The Tensor Foundation, responsible for creating the Solana NFT marketplace Tensor, has released its governance token named TNSR.
The Tensor Foundation, which manages the Solana NFT marketplace Tensor, has introduced its governance token TNSR. TNSR offers various benefits, including fee discounts on Tensor, the ability to propose governance changes, and compensation for independent security evaluations.
Tensor Foundation Launches TNSR Token
The Tensor Foundation has initiated community governance by introducing its governance token TNSR. Through TNSR, holders gain control over Tensor’s parameters and enjoy fee discounts when using TNSR for transactions on the Tensor platform. Specifically, listings created using TNSR will benefit from a 25% reduction in protocol fees. Users have until October 5, 2024, to claim their tokens.
TNSR boasts a total token supply of 1 billion. The initial airdrop accounts for 12.5% of the token supply, with 55% or 550,000,000 TNSR allocated for the community. Core contributors will receive 27% of the total supply, while the remaining 18% is divided between future fundraising activities, investors, and advisors.
Tensor has hinted at the launch of its token approximately a month earlier, providing limited information at the time. The token is designed to be utilized across various Tensor protocols, including the Tensor NFT marketplace, Tensor automated market maker, Tensor escrow, and other platforms within the ecosystem.
Tensor Foundation Empowers Community Governance with TNSR Token
Governance token ownership is pivotal in how users engage with Tensor governance proposals on Realms, a Solana-based platform facilitating DAO management for organizations.
To submit a proposal for community input, users must engage in discussions on the forum and address all queries and concerns before presenting it for voting on Realms. The ability to submit proposals is contingent on holding a sufficient quantity of delegated tokens.
Voting weight corresponds to the TNSR balance in a wallet. Token holders must deposit their tokens into Realms or receive delegated tokens to participate in voting.
Creating a proposal requires ownership of 250,000 TNSR, and proposals must garner 10 million tokens to pass.
Apart from facilitating proposals, TNSR also enables payments for security reviews conducted by seven third-party Solana developers. Each security council member receives $1,000 worth of TNSR monthly for their contributions.
Tensor, functioning as an NFT marketplace striving to become the “Blur of Solana,” prioritizes professional traders. On April 5, Tensor recorded a daily trading volume of $2.08 million.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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