The Aave team-backed Lens Protocol wants to focus on rapid community embrace and is willing to offer developers a grant to help build applications that can aid broad adoption of the Lens Protocol.
In what comes off as a very creative diversification, the Aave protocol’s core team, spearheaded by Stani Kulechov has announced the launch of the Lens Protocol, a permissionless, composable, and a decentralized social graph that makes building a Web3 social platform easy. In a detailed tweet from the new platform, Lens Protocol will operate with a high level of composability that will focus on enhancing user experience rather than scaling for users.
The move to float a decentralized social media platform has long been in the works by a number of mainstream tech and blockchain startups. While the pioneering names in the ecosystem include Steemit, their influence has arguably not gone mainstream enough to provide the needed competition that platforms like Reddit, Twitter, and Facebook offer.
The dive of Aave Protocol into the decentralized social media world draws from its broad capabilities in the blockchain world. The Lens Protocol will brandish similar social media features including support for user’s profile, commenting, sharing of posts, media, and many other functions.
The technical and operational uniqueness of the Lens Protocol hinges on the deep functionalities of Non-Fungible Tokens (NFTs) which will power the activities on the platform. Each profile picture is built as an NFT and comments, media posted and other contents attributed to a user can also be minted as a collectible resident on the blockchain.
“Lens Protocol has familiar social media functions like having a profile, commenting, resharing a post, and more – but unlike social media of the past, Lens Protocol is powered by NFTs, so you own and control all of your content,” the tweet reads, “Profile NFTs are the main primitive of the Lens Protocol. These dynamic NFTs are composable, non-custodial & permissionless. Individual addresses can own profile NFTs, an address can have multiple profiles NFTs & a profile NFT can be owned & run by a DAO via a multisig wallet!”
6/👥When you follow someone, you’re granted a follow NFT. Each of these NFTs has a unique token ID that comes with innate rarity & utility. These unique traits can be used to limit voting to your most loyal fans in governance snapshots. They can even be traded on an open market!
— Lens Protocol (@LensProtocol) February 7, 2022
Aave Team-backed Lens Protocol Dols Incentives for Broad Adoption
The Aave team-backed Lens Protocol wants to focus on rapid community embrace and is willing to offer developers a grant to help build applications that can aid broad adoption of the Lens Protocol.
By the strength of its unique offerings, the Lens Protocol has the capabilities to attract and retain users as it offers a “new form of self-expression,” where everyone can “curate your collection, and show off what you love. This collect feature enables anyone to collect your content based on the price, edition size, and time limit you set!”
Leveraging the finance aspects of decentralization, users of the Lens Protocol will be able to earn fees for sharing content that is collected by other users. The Lens Protocol is resident on the Polygon Network, and the new social platform has partnerships with Web3 name service providers. While Lens Protocol is currently hosted on Polygon’s Mumbai Testnet, the launch on the mainnet in the next possible future.
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