Aave Makes Web3 Social Wager With Lens Protocol Launch

Key Takeaways

  • Aave Corporations has launched its social media tech stack, Lens Protocol.
  • Customers can now mint a Lens Profile NFT and begin interacting with greater than 50 purposes constructed on Lens.
  • Decentralized social media has turn into a scorching subject in crypto in current months, helped by Elon Musk’s current efforts to purchase Twitter.

The group behind the main DeFi mission Aave has launched Lens Protocol on Polygon. Customers can now mint a Lens Profile and start interacting with greater than 50 purposes on the protocol. 

Lens Protocol Goes Stay

Aave is doubling down on decentralized social media. 

Aave Corporations has publicly launched Lens Protocol, an open-source tech stack that lets builders construct decentralized social networking purposes. Beginning right this moment, customers can mint a Lens Profile NFT and begin interacting with greater than 50 purposes operating on Lens’ open social graph. 

Lens lets creators personal their social media knowledge and take it with them throughout any software constructed utilizing its tooling set. Customers 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 the entire content material they make and the relationships they’ve with their viewers. The purpose is to offer creators possession of their content material no matter the place it originated. 

Commenting on the launch, Aave Corporations CEO and founder Stani Kulechov stated:

“The social media expertise has remained comparatively unchanged for the final decade, and far of that is because of your content material being solely owned by an organization, which locks your social community inside one platform.” 

Kulechov added {that a} swap from the Web2 paradigm of firms proudly owning consumer knowledge in the direction of self-ownership of user-created content material and social media profiles is lengthy overdue. “Empowering customers is what Lens goals to attain,” he said.

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

To speed up the Lens ecosystem’s progress, Aave Corporations has launched a $250,000 grants program to subject funds to tasks 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 talk surrounding how social media purposes ought to be structured has turn into far more prevalent. Problems with free speech and consumer autonomy have dominated the dialogue, fueled largely by Elon Musk’s bid to take over Twitter for $44 billion. Crypto fanatics have been pondering how Musk may combine blockchain into the social media big, however current developments recommend that the deal could not undergo on account of Musk’s issues over bot accounts. 

Different distinguished crypto voices have additionally shared their ideas on the potential for decentralized social media up to now. Vitalik Buterin stated he thinks Ethereum “has to broaden” past DeFi at a chat in July 2021, including that the community he helped create may turn into a decentralized login service. Sam Bankman-Fried, in the meantime, just lately stated that on-chain social media “has to occur ultimately” in a dialogue about how a decentralized model of Twitter could look. In contrast to Buterin, although, Bankman-Fried appears extra interested by how decentralized social media will develop past Ethereum. Reflecting on the way forward for Web3 and social media final 12 months, the FTX CEO stated that crypto social networking was “an enormous alternative” that completely suited one in every of Ethereum’s prime opponents, Solana.

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

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