Tensor Raises $3M For Solana-Focused NFT Trading Platform

Tensor Raises $3M For Solana-Focused NFT Trading Platform

by | Apr 4, 2023 | DeFi, Market News, NFTs

The Solana blockchain will be the primary focus of Tensor, a business that has acquired $3 million in seed funding to develop an NFT (non-fungible token) trading platform. Electric Capital was the primary investor in Tensor's fundraising round, with several others. Tensor will use the funds to complete development of its NFT trading system and increase its presence in the Solana ecosystem. With its maximum bandwidth and scalability, Solana, a fast, low-cost blockchain, has gained favour in recent months. Because of the platform Tensor is developing, customers of Solana will be able to trade NFTs without incurring excessive trading costs. This is a significant benefit over other block chains that impose prohibitive transaction fees, limiting its appeal to retail NFT traders.

Solana-focused NFT trading software Tensor reportedly raises $3 million in seed round lead by Placeholder, as reported by TechCrunch. Alliance DAO, Big Brain Investments, Solana Ventures, and Solana's Raj Gokal and Anatoly Yakovenko joined the round as well. Solana's popularity and the need for a cheap NFT trading platform are two of the many variables that will affect Tensor's platform's overall success. Tensor's platform, on the other hand, has the potential to become a key participant in the NFT industry in light of the increasing interest in NFTs and the increasing usage of Solana.

Tensor, a company with three employees, won between $60,000 and $70,000 at two Solana hackathons in 2022. Wu believes that Tensor's current yearly run rate of over $1 million is more than sufficient to meet all of the company's financial obligations. It was in 2022 that Richard Wu and Ilja Moisejevs established Tensor, an NFT trading platform with a special emphasis on the Solana token. Traders can take advantage of its many premium features, such as collection-wide bids, market-making orders, and TradingView connectivity. Moisejevs claims that it has 30,000 unique users per month and over $6.5 million in NFT volume in total.

While many Solana initiatives have merely aped Ethereum, "Solana NFTs may be so much more," Wu added, describing the platform's goal. He continued, saying that Tensor expects NFTs to become the "next trillion-dollar asset class," and that the company's mission is to build the necessary trading and technology infrastructure to support that. When asked about the similarities between their platform and Blur, Tensor responded by saying they aim to be "similar but different" for Solana. The Tensor team, for instance, considers it a core value to be "financially" and "motivationally" aligned with its users and to view them as partners rather than as customers. Some have drawn parallels between Tensor and the Blur marketplace, which recently caused a stir in the NFT industry by instituting a relatively low creative licence rate of 0.5%. After initially testing out modest creator royalty payments, Tensor has shifted to a "fully enforced royalties standard."

Several 2023 Fundraising Rounds Have Been Successful

Tensor and its users will benefit greatly from this additional round of investment. But, this is not the only Web3 startup to raise money and succeed this year. Many stories regarding recent investment rounds for Web3 ventures have been published on Rare Sniper. Classic online game Neopets, which was launched in 1999, closed a $4 million starting round in February, with Polygon Ventures as the round's lead investor. The money will be used to develop a play-to-earn game where players can invest in Neopets NFTs and earn cryptocurrency as a result of their participation. This is a rundown of the day's most important news.

First, in February, Prisms VR, a virtual reality (VR) learning platform, closed a $12.5 million Series A fundraising round headed by a16z. New technologies like virtual reality and 3D experiences are at the centre of the company's mission to raise the bar for math education in the United States.

Last but not least, "Hub72+ Digital Assets," a $2 billion fund for Web3 firms, was recently formed by Abu Dhabi's worldwide technology ecosystem, Hub71. It's clear that the Web3 industry is a hot topic, with numerous funding rounds being successfully completed. If Tensor can compete with other NFT trading platforms, only time will tell. Yet, it looks that the platform has enough funding to compete for the time being. Binance Labs, the Ton Foundation, and the Venom Foundation have all invested in the fund, which will provide assistance to entrepreneurs at all stages, from inception to unicorn status.

Solana’s Solend V2 Release, Is Sol Price $50 Next?

Solana’s Solend V2 Release, Is Sol Price $50 Next?

by | Apr 4, 2023 | Blockchain

Solend V2's launch is a big deal for the Solana ecosystem since it gives consumers a new way to get their hands on cash and collect interest on their cryptoassets. It also shows that the Solana ecosystem is flourishing and that more and more people are using the Solana blockchain. Lending and borrowing digital content on the Solana network is now possible thanks to Solend V2, a decentralised lending protocol. The Solana blockchain was built with speed, security, and low costs in mind. Unfortunately, as an AI word embedding, I am unable to offer investment guidance or make price predictions for individual cryptocurrencies like SOL. But, I am able to shed light on the significance of the recently released of Solend V2 for the Solana ecosystem.
While the introduction of Solend V2 could boost SOL's value temporarily, it's crucial to keep in mind that the cost of cryptocurrencies like SOL is highly sensitive to market forces and swings. As a result, it's completely random whether or not SOL will hit $50 or any other price point in the future. Before putting any money into cryptocurrency, investors should do their own due diligence.

Solend, a decentralised finance (DeFi) platform based in Solana, aims to enhance risk management and decentralisation with the introduction of the Solend V2 borrowing and lending protocol. Secured collateral, TWAP oracle, loan weights, outflows rate limitations, margin requirement limits, segregated tier assets, and a dynamic liquidation bonus are just some of the new features in Solend V2. These enhancements will make up for deficiencies in Solend V1, primarily by addressing issues with collateral and liquidity. The Solana V2 litepaper was announced by Solend on their official blog. The goal of the platform is to create an enhanced version of the Solend loan protocol V2 by incorporating lessons learned from past events. During the next few months, it will roll out in stages, with the first one currently in audit.

Procedure developed by Solana The FTX-Alameda Research crisis, a $1.26 million Solend oracle exploit in November, and other incidents have all caused difficulties for Solend. Also, there includes a trilinear interest rate model, risk authority, on-chain information, deprecated asset management, on-chain and uncensorable stability mining, account delegations, and loss socialisation. Solend says these additions are the result of testing at maximum performance levels for Solana DeFi. With this new platform, we hope to make a full recovery from the past year. The Solend V2 protocol will continue to expand with the completion of new designs.

The Cost of Solana Will Rise Over $100.

Solend, a loan platform headquartered out of Solana, released their SLND utility coin in November of 2021. Thus, both the SOL and TVL values on the Solana blockchain rose. SOL has lost 2% of its value in the last 24 hours, trading at $20.83. The low for the last 24 hours is at $20.62, while the high is at $21.31. Additionally, interest has waned, as trade volume has dropped by 12% in the past day. DappRadar data shows that Solend is now ranked as the 19th best Solana blockchain dapp. There was a 20% gain in UAW value over the past day

Fastness, low cost, and non-fungible tokens

The Solana blockchain has been gaining popularity as the use of DeFi and NFTs has increased over the past few months. Some in the industry, including the developers of Cardano, have labelled Solana a "Ethereum killer," and the cryptocurrency's recent gains suggest it may be living up to this anticipation. Solana relies on the Proof-of-History network timestamp technology to back up this claim. This creates a local timestamp to establish a reliable time reference within the network.

Solana also has no intention of resting on its laurels; it claims it will quadruple its processing capability every two years. The average cost per transaction is only $0.00025, which is significantly less than the prices offered by many of its rivals, as stated on Solana's website. There has been a gradual decrease this year in the cost of transacting on Ethereum, with the average fee now sitting at 116.33 Gwei, a drop of 58% from the same time last year. As an alternative to Ethereum, Solana was launched in 2017, and its rapid blockchain transactions are a major draw. Most of the DeFi ecosystem is built on Ethereum, although Solana claims to be able to execute 70,000 transactions per second. At $0.0005, this is still twice as expensive as Solana. It's no surprise that Solana is emerging as the greatest possible challenge to Ethereum's dominance, given the importance of gas expenses in DeFi and the ongoing need of consumers for speedier transaction times.