Tensor

Tensor runs on Solana only and treats NFTs like a thin order book. Besides fixed-price listings you can place collection-wide bids, which fill against any item in the collection, and sweep several listings in one transaction. The distinctive piece is TensorSwap, an automated market maker for NFTs.

In a TensorSwap pool a liquidity provider deposits SOL, NFTs or both and sets a bonding curve: each time the pool buys an NFT its bid steps down, each time it sells its ask steps up. Traders then sell into or buy from the pool immediately instead of waiting for a matching order. The LP earns the spread and takes the risk that the floor moves, which Tensor's docs describe as impermanent loss.

Tensor supports standard Metaplex NFTs, compressed NFTs and Token Extensions, and open-sourced its trading protocols at Solana Breakpoint 2024.

The marketplace charges a 2% taker fee and 0% maker fee. Enforced royalties are always paid by the taker: a buyer taking a listing pays price plus royalty plus fee; a seller hitting a bid receives the bid minus both. On collections with optional royalties the taker can pay none, half or all of the creator's rate.

Under governance rules the protocol fee started at 2% for both the marketplace and the AMM, split 50/50 between the protocol and the front end that sent the trade, so other apps built on Tensor's contracts earn part of the fee. Since November 2025 100% of fees from the main Tensor Trade marketplace, and 50% of fees from the protocols, go to the foundation treasury.

The cheap side of Tensor is the maker side: listing, bidding and pool quotes pay 0%. Anyone who takes liquidity pays 2% plus any royalty.

TNSR, the governance token, was deployed in March 2024 with a fixed 1 billion supply. The first airdrop went to holders of Treasure Boxes and Tensorians, 12.5% of supply, followed by 2.3% to power users and 4% to Season 4 users. Core contributors and investors vest over three years with a one-year cliff.

On 21 November 2025 Coinbase agreed to buy Vector.fun, a memecoin trading app Tensor Labs had built, and hired Richard Wu, Ilja Moisejevs and 11 Vector staff. The NFT marketplace did not go to Coinbase. The Tensor Foundation took the marketplace, TNSR and the Tensorians collection, burned 21.6% of unvested founder and Labs tokens, and the founders relocked their vested TNSR for three more years. Vector users had until 26 November 2025 to withdraw.

TNSR holders vote on fee rates, fee splits and treasury grants through Tensor Improvement Proposals. The foundation's terms bar US persons from its site. Token supply and price live on the TNSR market page.