Tensor, a major Non-Fungible Token (NFT) trading platform on the Solana (SOL) blockchain, announced that it will launch a new altcoin called TNSR.
The token in question will serve as a governance token and give its holders the authority to manage the protocol.
The announcement was made via a post on X. Tensor Foundation, which made the announcement, stated that more details about the launch of the token will be shared soon. However, it did not specify whether there would be an airdrop associated with the launch.
“Soon, Tensor protocols will be adopted by the Tensor Foundation and managed by the Tensor community using TNSR,” the post said. This indicates a shift towards a more decentralized governance model where the community of token holders will have a say in the direction of the protocol.
This move follows a trend observed since December, when numerous cryptocurrency finance projects in the Solana blockchain ecosystem launched tokens in an attempt to decentralize their governance. Holders of these tokens are given the right to vote on the management of their protocols.
Working in a similar way, UniSwap recently announced that it would distribute some of the transaction fees on the platform to UNI token holders.
According to their own statements, Tensor protocols have facilitated the trading of over $2 billion worth of Solana NFTs to date. In the last 90 days alone, they accounted for over 70% of Solana's NFT trading volume, excluding wash trading.
*This is not investment advice.