TNSR Token Launch Marks New Era for Tensor NFT Marketplace Governance
The Tensor Foundation, responsible for developing the Solana NFT marketplace Tensor, has introduced its governance token TNSR, enabling community governance.
TNSR holders now wield control over Tensor’s parameters and enjoy fee discounts on Tensor transactions created in TNSR, with a 25% reduction in protocol fees. The foundation announced the token launch on social media platform X, allowing users until Oct. 5, 2024, to claim their tokens from the 1 billion token supply. Initial distribution includes 12.5% to the community, while core contributors receive 27%, with the remainder allocated to future fundraising and investors. Tensor also disclosed plans for its token launch, applicable across Tensor protocols, including the Tensor NFT marketplace, Tensor automated market maker, and Tensor escrow services.
The TNSR governance token empowers users to propose and review changes to Tensor protocols via Realms, a Solana-based platform for managing DAOs. Token holders with at least 250,000 TNSR can submit proposals, which require 10 million accrued votes to pass. Additionally, TNSR facilitates payments to seven third-party Solana developers for security reviews, each receiving $1,000 worth of tokens monthly. Tensor, aspiring to be the “Blur of Solana,” prioritizes professional traders and has achieved $2.08 million in daily trading volume as of April 5, according to The Block’s Data Dashboard.
Clever Robot News Desk 9th April 2024
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