The Tensor Foundation, the organization behind the Solana NFT marketplace Tensor, has launched its governance token TNSR.
This move will help implement community governance, giving TNSR holders control over Tensor parameters and enabling fee discounts when using TNSR for transactions on the underlying Tensor. I have written Specifically, protocol fees for listings created in TNSR will be reduced by 25%. The user has until October 5, 2024 to claim his tokens.
TNSR has a supply of 1 billion tokens. The first airdrop will constitute 12.5% of the token supply, with 55% or 550,000,000 TNSR allocated to the community. Core contributors get 27% of the total supply. The remaining 18% will be divided between future fundraising activities and investors and advisors.
Tensor teased that it would launch its token nearly a month ago, but few details were revealed at the time. Tokens can be used across the Tensor Protocol, including the Tensor NFT Marketplace, Tensor Automated Market Maker, Tensor Escrow, and more.
Suggestion and security review in TNSR
Governance token ownership determines how users can submit Tensor governance proposals for community input on Realms, a Solana-based platform that helps organizations manage DAOs.
“Once a proposal has been fully discussed in the forum and all questions and concerns have been addressed, it can be submitted for voting in Realms. Any community member with a sufficient amount of delegated tokens can submit a proposal. ” writes the Tensor Foundation.be post Let me explain its governance. “Voting is proportional to the TNSR balance held by the wallet. To vote, token holders must either deposit their tokens into Realms or receive delegated tokens from another wallet.”
Users need 250,000 TNSR to create a proposal and must accumulate 10 million to pass.
In addition to the proposals, TNSR will also facilitate payments to seven third-party “prominent” Solana developers to review the Tensor protocol for malicious proposals and other harmful governance attacks. Each Security Council member receives $1,000 worth of governance tokens each 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 a daily trading volume of $2.08 million on April 5th.
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