Airdrop season continues to dominate the crypto industry, and today is no different with the arrival of Tensor’s token launch. The Solana NFT marketplace launched its TNSR token, with over $200 million worth of tokens up for grabs via airdrop rewards and more$640 million in trading volume on the market in the seven hours since launch.
According to data from TNSR, the price is currently $1.60 per token CoinMarketCap, down 33% from a high of $2.45. Newly launched tokens are typically known for their fluctuating values, so this is not unusual.
On the other hand, new tokens sometimes have different starting prices depending on the data source you use because the markets are so volatile to begin with. For example, CoinGecko shows a starting price of $1.19 and reports that the token has risen 36% since then.
Equivalent to Fade on Ethereum, Tensor introduced a rewards initiative, spanning seasons 1 through 4, dates back to March 4, when season 1 dropped. At the end of each season, participants received loot boxes, essential for creating a Tensorian NFT. Holders were rewarded for owning and staking the NFT.
You can claim your allocation here – https://t.co/6WOlpEsA2o
Be vigilant and do not click on other links.
— Tensor Foundation (@TensorFdn) April 8, 2024
One lucky Tensor user received 712,000 TNSR tokens, currently worth about $1.15 million worth of tokens, as verified via blockchain explorer Solscan. It is unclear whether this is the largest allocation to a trader.
According to the Tensor team, it will be TNSR token used by the community to manage the key parameters of the Tensor protocols, with 55% of the 1 billion supply given to the community. The initial airdrop will be 125 million tokens, or 12.5% of the total supply.
Wondering if you can claim TNSR? You can verify your eligibility or check your allocation on this page here. You then have 180 days to file a claim with the decentralized exchange aggregator Jupiter. Note: Users in the United States are not eligible for the airdrop.
In today’s attention economy, token drops have become an important step for marketplaces and NFT projects to gain engagement and relevance. This strategy has historically shaken up the space. Yet it is still unclear how significantly this decline will change the dynamics within the NFT market position.
Tensor may be leading the news cycle today, but cross-chain rival Magic Eden continues to demonstrate a strong presence in multiple blockchain networks as of late. Magic Eden is not only on Solana, but also on Bitcoin Presence of ordinal numbers and runes and also in the Ethereum ecosystem. The real puzzle is figuring out how to keep everyone interested once the initial buzz around a token drop fades.
Edited by Andrew Hayward