Overview
Tensor is the biggest NFT marketplace built on the Solana, focusing on providing an advanced trading platform for NFT enthusiasts and advanced traders. As a platform that mirrors the sophistication of traditional financial markets, Tensor has quickly positioned itself as a key player in the NFT ecosystem. Offering advanced trading features, high-speed transactions, and pioneering innovations like compressed NFTs (cNFTs), Tensor required a highly flexible, scalable, and secure token management solution. This is where Magna came in.
The Challenges
Before partnering with Magna, Tensor encountered several key challenges in scaling and managing their token distribution process:
- Multi-Entity Management: With multiple entities such as the company, investors, advisors, and Tensor power users, Tensor had to manage separate token vesting schedules across each entity. Each of these had its own set of administrators, adding another layer of complexity to the process.
- Programmatic Allocations at Scale: Tensor needed a way to programmatically create and fund vesting allocations at scale. Their goal was to leverage their own proprietary data on trader activity to automatically create on-chain vesting lockups for their power users. They required an API that allowed them to seamlessly integrate their backend with the token vesting system.
- Security Requirements: Given the nature of the marketplace and the sophistication attached to their brand, Tensor needed top-tier security measures, including multi-signature login methods and two-factor authentication for administrators and users alike.
Magna’s Solution
Magna addressed these challenges by providing Tensor with a powerful suite of tools and a customizable API integration, tailored to their specific needs:
- API-Driven Allocations and Vesting: Tensor utilized Magna’s REST API to programmatically create and manage on-chain vesting lockups for their power users. By directly integrating with their backend, Tensor was able to automate thier token vesting process without relying on any additional UI for the process. Users could later use the Magna UI for a smooth token claiming experience.
- Multi-Entity Environment Setup: Magna provided the flexibility to set up separate environments for Tensor’s company, investors, advisors, and Tensor power users, each with a different set of admins and management permissions. This allowed Tensor to maintain distinct workflows and responsibilities across its growing ecosystem.
- Customization & Seamless Integration: By integrating Magna’s API into Tensor’s off-chain backend, the platform could provide a complete and cohesive experience for its users. The customized solution delivered the full “Tensor experience” while leveraging Magna’s powerful infrastructure in the background.
- Enhanced Security: Given the high stakes involved, Tensor required robust security measures. Magna supported both Ledger and Squads login methods on Solana, as well as two-factor authentication, ensuring that the token distribution process remained secure and protected.
Implementation Details
The implementation process involved:
- REST API Integration: Tensor integrated Magna’s API to automate the creation of vesting schedules, programmatically fund allocations, and fetch key statistics on claims. This setup allowed Tensor to scale its token management process efficiently without frequent manual intervention.
- Rapid Deployment & Flexibility: Thanks to Magna's easy-to-integrate API, Tensor quickly onboarded to Magna’s platform without major hassle. The flexibility of the API allowed Tensor to adapt Magna’s infrastructure into their proprietary backend, enabling efficient execution of large-scale allocations and funding transactions. This rapid deployment ensured Tensor could immediately support their users' token vesting needs while maintaining the high-speed and low-latency experience their platform is known for.
Impact
Magna’s platform enabled Tensor to streamline its token vesting and distribution processes, resulting in the following key benefits:
- Operational Efficiency: The automated token vesting setup reduced the need for manual intervention, freeing up Tensor’s development and operations teams to focus on enhancing the user experience.
- Security and Compliance: With the integration of secure login methods and robust security measures, Tensor ensured that their users’ assets remained protected, further reinforcing trust within their community.
- Scalability: Magna’s infrastructure allowed Tensor to manage its multi-entity structure seamlessly while supporting the growth of their platform.
Conclusion
Through its partnership with Magna, Tensor was able to automate and streamline its token vesting and distribution process, allowing the platform to focus on providing professional-grade trading tools to its users. By integrating Magna’s API and leveraging its secure infrastructure, Tensor successfully scaled its operations while maintaining the high performance and security standards expected by its community.
Both the Magna platform and the Magna team were amazing to work with - they were able to accommodate some of our more complicated request (ex: programmatically setting up thousands of vesting contracts).
The platform is great: we've had no issues getting around and our end-users have raved about it.
Richard Wu, Co-Founder, Tesnor
