Aave Makes Web3 Social Bet With Lens Protocol Launch

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Aave Makes Web3 Social Bet With Lens Protocol Launch
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Key Takeaways

Aave Companies has launched its social media tech stack, Lens Protocol.
Users can now mint a Lens Profile NFT and begin interacting with greater than 50 functions constructed on Lens.
Decentralized social media has develop into a sizzling matter in crypto in latest months, helped by Elon Musk’s latest efforts to purchase Twitter.

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The crew behind the main DeFi challenge Aave has launched Lens Protocol on Polygon. Users can now mint a Lens Profile and start interacting with greater than 50 functions 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 builders construct decentralized social networking functions. Starting right now, customers can mint a Lens Profile NFT and begin interacting with greater than 50 functions working on Lens’ open social graph. 

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Lens lets creators personal their social media information and take it with them throughout any software constructed utilizing its tooling set. Users can hyperlink their followers, neighborhood, and content material to their very own NFT profile and port them into any new app. When somebody creates a Lens Profile NFT, they will use it to retailer all the content material they make and the relationships they’ve with their viewers. The intention is to offer creators possession of their content material no matter the place it originated. 

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

“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} swap from the Web2 paradigm of corporations proudly owning consumer information in direction of self-ownership of user-created content material and social media profiles is lengthy overdue. “Empowering users is what Lens aims to achieve,” he acknowledged.

Lens Protocol is constructed utilizing the Ethereum scaling resolution Polygon, that means creating NFT social profiles and publishing content material is available in at a comparatively low value. Additionally, Lens maintains a low carbon footprint due to Polygon’s Proof-of-Stake validation mechanism. 

To speed up the Lens ecosystem’s progress, Aave Companies has launched a $250,000 grants program to difficulty funds to initiatives and builders constructing Web3 social infrastructure and high-quality frontend experiences. 

Reflections on Decentralized Social Media

Since Lens Protocol first launched its developer tooling in February, the controversy surrounding how social media functions ought to be structured has develop into rather more prevalent. Issues of free speech and consumer autonomy have dominated the dialogue, fueled largely by Elon Musk’s bid to take over Twitter for $44 billion. Crypto lovers have been pondering how Musk might combine blockchain into the social media large, however latest developments counsel that the deal might not undergo as a consequence of Musk’s issues over bot accounts. 

Other distinguished crypto voices have additionally shared their ideas on the potential for decentralized social media up to now. Vitalik Buterin mentioned he thinks Ethereum “has to expand” past DeFi at a chat in July 2021, including that the community he helped create might develop into a decentralized login service. Sam Bankman-Fried, in the meantime, lately mentioned that on-chain social media “has to happen eventually” in a dialogue about how a decentralized model of Twitter might look. Unlike Buterin, although, Bankman-Fried appears extra inquisitive about how decentralized social media will develop past Ethereum. Reflecting on the way forward for Web3 and social media final 12 months, the FTX CEO mentioned that crypto social networking was “a massive opportunity” that completely suited one in all Ethereum’s prime rivals, Solana.

Disclosure: At the time of penning this piece, the creator owned ETH, SOL, and a number of other different cryptocurrencies. 

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