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

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

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?

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.

Solana Soars As Helium Sets Migration Date Here’s More

Solana Soars As Helium Sets Migration Date Here’s More

Why you may look forward to invest in Solana?

By March 27, the existing blockchain will be stopped, and the decentralized wireless communications infrastructure Helium will completely switch over to the Solana blockchain. HNT, MOBILE, and IOT will be provided on the Solana often provide the relocation, however data transfer and Proof-of-Coverage operations won’t be impacted.

The Solana team said earlier today that the transition will be finished. As a result of the latest migration statement by the Helium system, investors have become more optimistic, which has caused prices to rise. The Solana blockchain will be the sole source of data for the distributed wireless transmission network Helium, in line with a blog post.

Also Read: Solana Trading Volume Tumbles, Is Bonk Token Responsible?

Of course, the key question seems to be whether Solana can maintain this enthusiasm all through the remainder of every year. Investors are essentially claiming that Solana is worthless right now, which is difficult to comprehend. A framework for decentralized banking, non-fungible currencies (NFTs), blockchain games, and the virtual world, Solana is more than just a cryptocurrency.

Solana-price

Source: Coinmarketcap

For starters, Solana’s reputation in this crucial area must have held up well, and it is currently the second-leading competitor in the NFT industry. A large portion of this reputation will dissipate, allowing investors to once again value Solana solely on its fundamentals.

Investing in Solana Blockchain

The whole Solana ecology is an additional important consideration. This includes all Solana-based projects and decentralized applications, the whole Solana tech community, and NFTs created on the Solana network. This ecosystem in Solana is highly active, and Solana made great steps to reassure its creators at every turn. There is also protracted international tour.

Also Read: Solana price nears crossroad as bulls need to choice on their next move

The Solana meme coin demonstrates how this year, the Solana development community seems to be uniting behind Solana. The meme currency has evolved from being a modest expression of gratitude to Solana community members to becoming a news item covered by the news outlets as evidence of Solana’s rebirth. The cryptocurrency’s early exceptional performance was caused by the unexpected hype surrounding Solana.

The official debut of Solana Mobile, that displays the first-ever cryptocurrency phone in the world, is the major undertaking to keep an eye on. An essential component of Solana’s entry is the initiative, which Solana believes will be built upon end-to-end exceptional apps. Although Solana appears alluring as a fast, short-term move to take advantage of the new buzz surrounding cryptocurrencies there at start of a fresh year.

Look a few of the Solana pricing forecasts for 2023, and you’ll start to understand why. According to only technical considerations, some crypto professionals now predict that Solana will rise by the finish of the year. That would almost double your original investment. if you consider all of the amazing new efforts now underway.

Solana was one of the first block chain technology to implement a proof-of-history (PoH) automated system, which enables the blockchain to function quickly while remaining secure and decentralized, in contrast to many other well-known blockchains that operate utilising proof-of-work (PoW) or solid evidence (PoS) smart contracts.

Also Read: Solana Futures OI Surpasses $200M: Are Traders Bullish?

Due to its interoperability with payment systems, which allow for the creation of decentralized apps, Ethereum has emerged as the industry leader in decentralized finance (DeFi) (dApps). However, because of Ethereum’s popularity, its blockchain became expensive and cumbersome to use, which prompted the development of substitutes like Solana.

The recent SOL pricing record can assist provide us with some very significant background when it regards to either developing our own solana price predictions or analyzing ones that are already out there, even though overall history should never be viewed as a predictor of future outcomes. Researchers and automated process predictors are prone to and do make inaccurate predictions.

Latest News

Big Eyes Coin, Solana, And Ethereum: Hitting Impressive Targets After Crypto Slump

Big Eyes Coin, Solana, And Ethereum: Hitting Impressive Targets After Crypto Slump

The size of the community surrounding a crypto asset can be seen as a barometer of its performance. Big Eyes Coin (BIG) is a cryptocurrency that has raised $23.5M in less than a month thanks in large part to the enthusiasm of its user base. The original launch code availability date was February 3rd, however due to overwhelming community demand, the team has decided to extend it until February 20th.

Read more: Maximum DeFi Possibilities Emerge With Big Eyes Coin And Cardano’s Stablecoin

In the past, successful pre sales have set the stage for future success for crypto assets. Bitcoin has maintained its position as the dominant cryptocurrency thanks to its ecosystem’s consistent incorporation of cutting-edge technologies, considerable institutional interest, the NFT boom, and the proliferation of gaming apps.

We’re going to check up on two heavy hitters and one underdog (or undercat? ), all of whom are attracting attention and inspiring envy. There’s Ethereum, the Big Eyes Coin (BIG), and the upstart cryptocurrency Solana (SOL) (ETH). The Binance Coin and Ethereum are two ICO investments with extremely high returns on investment. Having gotten off to a strong start this year, three coins in particular are creating ripples in the crypto world thanks to their doggedness and originality. These cryptocurrencies are leading the way and are committed to maintaining the upward trend in the market, whether it means achieving pre-sale targets, developing groundbreaking new technology, or gaining widespread media attention.

Also Read: Big Eyes Coin Succeeds In Presale And Remains

This Brave Cat Speaks with Big Eyes Coin

New this year is Big Eyes Coin (BIG), an ethereum-based memecoin initiative. Early investors who saw the potential in Big Eyes’ favourable conditions did not hesitate to seize them. The market’s most promising memecoin, it’s been gathering steam as users discover more and more cheap memecoins to “milk” for potential large profits.

As a result of these services, the community as a whole will develop a shared identity and acquire critical mass to pursue common goals. Similar to how Dogecoin (DOGE) was perceived prior to its release, the memecoin has a bright future. The buzz and excitement surrounding this coin imply it may soon cause waves of change throughout the stale sector. You should hurry up and enter.

Also Read: Big Eyes Coin’s Offer Will End As Shiba Inu And Dogecoin Continue To Soar

Big’s price was cut so that early investors could get in and get a competitive edge. Similarly, the project is able to fundraise for the early projects and community improvements. Using DeFi and other state-of-the-art tools like NFTs, the metaverse, gaming, etc., Big Eyes hopes to benefit its local community. You can use the live calculator on the memecoin presale page to figure out how much money you stand to make by purchasing tokens before they go on sale to the general public.

Ethereum

According to Coinmarketcap, Ethereum (ETH) is the second most popular alternative cryptocurrency. Do you know about the phenomenal success of the token’s initial coin offering (ICO), which provided the initial capital for the token? The final ETH/BTC exchange rate was 1,337, a rise from the beginning of the sale. They were able to raise $18.30M from the sale of tokens at a price of $0.03 per, allowing them to release 72,000,000 tokens.

Also, the Ethereum network has hosted the vast majority of successful ICOs, including Big Eyes Coin. The presale took place between July and September of 2014, and at first, participants could buy ETH with bitcoin. In the first 12 hours of the sale, almost seven million ETH, or about $2.2 million, were purchased.

Also Read: Ethereum While sell orders dominate market positive sentiment lingers

More than $60 million in tokens were sold for a profit, with investors exchanging Bitcoin coins at a rate of 2,000 ETH to 1 BIC to purchase the tokens. Since ETH is the driving force behind the current ICO frenzy, it is only natural that the network will advance rapidly in order to become the platform of choice for creating such tokens.

Solana

A Currency That May Replace Ethereum. Moreover, ETH is a high-risk investment due to its reputation for greater volatility than SOL. ETH is a high-risk asset because of its history of greater volatility compared to SOL. As of this writing, Solana’s price has increased from its ICO low of $0.22 to a record high of $260.06. This demonstrates the benefits of an early start. Although suffering heavy losses during last year’s FTX crisis and bear market, its value has recently recovered, rising by about 160% in the month of January 2023.

Also Read: Solana Trading Volume Tumbles, Is Bonk Token Responsible?

Similar to the aforementioned dominant DeFi asset, Ethereum, Solana (SOL) is a cryptocurrency asset that is sometimes viewed as competition. Its network is often considered to be superior to ETH’s, despite the fact that Coinmarketcap ranks it lower. The Proof of History decentralized network that SOL employs to validate its blocks enables the network to process transactions quickly and cheaply.

ETH is a high-risk investment due to its extreme volatility and the fact that it is both faster and cheaper than SOL. The hybrid consensus used by the open-source and distributed platform guarantees excellent scalability, another area in which it excels beyond the competition. An entire group of developers is working on expanding the crypto asset’s ecosystem.

Latest News

Solana Trading Volume Tumbles, Is Bonk Token Responsible?

Solana Trading Volume Tumbles, Is Bonk Token Responsible?

Solana Trading Volume Tumbles, what is the reason?

The native currency of Solana, SOL, was selling at $20.98 there at the time of the publication. In the cryptocurrency market, there are approximately 340 meme coins. Trading platforms located in Solana are experiencing a sharp decline in trade volume, which has decreased by almost 18% from the prior month. According to its trading activity, the newly formed cryptocurrency with a dog motif is ranked 2630th.

The Solana blockchain’s initial dog-themed coin was created, called Bonk. The launch took place in the final part of 2022. The token values surged after its launch, while trading activity plummeted. Even though Bonk is merely another meme token, the Solana Blockchain might benefit from its rising demand because it is dreamed of seeing the blockchain succeed.

Others currencies and tokens experienced a sharp gain at first but were unable to keep up with the hoopla; some even vanished. Furthermore, it is too premature to make any judgments about Bonk’s prospects or if it will be responsible for saving Solana.

Reasons for Solana tumbles

Although the shifting market situation was the first catalyst, the structure of crypto investments—which lack significance and necessitates a constant flow of new participants to maintain prices—is what really caused the meltdown. Digital assets known as cryptocurrencies pretend to be currency.
From the outset, rising demand for the idea has driven up the cost of these products, making some early investors wealthy.

They are now typically marketed as financial assets instead of monetary assets as a consequence. But lately, the value of well-known cryptocurrencies plummeted.
We must comprehend the characteristics of cryptocurrencies as assets in order to fully comprehend what is taking place. When evaluating investments in finance, we frequently consider the accompanying future cash flows. For instance, we try to project how much cash a company could produce in the future in order to determine the value of a stake in a business.

There are a few financial assets that don’t generate cash flows yet are nevertheless valuable to investors, like gold. This occurs frequently because considerable historical data shows that their price typically increases when the value of other assets declines. Therefore, using them in an investing strategy can lower the risk for the client.

This may counteract the lower expected value brought on by the lack of cash flows, based on the tolerance for risk of participants. These things are indeed commodities since their owner would still find a use for them despite the fact that nobody wanted to acquire them.
Cryptocurrencies stand out when seen as an investment, but not necessarily in a good manner. They rarely give the owner any rights to free cash flow, seem to not increase in value while other assets decline, and have no intrinsic worth other than the price someone else is capable of paying for them.
This implies that in order maintain prices at their current level, the bitcoin ecosystem needs a constant influx of fresh investment. Prospective buyers who are prepared to pay a greater price are the only ones who can generate good returns.

Also Read: Solana Futures OI Surpasses $200M: Are Traders Bullish?

This essentially entails making multiple investments using depositor funds, similar to how a partial reserve bank operates where only a portion of deposits are backed by cash. This means that it is available for withdrawal. It is another kind of debt because it creates liabilities.
Simply said, the present decline in cryptocurrency prices is the outcome of this negative-sum, debt-driven economy unravelling. The amount of fresh money that enters the system has decreased due to the growing expense of living, higher interest rates, as well as the return to normalcy following the epidemic.

Latest news

You have not selected any currencies to display