The Aave Team Introduces Lens, a New Social Media Protocol Based on NFT

The company behind the Defi platform Aave has released the Lens testnet, a social networking protocol that manages data using NFTs.

The lens is described in today’s release as a social media network “powered by NFTs, which means you own and manage all of your material.”

End users will have a comparable experience to that of conventional social media. However, non-fungible tokens will be used to represent specific data, such as user profiles and follower connections.

This enables users to monetize and control certain bits of data independently. For instance, users may store several profiles NFTs in their cryptocurrency wallet, sell NFTs representing follower connections, or control DAO voting using follower NFTs.

Additionally, users will have the ability to generate a variety of “publications,” such as posts and comments. Additionally, users may build content mirrors, which seem to be comparable to Twitter retweets.

While publishing data will be saved on-chain, the protocol will also offer off-chain storage for big items like films, music, and photos through IPFS.

Lens Protocol is also marketing its capabilities to developers, describing itself as a “composable and decentralised social graph” that “simplifies the process of constructing a Web3 social network.”

Aave’s and Polygon’s Relationship

Lens Protocol has a strong relationship with Aave, a prominent Defi protocol and crypto loan platform with an estimated $11 billion in locked value.

Today, Aave recognised Lens, claiming that it was developed “by the same dev team that gave you the Aave Protocol.”

Stani Kulechov, the creator of Aave, also acknowledged that the “Aave clan” had launched the Lens Protocol by changing his symbol to the Lens logo. As early as January 2021, Kulechov was also one of the first to allude to the concept of the social network protocol.

Despite these ties, Lens does not seem to be based on Ethereum directly, like Aave is. Rather than that, it is constructed on top of Polygon, an Ethereum second-layer network known for its low energy usage.

Aave has previously collaborated with Polygon. In March 2021, Aave collaborated with Polygon to reduce Ethereum congestion. The two projects collaborated in April 2021 to give liquidity mining incentives.

Also Read: Polygon Secures $450 Million In Investment Headed By Sequoia