DeFi is a popular lending protocol. Aave is taking a different approach with its latest Web3 project, Lens Protocol, a decentralized social graph that leverages NFT assets to power social media networks, which was announced today.
While Lens Protocol looks to be aimed against centralized social media networks such as Twitter, it takes a unique approach. It essentially allows users to own their material by putting it in a crypto wallet as NFTs—unique blockchain-based tokens. Anyone can build on the protocol because it can be touched by a variety of apps and services.
Lens Protocol is based on Polygon, an Ethereum sidechain scaling solution for decentralised applications (dapps) and non-fungible tokens (NFTs). Polygon enables transactions that are quicker, cheaper, and less energy-intensive than Ethereum’s mainnet, making it more feasible for a social network based on a potentially huge number of NFT assets.
Social media is viewed as a perfect use for blockchain technology, since it allows for censorship-resistant platforms that allow individuals to own, control, and profit from their own material.
— LensProtocol 🌿 (@LensProtocol) May 18, 2022
Although Ethereum-based Minds, which claimed to have 14 million total members as of June 2021, such platforms have yet to reach the size of behemoths like Twitter and Facebook.
“Since [Square CEO and then-Twitter CEO Jack Dorsey] is going to create Aave on Bitcoin, Aave should build Twitter on Ethereum,” Aave founder and CEO Stani Kulechov said in a tweet last June.
It wasn’t a passing remark: Aave did start working on a decentralized social network competitor but eventually chose Polygon over Ethereum’s mainnet.
According to Kulechov, “we think that content producers should control their audiences in a permissionless manner, where anybody may construct new user experiences utilizing the same on-chain social network and data.”
Aave is a decentralized finance (DeFi) system that enables users to lend and borrow bitcoin and real-world assets (RWAs) without the use of a middleman. They gain interest when they lend and pay interest when they borrow. Aave was developed on top of the Ethereum network, and all of the tokens on the network, known as ERC20 tokens, use the Ethereum blockchain to complete transactions. Aave has subsequently extended to include Avalanche, Fantom, and Harmony, among others.
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