Tensor Foundation Launches TNSR Governance Token

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

The move helps implement community governance, giving TNSR holders control over Tensor settings and fee reductions when using TNSR in transactions on Tensor, the foundation. wrote on social media platform X. Specifically, ads created in TNSR will have their protocol fees reduced by 25%. Users have until October 5, 2024 to claim their tokens.

TNSR has a supply of 1 billion tokens. The initial airdrop comprises 12.5% ​​of the token supply, with 55% or 550,000,000 TNSR allocated to the community. Top contributors will receive 27% of the total offering. The remaining 18% is split between future fundraising as well as investors and advisors.

Tensor announced it would launch its token nearly a month ago, but provided few details at the time. The token can be used across all Tensor protocols, including the Tensor NFT Marketplace, Tensor Automated Market Maker, Tensor Escrow, and others.

Security Proposals and Reviews in TNSR

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

“Once the proposal has been sufficiently discussed on the forum, addressing all questions and concerns, it can be put to a vote on Realms. Any community member with a sufficient amount of delegated tokens can submit the proposal” , wrote the Tensor Foundation in a job explaining its governance. “Voting is proportional to the TNSR balance held by a wallet. To vote, a token holder must deposit their tokens into Realms or receive delegated tokens from another wallet.”

Users need 250,000 TNSR to create a proposal, which must accumulate 10 million to be adopted.

In addition to Proposals, TNSR also facilitates payments to seven “prominent” third-party Solana developers to examine Tensor protocols for malicious Proposals or other harmful governance attacks. Each security council member receives $1,000 governance token each month for their security review.

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

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