What is Tensor?
Tensor operates as an efficient NFT exchange platform with fast transaction processing times and user-friendly features. The project aims to promote the development of NFTs and the Solana ecosystem, aspiring to become the "Blur on Solana" - a destination for professional NFT traders.
As of mid-March, Tensor accounted for over 70% of the total NFT trading volume within the Solana ecosystem. Despite a general decrease in trading volume, Tensor's unique wallet count comprised nearly 68%. Its major competitor in the Solana NFT marketplace is Magic Eden.
Tensor announced the release of the TNSR token for governance purposes on March 13th, followed by its listing on Binance on April 8th.
The exchange introduced spot trading pairs including TNSR/BTC, TNSR/USDT, TNSR/FDUSD, and TNSR/TRY. Withdrawal functionality commenced at 15:30 (UTC) on April 9th. On Binance, the TNSR token is trading at $1.71, a staggering increase of 5,609.33% from its initial price of $0.03, reaching an all-time high of $2.689.
In addition to Binance, TNSR is also listed on Gate.io, OKX, BingX, among others, on the same day.
Advantages and disadvantages of Tensor
Advantages
- Tensor offers a "Lite" mode with a user-friendly interface and numerous features to facilitate easy access for new users.
- Built on Solana, Tensor benefits from the rapidly growing ecosystem, low transaction fees, and high scalability.
- The platform hosts over 30,000 NFT collections, providing users with a wide range of choices.
- The exchange offers advanced viewing modes, automatic market-making, NFT compression, and price differentials to optimize trading.
- Tensor is the first NFT marketplace to integrate AMM with high liquidity for both buying and selling NFTs.
- As an NFT marketplace aggregator, Tensor helps users find the best prices by aggregating liquidity from TensorSwap, HadeSwap, HyperSpace, MagicEden, and Solanart.
- Tensor supports NFT copyright tokens, allowing creators to set their own copyright fees of up to 50% and automatically receive copyright fees when NFTs are traded on Tensor.
Disadvantages
- Risk of attack due to the common mechanisms of decentralized systems.
- Although the platform collaborates with OtterSec and Sec3 for auditing, users should still exercise caution with any transactions. Potential for impermanent loss similar to DeFi.
Tensor product offerings
- Tensor Marketplace: Provides basic features such as buying, selling, and listing NFTs within the Solana ecosystem. The platform offers high customization and supports investors in trading most NFTs quickly and easily.
- TensorSwap: Converts NFTs through an AMM mechanism with three liquidity provision methods: collection-wide bid, listing, and market-making orders.
- Tensor Aggregator: Aggregates NFTs from multiple networks, filters prices and optimal products, enabling traders to buy and sell external products directly within the Tensor interface.
TNSR token information
- Token name: Tensor
- Symbol: TNSR
- Blockchain: Solana
- Total supply: 1,000,000,000 TNSR
- Self-reported circulating supply: 125,000,000 TNSR
Allocation
- Community: 55% (12.5% allocated for initial airdrop)
- Core contributors: 27%
- Investors and advisors: 9%
- Project fund and development: 9%
Features
Token holders have governance voting rights, proposing changes, upgrades, or adjustments to the platform.
Price fluctuations and exchange
According to Coinmarketcap data, TNSR is trading at $1.71, down 22.38% from its listing price of $2.367. The token's trading volume is $788.67 million, and the project's market capitalization is $218.41 million.
Currently, users can trade TNSR on exchanges such as Binance, Bitget, OKX, and KuCoin.
Team
Tensor Exchange was founded by Ilja Moisejevs and Richard Wu in 2022.
Investors and partnerships
In March 2023, Tensor raised $3 million from renowned investors including Placeholder VC, Solana Ventures, and Solana's founders.Conclusion
Tensor stands out as a prominent NFT trading platform in the market, achieving impressive milestones on Solana. The project offers numerous advantages such as fast transaction times, cost-effectiveness, and strong user support. Its listing on Binance and other major exchanges sets a favorable start for the project's continued development in the future.