Daily News | Tensor Foundation Launched Governance Token TNSR; Solana Network Congestion Triggers Developer Response; ARC20 is Currently Testing a Token Splitting Solution

2024-04-09, 03:22

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## Crypto Daily Digest: Tensor Foundation launched governance token TNSR; Solana network congestion triggers developer response; ARC20 is currently testing a token-splitting solution
First, let's look at <a href="/th/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs' trading activity. According to Farside Investor data, on April 8, Grayscale Bitcoin spot ETF (GBTC) funds continued to <a href="/th/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> out significantly, reaching $303.3 million. Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow was $6.3 million, Bitwise Bitcoin spot ETF (BITB) inflow was $40.3 million, ARK 21Shares Bitcoin spot ETF (ARKB) inflow was $9.3 million, and WisdomTree Bitcoin spot ETF (BTCW) net inflow was $2.3 million.

The Tensor Foundation has launched the governance token TNSR. In a message posted on social media platform X, the Tensor Foundation stated that launching TNSR helps implement community governance, allowing TNSR holders to control Tensor parameters and enjoy fee discounts in transactions on Tensor. Users must collect their tokens before October 5, 2024.

The supply of TNSR tokens is 1 billion. The initial airdrop accounts for 12.5% of the token supply, of which 55%, or 550,000,000 TNSR, is allocated to the community. Core contributors will receive 27% of the total supply. The remaining 18% will be assigned to future fundraising activities, investors, and advisors.

Tensor is an NFT trading market known as "Solona's Blur." Tensor had previously stated that it would launch its token a month ago, but the details provided at that time were limited. This token can be used throughout the Tensor protocol, including Tensor NFT marketplace, Tensor automatic market maker, Tensor custody, etc.

In recent days, the <a href="/th/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> network has been plagued by congestion issues, resulting in significant delays in transaction processing and a large number of transactions being discarded. Users of Solana's mainstream Phantom wallet and other applications have been notified of congestion and advised to wait longer to complete transactions.

This congestion is largely due to the influx of spam transactions, where robots attempt to prioritize their activities over those of ordinary users. Due to the sharp increase in transactions related to the newly released memecoin, there is a huge demand for network blockspace, which has led to many user access being hindered, exacerbating this problem.

Co-founder Anatoly Yakovenko stated that to address these challenges, the Solana development team is designing effective solutions, and software patches are already under development, but it will take some time.

"Solana Network is once again facing the test of a large influx of traffic. Error fixing will be launched next week, and the situation will begin to improve," further pointed out Austin Federa, Strategic Director of Solana Foundation. The congestion may extend to network infrastructure, affecting users' ability to interact with blockchain.

In this regard, Anza, the developer of one of the Solana Agave validator clients, will launch a fix to address specific issues related to its QUIC implementation. These updates will improve the client's performance, especially in high request volumes. Another important progress is the planned 1.18 update to be released in April. This update will introduce enhanced features to make transaction scheduling more deterministic, simplify processing, and reduce bottlenecks.

The Atomicals protocol has announced on the X platform that the ARC-20 token-splitting solution is about to be launched. Through this plan, Atomicals will have the potential to send tokens as low as 1 unit and overcome Bitcoin dust limitations while still maintaining the key attributes supported by Satoshis for all tokens.

Atomicals is a flexible protocol used to mint, transfer, and update digital objects on blockchains based on UTxO models similar to Bitcoin. Its flagship token is $Atom.

“We can say that the split of $ATOM has arrived, representing an important milestone in Bitcoin's entry into the Atomicals protocol era.”

## Market Trends: The ETH/BTC exchange rate is strengthening, is the Altcoin season approaching?
The crypto market shows a volatile upward trend, with BTC prices remaining above $71,000, indicating market recognition of its strength. At the same time, the exchange rate reversal of ETH against BTC and the strengthening of ETH prices may indicate the arrival of the Altcoin season. ETH, as one of the important indicators of the crypto market, its strength often drives the increase of other counterfeit currencies, which has been repeatedly verified in the past market.

Regarding macroeconomics, the US stock market has also shown a volatile trend. The market expects the probability of interest rate cuts in May will decrease to 0, and the number of rate cuts for the whole year will also decrease to 2. The first-rate cut may take place in September. These factors will also have a certain impact on the crypto market's trend, and it is necessary to monitor the subsequent performance of the market closely.
### Market Hotspots
BTC ecosystem tokens are soaring: BTC ecosystem tokens such as CKB and MUBI have increased significantly. With the imminent halving of BTC, miners are pulling up support for BTC ecosystem projects to prevent a significant decline in income, which supports the rise of BTC ecosystem tokens.

Stablecoin project Ethena surged: Ethena announced it would increase mining APY by staking ENA, thereby stimulating the rise of ENA. This obvious empowerment action injects new vitality into the project's future development.

The rise of public chain TON: TON projects have surged, and on-chain projects such as FISH and STON have followed suit. The market is hyping up the news that Telegram is about to go public, and FISH is the top Meme project on the TON chain, while STON is the top DEX on the TON chain. The DEX platform and Meme projects are the first to benefit from the surge in public chain projects.

The launch of Tensor (TNSR): As an NFT trading platform on the Solana chain, Tensor's token TNSR has shown a trend of high opening and low closing since its launch yesterday. Trading NFTs on Tensor exceeding 5 SOL or trading more than five times can earn TNSR token airdrops. This airdrop rule has also brought some market attention, but its price trend still needs to be observed.

Overall, the crypto market is currently in a volatile upward trend, and the trends of BTC and ETH have a significant impact on the entire market. Regarding market hotspots, BTC ecosystem tokens, ENA, TON, and TNSR have all received much attention. Investors should closely monitor market trends, adjust investment strategies reasonably, and guard against market volatility risks.

## Macro: Wall Street closed flat, Asian markets cautiously rose, and gold's attractiveness remains unchanged
On April 8th, the US stock market closed relatively flat on Monday, with investors waiting for critical inflation data and the start of the first quarter financial reporting season. The yield of US treasury bond bonds hit a four-month high, and the stock market was somewhat restrained. The S&P 500 and Nasdaq indexes suffered the slightest losses, with nominal gains, while the Dow Jones Industrial Average fell slightly.

The Dow Jones Industrial Average (.DJI) fell 11.24 points, or 0.03%, to 38,892.80 points. The Standard & Poor's 500 Index (.SPX) fell 1.95 points, or 0.04%, to 5,202.39 points, while the Nasdaq Composite Index (.IXIC) rose 5.44 points, or 0.03%, to 16,253.96 points.

On Wednesday, the Ministry of Labor will release the March Consumer Price Index (CPI) report, with a slight slowdown in monthly price growth and a decrease in annual core data.

Regarding Asian stock markets, industrial metal prices continued to rise due to expectations of a global manufacturing rebound. Still, Asian stock markets performed relatively cautiously before releasing US inflation data and the European Central Bank meeting this week. On April 9th, the MSCI, the most widely used Asia Pacific stock index outside of Japan, rose 0.2%, while the Nikkei index in Japan rose 0.6%. China's manufacturing activity in March saw its first expansion in six months.

Regarding commodities, Brent crude oil prices are below recent highs but remain above $90 per barrel, closing at $90.62.

Driven by central bank purchases and geopolitical tensions, gold prices hit a historic high for the seventh consecutive trading day on Monday, with relatively strong economic data. However, the attractiveness of gold remains strong.

Spot gold rose 0.3% to $2,336.39 per ounce after hitting a historic high of $2,353.79. US gold futures closed up 0.2% at $2,351.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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