Tensor Opens the Vault: NFT Finance Layer Now Fully Open-Source on Solana

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Veronika Rinecker

Editor

Veronika Rinecker

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Veronika Rinecker is based in Germany, studied international journalism and media management. She specializes in politics and regulation, energy, blockchain, and fintech. Since 2017, she has been…

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Last updated:

September 20, 2024 11:38 EDT

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Tensor, a Solana-based NFT marketplace, announced at the Solana Breakpoint conference that its codebase is now fully open source.

By making the code public, Tensor unlocks several key benefits for the non-fungible token (NFT) ecosystem. Developers can now build and deploy applications utilizing Tensor’s NFT tools like automated market maker (AMM) pools without any restrictions. Additionally, the platform offers free Web2 API support, making it easier for developers to integrate Tensor functionalities into their existing projects.

“True to our original vision, we now have the Open NFT Finance Layer on Solana,” said Richard Wu in a X post from Sept. 20.

Today, we announced at @solana Breakpoint that @tensor_hq is now fully open-sourced.

True to our original vision, we now have the Open NFT Finance Layer on Solana.

✅ truly permissionless
✅ free web2 API support
✅ 50/50 fee split between @TensorFdn and devs

SHIP IT 🚢 pic.twitter.com/7yTOibti36

— Richard | Tensor (sol/acc) (@0xrwu) September 20, 2024

To incentivize app creation and protocol adoption, Tensor also implemented a fair revenue-sharing model. A 50/50 fee split between the Tensor Foundation and developers ensures that both parties benefit from the success of the platform. Tensor itself also collects a 2% protocol fee.

Tensor Unveils Ambitious Roadmap

Additionally, at the Solana’s conference, Tensor unveiled its plans, which includes advanced features such as collateralized lending, trading bots, and vertical marketplaces for gaming and tokenized collectibles.

To further support the growth of the ecosystem, the Tensor Foundation also launches milestone-based grants to initiatives aimed at increasing the adoption of Tensor protocols.

Tensor Breakpoint Highlights @tensor_hq @0xrwu

– Tensor just fully open-sourced the code.

What’s next for Tensor:
– Advanced Trading: Collateralized Lending
– Trading Bots

Vertical Marketplaces:
– Games
– Tokenized Collectibles

DEGEN:
– Pumpdotfun for NFTs
– Chance-based… pic.twitter.com/NXP8TNGCb0

— Seb Monty (@SebMontgomery) September 20, 2024

Solana NFT Market: Mixed Signals

Magic Eden continues to dominate the Solana NFT marketplace landscape, securing the top spot with a commanding 53.9% market share and a trading volume of $1.26 million in the past 24 hours. Tensor closely follows in second place, capturing 43.2% of the market share and generating a trading volume of $1.02 million, as per TIEXO data.

However, despite this surge in NFT sales volume, Solana’s NFT marketplace activity remains volatile.

While overall NFT sales volume on Solana-based NFT marketplaces saw a significant increase of 38.2% in the past 24 hours, reaching $2.39 million or 16.25 SOL, the broader picture reveals a more challenging trend. Throughout August and early September, trading volumes experienced substantial declines. The 7-day trading volume dropped by 38.7%, and the 1-month volume plummeted by 51.5%. This indicates that while there have been short-term spikes, the overall market sentiment for Solana NFTs remains uncertain.

TNSR, Tensor’s governance token launched in March, has been on a steady upward trajectory over the past few weeks. Over the past 24 hours, the coin has gained 1.4%. Looking at the weekly chart, TNSR has experienced a more substantial rise, with gains of 12.8% and 17.7% over the past seven and 14 days, respectively.