Tonight’s TGE, whose trend will Solana ecosystem project TNSR replicate?

Recently, several highly-watched powerful projects have issued tokens, all of which are the "big hairs" that the community has been looking forward to for a long time, but the trends of their respective tokens are very different. Some are almost halved, and some have doubled all the way.

Tonight, the Solana ecosystem NFT platform Tensor ($TNSR) will complete the TGE. Should I sell it after getting the airdrop? Can I buy it immediately after it goes online? There are different voices in the community.

Some community members plan to hold it, "TNSR will imitate the trend style of $ENA, not $W". But some people laughed at themselves, saying that they sold the ENA they received at $0.56, but they have been holding the W airdrop. Maybe this time TNSR's trend will be completely opposite to their own operations.

The doubts surrounding TNSR are not difficult to understand. In the eyes of most members, the stablecoin protocol Ethena and the cross-chain interoperability protocol Wormhole are both powerful projects that have attracted much attention from the community and have a strong financing background. After issuing coins one after another, their token trends are completely opposite.

Since Wormhole released its token economics in February, the keyword for Wormhole in community discussions has been "super big hair". After more than three years of continuous operation, Wormhole is a powerful project in the cross-chain interoperability track. It has completed $250 million in financing with a valuation of $2.5 billion, which is also the largest round of financing for cryptocurrency projects in 2023.

The community is generally optimistic about the development space of Wormhole. After receiving the W airdrop, most people also chose to "hold on". But the performance of W is surprising. Since its launch 5 days ago, W has fallen 45% from its high point, and is now $1.01 at the time of writing.

After the stablecoin protocol Ethena opened airdrop tokens for claiming, Binance launched Ethena (ENA) for financial management, flash exchange, leverage, and contracts, and the investment volume exceeded 19 million BNB within 1 hour of opening. Although there are still doubts about Ethena in the community, such as Aavechan founder Marc believes that Ethena's mechanism is too reckless and its risk issues cannot be ignored. Ethena still responded to the expectation of "buy anything below 1U" with a doubling in 5 days. As of the time of writing, the market value of ENA has exceeded US$1.5 billion.

Related reading: ENA's market value exceeds 1 billion US dollars, but some people worry that it is creating the next black swan

In addition to $W and $ENA, the Solana ecosystem cross-chain communication network Zeus Network token has also been launched recently.

Last week, Solana's ecological cross-chain communication network Zeus Network (ZEUS) completed LBP as the first project of Jupiter LFG Launchpad. On the same day of LBP, Zeus Network also announced that it had completed $8 million in financing at a valuation of $100 million. The investment lineup is strong, led by Mechanism Capital, and participated by angel investors such as Big Brain Holdings, The Spartan Group, and Solana co-founder Anatoly Yakovenko.

Related reading: "Understanding Zeus Network: Bringing Bitcoin's Liquidity to the Solana Network (with Participation Tutorial)"

Zeus Network's public sale was extremely popular, reaching the fundraising limit of 27.5 million US dollars within 3 seconds after it was opened. 20 minutes after the opening, ZEUS's trading volume exceeded 100 million US dollars. However, ZEUS's performance is not as eye-catching as ENA. After two days of sideways trading, ZEUS began to explore upwards. After a nearly 50% increase in the past 24 hours, it showed signs of falling back.

Compared with these projects, Tensor, which is about to hold TGE tonight, can still be regarded as a strong project. Tensor won two Solana hackathons in 2022 and completed a $3 million financing in March 2023. Investors include Placeholder, Solana Ventures, Big Brain Holdings and Solana co-founder Anatoly Yakovenko and other star institutions and angel investors.

The founder of Tensor once said that the Tensor platform has traded more than $2 billion worth of Solana NFTs. In the past 3 months, more than 70% of NFT transactions on Solana came from Tensor.

On April 5, Coinbase announced that Tensor (TNSR) will be included in the coin listing roadmap, and OKX and BackPack also announced that they will list TNSR.

It has to be admitted that the quality of a project is often inconsistent with the volatility of the token. Worthy of attention does not mean worth buying. When trading, in addition to the fundamentals of the project, it is also necessary to consider issues such as chip distribution and sector popularity. With the launch imminent, whose trend will TNSR replicate? BlockBeats will continue to pay attention.

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