on the crypto
The Lens protocol was unveiled on February 8 as a “permissionless, composable and decentralized social graph that makes building a Web3 social platform easy”.
It aims to replicate the characteristics of centralized social media platforms, but to put the user in control of information and data, rather than society. Lens is powered by non-fungible tokens (NFTs) that users can own and trade digitally.
Flash lending platform DeFi Aave, which launched an institutional DeFi platform earlier this month, began developing the system in mid-2021 by advertising it at the time as Twitter on Ethereum.
NFTs in the center of the village
The protocol is mainly driven by NFT which it claims to be its "main primitives".
“These dynamic NFTs are composable, non-custodial and without permission. Individual addresses can have NFT profiles, an address can have multiple NFT profiles, and an NFT profile can be owned and managed by a DAO via a multisig wallet!
This way, users get something in return for their participation rather than being bombarded with advertising as the company collects their personal data.
Users can get a "follow NFT" when they follow another user. These have unique token identifiers which indicate their usefulness and rarity. Tokens can be used for voting purposes, governance snapshots, and can also be traded, the announcement said.
Accelerate the growth of Lens Protocol
The protocol supports the IPFS (InterPlanetary File System) web standard for all types of media and has a collection function for users to accumulate content they like. Users can also re-share content and collect a "mirror fee" from others who collect original content through actions.
Aave also announced a $ 250.000 grant program to accelerate the growth of Lens Protocol which is currently running on a testnet on the Ethereum layer two network Polygon.
Aave founder and CEO Stani Kulechov previously hinted at launching a system that decentralizes social media, posting earlier this month that Web3-native social media will "kill" Twitter. An open letter on Lens's website said Web3 carries on a "renewed hope for what social media can be."
“It gives us the ability to control how our content is used. We can have the power to own and monetize our content and our community without intermediaries or centralized data collection. "
A look at the AAVE price
Aave's native token of the same name (quotation AAVE) has seen a rise in prices in the past 24 hours. The DeFi token gained 7% to hit $ 184, building a 17% gain over the past week as cryptocurrency markets rebound. AAVE is currently trading below 72% from its May all-time high of $ 662, however.
