Aave Launches Its Social Media Platform Lens Protocol
Aave is currently one of the biggest lending platforms in the market along with compound, Maker, and many more. Although it’s quite new to the market it has made a name for itself garnering a lot of users thanks to its reliability and the convenience that it brings. Aave once more aims to bring its platform into new heights with Lens Protocol.
Aave Launches Lens Protocol
The DeFi (decentralized finance) lending platform Aave has finally launched its long-awaited Lens Protocol ecosystem. They launched it on Polygon as a way to compete with other popular social media platforms like Facebook and Twitter.
This all started with a simple open letter that asked for support. The contents of the letter are all about the concept that content creators should have their very own digital identities. Because of this, Aave sought to create its very own Web3-based social network platform. And just like with any Web3-native platform it is powered and supported by NFTs (nonfungible tokens).
Stani Kulechov, the founder and CEO of Aave stated that the mission behind Lens Protocol is about building a social media protocol that makes profiles on the chain itself. This will lead to a permissionless way for the content creator to distribute their content directly to their audience.
Kulechov noted that our current social media platforms are lacking and have their own set of problems. One of his developers by the name of @Zer0dots shared that they are people and not products. They aren’t data and numbers on the computer screen. His complaint refers to how social media platforms like Twitter can sell their data to marketers even if it’s just from a single photo.
Kulechov and his team hope that things will be different with the Lens Protocol. It would be a nice first step towards the concept of “users and concept creators as products”. This would give people more ownership of their own digital identities.
Lens Protocol will essentially enable its users to create a profile that is fully compatible with NFTs. Dynamic NFTs contain the history of comments, reposts, posts, and other integrated data like music, video, art, etc. These profiles are essentially the same as these NFTs with the difference that it is specifically tied to a person’s wallet address. Because of this, owners of the profile can choose how they should monetize their content without being exploited and treated as a product. Followers can also receive tradable follow NFT by following content creators as well.
@Zer0dots mentions that people can choose who can collect the fees. They can choose how things get done. Whether there is a fee, a subscription, or something more specific. It just gives people a whole lot of options and freedom.
Aave suggested that the profile could be turned into a DAO (decentralized autonomous organization). Because of this, followers of the profile can have voting power over the DAO profile.
The defi platform mentions that it will essentially be a new ecosystem similar to what it would call a “developer garden”. Users can invite each other to get fertilizer so that they can build their gardens. They can create anything from useful analytic tools, social apps, games, etc. Aave’s goal is for this new ecosystem to mirror real-life interaction between people where they will interact more naturally and organically with one another.
The Lens Protocol code is now available online for testing. People can access it with Polygon Mumbai Testnet. Kulechov mentions that they chose Polygon because of its cost-effectiveness, versatility in deployment, and the speed of its transactions.
Facebook and Twitter will have to step up their game if they want to compete with Lens Protocol. The freedom and convenience of this new platform could be what content creators need to feel like they are people and once again take control of their identities.
* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.