Tensor Foundation, the entity behind Solana’s non-fungible token (NFT) marketplace Tensor, launched today its governance token TNSR. A total of 125 million TNSR was airdropped to users who interacted with Tensor, which is 12.5% of the total supply, and the claim period is 180 days.
The TNSR price started at $1.19, and data aggregator CoinGecko shows that it leaped over 51% in the four hours after its launch, now sitting at $1.81 at the time of writing. TNSR’s fully diluted value surpassed $1.7 billion, and the token is already listed on the largest centralized exchanges by trading volume, such as Binance and OKX.
According to Tensor Foundation’s documents, the TNSR will give voting power for users to vote on proposals related to the NFT marketplace, while also giving discounts when trading on Tensor protocols. “If the listing is created in $TNSR, the protocol fee is reduced by 25%,” the document highlights.
Those features might propel TNSR’s price if the Tensor marketplace continues its dominance. On-chain data platform Flipside shows that over the last 90 days, traders moved over $2.1 billion using Tensor, which represents over 70% of all NFT trading volume on Solana.
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