With interest in meme coins continuing to rise, leading marketplace Solana NFT Tensor is launching Vector.fun.
Essentially, the project can be described as SocialFi, which combines commerce and social interaction in one mobile application.
Road to Vector.fun
Tensor’s Gen-Z-focused approach attempts to make meme coin trading more accessible to “normal people,” as Tensor co-founder Ilya Moiseeves put it on X. According to Tensor’s founders, everything about trading and cryptocurrencies is “inherently social ” The main way to achieve this goal is to make this experience available for exchange, to convey the essence of trade in the community.
“This is a new way of trading. This is Internet finance in every pocket. This is how your average friend gets into cryptocurrency. This is the #1 app in the AppStore in 2025. Or it’s nonsense and I’ll get fired. I think we’ll find out,” Tensor co-founder Ilya Moiseev said at X.
As co-founder Richard Wu told X, the idea for the project came from the need to solve the problem of NFT fatigue. The project has been in development for the past eight months, a process the founders described as grueling.
“After TGE I probably had one day off. One of our guys from BD retrained as a PM to help with the load. People pulled 20 hours a day. The engineers were sleeping in the office. Hundreds of calls with feedback. 1000 PR. If you think Tensor was built fast… Oh my God, let me tell you, this thing is 10 times more capable and built 10 times faster. The team was stupidly locked,” said Tensor co-founder Ilya Moiseev at X.
Earlier this week they opened up early access to their waitlist. Shortly after, they had to pause registration due to high demand, which is a good sign. Those who have already registered will receive access in the coming weeks. Existing owners of their NFT collection can verify ownership on Discord.
In 2023, Tensor became a strong player in the Solana NFT market. But when they introduce this trading terminal, they reiterate that success is yet to be seen as they enter this highly competitive atmosphere.
Meme coin trading has boomed over the past year, thanks in large part to Pump.fun, which allows users to create tokens easily and cheaply. Some tokens, such as Peanut the Squirrel (PNUT) and Goatseus Maximum (GOAT), have even reached impressive market capitalizations, generating significant profits for early investors.
Even with such impressive examples, most meme coins die quickly. History has proven the same for SocialFi.
The sad saga of SocialFi
At the end of 2024, SocialFi platforms such as Farcaster, Lens and Friend.Tech began to experience a sharp decline in user activity. Farcaster, a platform focused on user privacy and data control, experienced a significant decline in its daily active users (DAU) from 67,000 in July to 34,000 in October, despite receiving $150 million in funding earlier this year.
Friend.Tech also saw a drop in revenue. After initially receiving over $4 million in commissions in September 2023, the developers have since relinquished control of their smart contract.
Now they can no longer make changes or claim ownership. As of June, the project is no longer generating income.
These challenges highlight the challenges of maintaining user interest in the SocialFi space despite large investments and early hype. However, the recent meme coin craze provided the perfect launching pad for Vector.fun, testing the arena of community readiness for SocialFi.
