Crypto Mining

Tensor Foundation launches governance token TNSR

The Tensor Foundation, the organization developing the Solana NFT marketplace Tensor, has launched its governance token TNSR.

This move helps implement community governance, allowing TNSR holders to control Tensor parameters and fee discounts when using TNSR in underlying Tensor transactions. wrote Specifically, the protocol fee for lists generated from TNSR will be reduced by 25%. Users can claim tokens until October 5, 2024.

TNSR has a token supply of 1 billion. The initial airdrop will consist of 12.5% ​​of the token supply, with 55% or 550,000,000 TNSR allocated to the community. Core contributors will receive 27% of the total supply. The remaining 18% will be divided between future fundraising efforts and investors and advisors.

Tensor teased that it would launch a token almost a month ago, but few details were provided at the time. Tokens can be used across the Tensor Protocol, including Tensor NFT Marketplace, Tensor Automated Market Maker, Tensor Escrow, and more.

TNSR Proposal and Security Review

Governance token ownership determines how users submit Tensor governance proposals for community input on Realms, a Solana-based platform that helps organizations manage DAOs.

“Once a proposal has been sufficiently discussed in the forums and all questions and concerns have been addressed, it can be submitted for voting on Realms. Any community member with a sufficient amount of delegated tokens can submit a proposal,” Tensor Foundation said. said. This post explains governance. “Voting is proportional to the TNSR balance held by the wallet. To vote, token holders must deposit their tokens into Realms or receive delegated tokens from another wallet.”

Users will need 250,000 TNSR to create a proposal and 10 million to pass.

In addition to proposals, TNSR will help pay seven third-party “renowned” Solana developers to review the Tensor Protocol for malicious proposals or other harmful governance attacks. Each Security Committee member receives $1,000 worth of governance tokens per month for security reviews.

Tensor is an NFT marketplace that aims to be the “Blur of Solana” and prioritizes professional traders. According to The Block’s data dashboard, Tensor recorded daily trading volume of $2.08 million on April 5.

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