFT trading platform in the Solana ecosystem, officially launched its governanceToken TNSR.

On the first day of TGE, TNSR was listed on many mainstream exchanges such as Binance, OKX, and Coinbase.exchangeOKX market data shows that TNSR once reached a high of 2.6 USDT after its launch, and is currently trading at 1.72 USDT as of this writing.

Solana 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 participated in the investment.

In the same month, Tensor launched three rounds of incentive activities (Seasons 1, 2, and 3). First, in Seasons 1, it issued "treasure chest" rewards with airdrop expectations to all active NFT trading users in the Solana ecosystem. Then in Seasons 2 and 3, it provided the same "treasure chest" incentives 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: "Blur and I 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 ecosystem's market share for a long time.

TNSR TokenBrief Analysis of Economic Model

在 TGE 的同时，Tensor 亦公布了 TNSR 的Token经济模型概况。简而言之，TNSR 的效用主要为协议治理，该代币的总供应量为 10 亿枚，初始分配状况如下：

550 million (55%) TNSRs are allocated toCommunity, of which 12.5% is the initial airdrop, 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 will be allocated to core contributors. This portion of the shares will be locked for one year and then released linearly over the next three years;

90 million (9%) TNSR will be allocated to investors and advisors. This portion of the 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 provide 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 a user 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 airdrop rewards at any time on the Tenser Foundation official website.CommunityAccording to feedback, Tensor’s airdrop this time will at least distribute 420 TNSR, which means that even low-income people will have a considerable income of at least hundreds of dollars.

Can TNSR continue its wealth-creating miracle?

As the popularity of the Solana ecosystem increases and the market's 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 practice does not have a clear logical support, and second, NFT is not a current narrative hotspot, which also makes the future trend of TNSR more uncertain.

The article comes from the Internet:A brief analysis of Tensor: Can TNSR continue the Solana ecosystem’s wealth creation miracle?

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