Can TNSR Continue Solana's Wealth-Creation Miracle? A Closer Look at Tensor
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Can TNSR Continue Solana's Wealth-Creation Miracle? A Closer Look at Tensor
Solana's ecosystem once again demonstrates "the big players don't compete fiercely."
Navigating Web3 tides with focused insightsAuthor: Azuma, Odaily Planet Daily
On the evening of April 8, Beijing time, Tensor, a leading NFT marketplace in the Solana ecosystem, officially launched its governance token TNSR.
On its first day of token generation event (TGE), TNSR was quickly listed on major exchanges including Binance, OKX, and Coinbase. According to OKX data, TNSR reached a high of 2.6 USDT shortly after listing and was trading at around 1.72 USDT at the time of writing.
Solana’s Version of Blur?
Tensor officially launched in July 2022.
In March 2023, Tensor raised $3 million in funding led by Placeholder, with participation from Solana Ventures, Alliance DAO, Big Brain Holdings, and Solana co-founders Anatoly Yakovenko and Raj Gokal.
That same month, Tensor initiated three incentive campaigns (Seasons 1, 2, and 3). During Season 1, it distributed "mystery box" rewards with airdrop expectations to all active NFT traders within the Solana ecosystem. Seasons 2 and 3 extended similar "mystery box" incentives to users placing bids, listings, or providing market-making activities on the Tensor platform.
This strategy closely mirrors that of Blur, a similar project on the Ethereum network. Tensor does not hide this resemblance—Ilja Moisejevs, co-founder of Tensor, stated in an interview with TechCrunch: "We are two similar yet different platforms compared to Blur."
Just as Blur gradually captured market share from OpenSea on Ethereum, Tensor has overtaken competitors in trading volume within the Solana ecosystem. According to Flipside data, Tensor is now the largest NFT marketplace on Solana, having consistently held up to 70% of the ecosystem's market share.
A Closer Look at the TNSR Tokenomics
Concurrent with the TGE, Tensor released an overview of the TNSR token economic model. In short, TNSR serves primarily as a governance token with a total supply of one billion tokens. The initial distribution is as follows:
550 million (55%) allocated to the community, of which 12.5% is for the initial airdrop, and the remaining 42.5% will be used for incentive programs, liquidity provision, and grants benefiting the Tensor ecosystem;
270 million (27%) allocated to core contributors, subject to a one-year lock-up followed by a three-year linear vesting period;
90 million (9%) allocated to investors and advisors, also locked for one year with subsequent three-year linear release;
90 million (9%) reserved for future fundraising and development reserves.
Odaily Note: TNSR Allocation Breakdown
Odaily Note: TNSR Unlock and Circulation Schedule
Regarding the specific airdrop design, Tensor provided limited details, only stating that “users who helped develop the Tensor protocol and holders of Tensorians NFTs are eligible for the airdrop,” and that “the amount of airdrop received is proportional to a user’s activity on the Tensor protocol during Seasons 1, 2, and 3.”
Eligible addresses can claim their airdrop rewards from the Tensor Foundation website at any time within 180 days from the start of the airdrop. Based on community feedback, the minimum airdrop allocation is 420 TNSR, meaning even small accounts stand to gain several hundred dollars.
Can TNSR Continue the Wealth-Creation Miracle?
Amid rising interest in the Solana ecosystem and heightened market expectations for its projects, several top-tier Solana-based protocols that launched tokens over the past few months have delivered strong secondary market performances.
For example, Jito (JTO) in the LSD sector and Jupiter (JUP) in DeFi may still lag behind Ethereum’s leaders in terms of circulating market cap (MC), but both have surpassed them in fully diluted valuation (FDV). A detailed comparison is shown below:
Odaily Note: TNSR MC data sourced from CoinMarketCap; all other data from CoinGecko
As shown above, TNSR—another flagship project in the Solana ecosystem—follows the same pattern as JTO and JUP, featuring relatively low MC and relatively high FDV at launch. If we follow the precedent set by JTO and JUP, where FDV exceeds that of Ethereum’s top projects, TNSR may still have room for upside.
Finally, it must be emphasized that this should not—and is not intended to—serve as investment advice. First, because such a pattern lacks clear logical foundation, and second, because NFTs are not currently a dominant narrative in the market, making TNSR’s future trajectory more uncertain.
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