BTC -0.84%
$62,523.12
ETH -1.47%
$2,434.32
SOL -1.83%
$144.32
PEPE -6.30%
$0.0000096
SHIB -2.70%
$0.000017
BNB 0.49%
$574.30
DOGE -3.25%
$0.10
XRP -1.03%
$0.53
Margex
Easy Crypto Trading

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

NFT Solana Web3
However, the broader Solana NFT market continues to exhibit volatility, with trading volumes fluctuating in recent months.
Last updated:
Editor
Editor
Veronika Rinecker
About Author

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...

Last updated:
Why Trust Cryptonews
With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews

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.

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.

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.

Solana NFT market performance. Source: TIEXO
Solana NFT market performance. Source: TIEXO

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.

More Articles

Features
HBO Satoshi Identity Reveal: 6 People Who Might Be the Bitcoin Founder
Jeffrey Gogo
Jeffrey Gogo
2024-10-08 11:24:32
Industry Talk
NEIRO, MEW Rally in the Past 24 Hours as Flockerz Hits $500K in Presale – Next 10x Meme Coin?
Gary McFarlane
Gary McFarlane
2024-10-08 10:50:10