Tonight at the TGE, which project in the Solana ecosystem will replicate whose trend?

In recent times, several highly anticipated projects have launched their tokens, all of which are long-awaited "big moves" by the community, but the trends of their respective tokens have been quite different. Some have almost halved in value, while others have doubled.

Tonight, the Solana ecosystem NFT platform Tensor ($TNSR) will complete its Token Generation Event (TGE). Should you sell after receiving the airdrop? Can you buy immediately after it goes live? The community has differing opinions.

Some community members plan to hold on, stating, "TNSR will mimic the trend style of $ENA, not $W." However, some self-deprecatingly mentioned selling the received ENA at $0.56, while holding onto the W airdrop. Perhaps this time, TNSR's trend will be completely opposite to their previous actions.

The confusion surrounding TNSR is understandable. In the eyes of most members, stablecoin protocol Ethena and cross-chain interoperability protocol Wormhole are both strong projects with significant community attention and strong funding backgrounds. However, after launching their tokens, their token trends have been completely opposite.

Since the release of Wormhole's token economics in February, the key phrase associated with Wormhole in community discussions has been "super big move." Operating for over 3 years, Wormhole is a strong player in the cross-chain interoperability space. It achieved a valuation of $25 billion and raised $250 million, making it the largest funding round for a cryptocurrency project in 2023.

The community generally has high hopes for Wormhole's growth potential. After receiving the W airdrop, the majority chose to "hold." However, W's performance has been surprising. Since its launch 5 days ago, W has dropped by 45% from its peak and is currently at $1.01 at the time of writing.

On the other hand, stablecoin protocol Ethena, after opening up token airdrop claims, saw over 19 million BNB invested within the first hour on platforms like Binance Savings, Flash Swap, Leverage, and Contracts.

Despite some skepticism within the community about Ethena, with Aavechan's founder Marc stating that Ethena's mechanism is too reckless and its risk issues cannot be ignored, Ethena has responded with a doubling in value within 5 days, meeting the expectations of "buying below 1U." At the time of writing, ENA's market cap has exceeded $1.5 billion.

Related reading: "ENA's market cap surpasses $1 billion, while some worry it is creating the next black swan event"

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

Last week, the Solana ecosystem's cross-chain communication network Zeus Network (ZEUS) as the first project on the Jupiter LFG Launchpad completed its Liquidity Bootstrapping Pool (LBP). On the same day, Zeus Network announced a $100 million valuation and raised $8 million, with strong investors including Mechanism Capital, 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 guide)"

Zeus Network's public sale was extremely hot, reaching the fundraising cap of $27.5 million within 3 seconds of opening. Within 20 minutes of trading, ZEUS's volume exceeded $100 million. However, ZEUS's performance has not been as eye-catching as ENA's. After trading sideways for two days, ZEUS began to explore upward, showing signs of a nearly 50% increase in the past 24 hours before displaying signs of a pullback.

Compared to these projects, Tensor, which is about to undergo its TGE tonight, is still considered a strong project. Tensor won two Solana hackathons in 2022 and completed a $3 million funding round in March 2023, with investors including Placeholder, Solana Ventures, Big Brain Holdings, and Solana co-founder Anatoly Yakovenko, among other prominent institutions and angel investors.

The founder of Tensor has stated that the platform has traded Solana NFTs worth over $20 billion. In the past 3 months, over 70% of NFT trading volume on Solana has come from Tensor.

On April 5th, Coinbase announced the listing of Tensor (TNSR) on its roadmap, and OKX and BackPack also announced plans to list TNSR.

It must be acknowledged that the quality of a project does not always align with the token's price volatility. Being worth watching does not necessarily mean it's worth buying. When trading, besides the project fundamentals, factors like chip distribution and sector heat need to be considered. With the launch approaching, whose trend will TNSR replicate? BlockBeats will continue to keep an eye on it.

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