Tensor Launches Open-Source NFT Finance Layer on Solana

Tensor Launches Open-Source NFT Finance Layer on Solana

At the Solana Breakpoint conference, Tensor, a prominent NFT marketplace on the Solana blockchain, announced that it has made its codebase fully open source. This strategic move aims to enhance the non-fungible token (NFT) ecosystem by allowing developers to freely build and deploy applications using Tensor’s tools, including automated market maker (AMM) pools.

Empowering Developers with Open Access

By opening its code to the public, Tensor enables developers to integrate its functionalities into their projects seamlessly, supported by complimentary Web2 API access. “Staying true to our original vision, we now have the Open NFT Finance Layer on Solana,” stated Richard Wu in a post on September 20. To promote application development and platform adoption, Tensor has introduced a revenue-sharing model, dividing fees 50/50 between the Tensor Foundation and developers, while the platform retains a 2% protocol fee.

Ambitious Future Plans Unveiled

During the conference, Tensor also shared its ambitious roadmap, which includes plans for advanced features like collateralized lending, trading bots, and specialized marketplaces for gaming and tokenized collectibles. To further bolster the NFT ecosystem, Tensor Foundation is launching a new initiative called Solana NFT Market: Mixed Signals.

Market Position and Recent Trends

While Tensor is rapidly gaining traction, it remains in competition with Magic Eden, which currently holds a dominant 53.9% market share and recorded a trading volume of $1.26 million in the past 24 hours. Tensor follows closely, capturing 43.2% of the market with a trading volume of $1.02 million, according to TIEXO data.

Despite a recent 38.2% increase in NFT sales volume across Solana marketplaces, reaching $2.39 million, the overall market remains volatile. Trading volumes have seen significant declines in recent weeks, with a 38.7% drop over the past seven days and a staggering 51.5% decrease over the past month, indicating mixed sentiment within the Solana NFT space.

In contrast, TNSR, Tensor’s governance token launched in March, has shown a steady upward trend. The token gained 1.4% in the last 24 hours and has experienced impressive weekly increases of 12.8% and 17.7% over the past seven and 14 days, respectively.