Aave Makes Web3 Social Bet With Lens Protocol Launch

Aave Makes Web3 Social Bet With Lens Protocol Launch

Key Takeaways

Aave Companies has launched its social media tech stack, Lens Protocol.
Users can now mint a Lens Profile NFT and start interacting with more than 50 applications built on Lens.
Decentralized social media has become a hot topic in crypto in recent months, helped by Elon Musk’s recent efforts to buy Twitter.

Share this article

The team behind the leading DeFi project Aave has launched Lens Protocol on Polygon. Users can now mint a Lens Profile and begin interacting with more than 50 applications on the protocol. 

Lens Protocol Goes Live

Aave is doubling down on decentralized social media. 

Aave Companies has publicly launched Lens Protocol, an open-source tech stack that lets developers build decentralized social networking applications. Starting today, users can mint a Lens Profile NFT and start interacting with more than 50 applications running on Lens’ open social graph. 


Lens lets creators own their social media data and take it with them across any application built using its tooling set. Users can link their followers, community, and content to their own NFT profile and port them into any new app. When someone creates a Lens Profile NFT, they can use it to store all of the content they make and the relationships they have with their audience. The aim is to give creators ownership of their content regardless of where it originated. 

Commenting on the launch, Aave Companies CEO and founder Stani Kulechov said:

“The social media experience has remained relatively unchanged for the last decade, and much of that is due to your content being solely owned by a company, which locks your social network within one platform.” 

Kulechov added that a switch from the Web2 paradigm of companies owning user data towards self-ownership of user-created content and social media profiles is long overdue. “Empowering users is what Lens aims to achieve,” he stated.

Lens Protocol is built using the Ethereum scaling solution Polygon, meaning creating NFT social profiles and publishing content comes in at a relatively low cost. Additionally, Lens maintains a low carbon footprint thanks to Polygon’s Proof-of-Stake validation mechanism. 

To accelerate the Lens ecosystem’s growth, Aave Companies has launched a $250,000 grants program to issue funds to projects and developers building Web3 social infrastructure and high-quality frontend experiences. 

Reflections on Decentralized Social Media

Since Lens Protocol first launched its developer tooling in February, the debate surrounding how social media applications should be structured has become much more prevalent. Issues of free speech and user autonomy have dominated the discussion, fueled largely by Elon Musk’s bid to take over Twitter for $44 billion. Crypto enthusiasts have been pondering how Musk could integrate blockchain into the social media giant, but recent developments suggest that the deal may not go through due to Musk’s concerns over bot accounts. 

Other prominent crypto voices have also shared their thoughts on the potential for decentralized social media in the past. Vitalik Buterin said he thinks Ethereum “has to expand” beyond DeFi at a talk in July 2021, adding that the network he helped create could become a decentralized login service. Sam Bankman-Fried, meanwhile, recently said that on-chain social media “has to happen eventually” in a discussion about how a decentralized version of Twitter may look. Unlike Buterin, though, Bankman-Fried seems more interested in how decentralized social media will grow beyond Ethereum. Reflecting on the future of Web3 and social media last year, the FTX CEO said that crypto social networking was “a massive opportunity” that perfectly suited one of Ethereum’s top competitors, Solana.

Disclosure: At the time of writing this piece, the author owned ETH, SOL, and several other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Aave Founder Returns to Twitter After Ban-Worthy Joke

Aave founder Stani Kulechov returned to Twitter today following a tweet that earned him a fifteen-hour suspension. Aave Founder Claims to Be Twitter CEO On Tuesday, Apr. 26, Kulechov jokingly…

Aave Team Launches Lens, an NFT-Based Social Media Protocol

The team behind the DeFi platform Aave has launched the testnet for Lens, a social media protocol that relies on NFTs for data management. Lens Will Promote User Data Ownership…

Aave Team Launches Lens, an NFT-Based Social Media Protocol

Aave V3 Heads to Ethereum Layer 2, Fantom, Avalanche

Aave has launched its V3 update. The upgrade will initially be deployed on Polygon, Fantom, Avalanche, Arbitrum, Optimism, and Harmony with Ethereum to follow in the future.  Aave Unveils V3…

Aave V3 Heads to Ethereum Layer 2, Fantom, Avalanche

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

This website is using cookies to improve the user-friendliness. You agree by using the website further.

Privacy policy

Pin It on Pinterest