Decentralized lending platform Aave has launched a new service called Lens Protocol, which aims to provide an alternative to centralized social media networks.
Aave Launches Lens Protocol
On Monday, Aave founder Stani Kulechov announced the launch of Lens, which he described on Twitter as an “open, composable Web3 social media protocol” that “allows anyone to create a non-custodial social media profile and build new social media applications.” The launch comes when users debate permission-free social media platforms again. Over the weekend, Brantly Millegan, a member of the Ethereum Name Service core team, was removed after old posts condemning transgenderism and homosexuality resurfaced on Twitter.
Aave, the team behind the decentralized finance lending protocol, has poured significant resources into the social media project since early 2021. A Jan. 20 tweet announced its debut Monday. Aave initially envisioned Lens as a sort of Twitter-on-Ethereum. Still, it serves as a platform where developers can hypothetically build a wide range of applications as they grow and benefit from a shared user base.
1/ Something is blooming… https://t.co/UMUs3qT3SD
— LensProtocol.eth 🌿 (@LensProtocol) February 7, 2022
NFTs at heart
The protocol is primarily powered by NFTs, which it refers to as its “main primitives.” It allows users to create NFT-based profiles to store posts, publications, and follower history. It also offers revenue sharing for content hosted on IPFS and has built-in governance for groups of shared followers. Users can receive a “Follow NFT” when they follow another user. These have unique token identifiers that indicate their utility and rarity. The announcement states that the tokens can be used for voting, governance snapshots, and even trading.
Aave also announced a $250,000 funding program to accelerate Lens Protocol’s growth. Lens Protocol is already active on the Polygon Mumbai test network and plans to launch the Alpha Mainnet at a date to be named.