- The workforce behind Aave has launched Lens, a social media protocol that makes intensive use of non-fungible tokens.
- Lens will use NFTs to handle information together with person profiles, publications, and relationships with followers.
- Lens is constructed on Polygon, a second-layer community for Ethereum. It should additionally make use of IPFS for off-chain storage.
Share this text
The workforce behind the DeFi platform Aave has launched the testnet for Lens, a social media protocol that depends on NFTs for information administration.
Lens Will Promote Person Information Possession
Immediately’s announcement describes Lens as a social media platform “powered by NFTs, so that you personal and management your whole content material.”
For finish customers, the expertise will likely be just like conventional social media. Nonetheless, sure information resembling person profiles and follower relationships will likely be represented by non-fungible tokens.
This can enable customers to monetize and freely handle these items of knowledge. For instance, customers can maintain a number of profile NFTs in a crypto pockets, promote NFTs that symbolize follower relationships, or handle DAO voting by working with follower NFTs.
Moreover, customers will have the ability to create numerous “publications” resembling posts and feedback. Customers may also create mirrors of content material, which appear to be just like retweets on Twitter.
Although publication information will likely be saved on-chain, the protocol will even assist IPFS internet hosting for the off-chain storage of huge information resembling movies, music, and pictures.
Lens Protocol can also be promoting its options to builders, calling itself a “composable and decentralized social graph” that “makes constructing a Web3 social platform straightforward.”
Relationship With Aave and Polygon
Lens Protocol has shut ties with Aave, a number one DeFi protocol and crypto lending platform with $11 billion of locked worth.
Aave acknowledged Lens immediately, stating that Lens is made by the “by the dev workforce who introduced you the Aave Protocol.”
Aave founder Stani Kulechov additionally confirmed that the “Aave fam launched the Lens Protocol” and has modified his icon to the Lens emblem. Kulechov was additionally one of many first to trace on the thought of the social community protocol as early as January 2021.
Regardless of these connections, Lens doesn’t look like constructed straight on Ethereum, as Aave is. Quite, it’s constructed on high of Polygon, a second-layer community for Ethereum famous for its low-energy consumption.
Aave itself has beforehand labored with Polygon. In March 2021, Aave labored with Polygon to keep away from congestion on Ethereum. In April 2021, the 2 tasks partnered to supply liquidity mining rewards.
Disclosure: On the the time of writing, the writer of this piece owned ETH and different cryptocurrencies
Aave Has Launched Permissioned DeFi Pools for Institutions
Aave has opened its regulated DeFi product to 30 institutions with the help of Fireblocks. Aave Rolls Out Institutional Offering Aave has launched its institutional product. The DeFi project, which…
Polygon Lands $450M as Sequoia Capital Bets on Web3
Polygon has closed a $450 million raise. Sequoia Capital, one of Silicon Valley’s oldest and most successful venture capital firms, led the round. Polygon Raises $450M Venture capital firms are…
What is Rarible: A DAO for NFTs
What was once dismissed as a silly and expensive sector, NFTs give creators access to global markets in a way that’s never been possible before, and it’s all thanks to blockchain.Those familiar…