Aave Ventures into Web3 as Lens Protocol Goes Live

AAVE, a leading project in the decentralized finance (DeFi) space, has unveiled the Lens Protocol. The protocol will launch on the Polygon network, and it will allow users to create a lens profile and engage with the over 50 applications available on the protocol.

Aave Lens Protocol Launched

Aave’s Lens Protocol is an open-source tech stack that will allow developers to create decentralized applications that support social networking. It is now possible for users to mint a Lens Profile and interact with the applications available on the Lens’ open social graph.

Lens allows creators to be in control over their social media data and transfer this data across different applications with the tooling set. One can use their NFT profile picture to connect with their followers, content and community and link them to any other new application.

Cryptoassets are a highly volatile unregulated investment product.

Users that create their Lens profile NFT can use it to store the created content and the relationships made with the audience. The objective is to bestow ownership to the creators and ensure that they are in charge of their content regardless of where it was originally created.

“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,” said the CEO and founder of Aave Companies, Stani Kulechov.

Kulechov also said that transitioning from a Web2 nature of firms owning user data to self-ownership was a long overdue move. To support the growth of the Lens ecosystem, Aave companies has released a $250,000 grants program for fund issuance to developers and projects.

Developing a Decentralized Social Media

The Lens Protocol initially released its developer tool in February, creating a buzz on how social media applications should be developed. Over the past few months, social media conversations have been dominated by issues such as free speech and user autonomy. The move by Elon Musk to take over Twitter has also triggered a debate as to whether the Tesla CEO will integrate cryptocurrency.

The co-founder of Ethereum, Vitalik Buterin, has also hinted at his support for decentralized social media. In July last year, Buterin said that Ethereum needed to expand beyond DeFi and offer decentralized login services.

The CEO of FTX, Sam Bankman-Fried, also said that there was a need to create social media on the blockchain, noting that he would like to see such a change on Twitter. However, the FTX CEO noted that his vision for decentralized social media extended beyond Ethereum.

Bankman-Fried also said that there was a major opportunity in crypto social networking, and such a project was best suited for the Solana network. Proponents of the Solana network consider it the fastest one in space.

Cryptoassets are a highly volatile unregulated investment product.

  This article was written for Business 2 Community by Ali Raza.
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Author: Ali Raza

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Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, InsideBitcoins, BeinCrypto, and more.

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