SocialFi Meets The Trenches - What is Tensor’s Vector.fun?

Like TikTok for onchain markets, Vector adds a new social layer to memecoin trading.

Published: Nov 28, 2024 at 15:13

The wait is finally over. Two months after co-founder Richard Wu teased an expansion to Tensor’s product suite, Vector is now available on Google Play and the Apple App Store.

Access to Tensor’s new memecoin trading platform is reserved for Tensorian holders and the lucky few who can get their hands on invite codes. However, this hasn’t stopped Vector from building a passionate and loyal user base in a short time period.

What is Vector and how can you traders stay safe on the platform?

What is Vector?

Vector is a captivating mobile trading application designed by Tensor, the team behind Solana’s biggest NFT marketplace. Building off the success of Solana’s meme economy and the growing SocialFi sector, Vector is a stimulating crossover of Crypto Twitter, TikTok, and onchain markets.

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Featuring simplified charts and an intuitive interface, Vector enables traders to broadcast their positions with greater transparency. All trader’s PnL (Profit and Loss) records are clearly displayed, meaning that users can verify the profitability of their favorite influencers.

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Additionally, if a user follows a broadcasted trade and secures a profit, the original user earns additional rewards. Vector has a generous referral and rewards structure designed to help the app achieve maximum reach.

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All traders’ entries and exits are highlighted on the chart, with dedicated spaces for commentary and reactions from other users. Similar to the coral social media apps of the Web2 world, traders move between trending charts by scrolling until they find one that grabs their attention.

Initial reactions to Tensor’s new product have been overwhelmingly positive, with social media commentators praising the platform for its engaging UX. But how does Vector fit into the wider ecosystem?

Is Vector Safe?

Vector benefits from a smooth onboarding process, bypassing the cumbersome process of backing up a seed phrase. According to Vector’s Terms of Service and Risk Disclaimer, Tensor leverages Privy’s embedded wallets. Vector doesn’t store user seed phrases or private key information, but recommends that users back up their private keys.

While Vector attempts to bring greater transparency to social trading, the app isn’t exempt from manipulation by the wider market. Trades on the platform are clearly marked, but users still have no way of knowing if traders haven’t built a sizable position in external wallets before buying tokens ‘for the first time’ on Vector.

In this respect, Vector could become a tool used to perpetuate the same kind of social trading manipulation it was originally designed to eliminate.

That being said, Vector is still in its infancy. The Tensor team has a proven history of adapting rapidly to changing dynamics and is expected to make ongoing iterations to improve the application long-term.