DeFi is a well-liked lending protocol. Aave is taking a distinct strategy with its newest Web3 challenge, Lens Protocol, a decentralized social graph that leverages NFT belongings to energy social media networks, which was introduced right this moment.
Whereas Lens Protocol seems to be aimed towards centralized social media networks corresponding to Twitter, it takes a singular strategy. It basically permits customers to personal their materials by placing it in a crypto pockets as NFTs—distinctive blockchain-based tokens. Anybody can construct on the protocol as a result of it may be touched by quite a lot of apps and companies.
Lens Protocol is predicated on Polygon, an Ethereum sidechain scaling answer for decentralised purposes (dapps) and non-fungible tokens (NFTs). Polygon permits transactions which are faster, cheaper, and fewer energy-intensive than Ethereum’s mainnet, making it extra possible for a social community primarily based on a doubtlessly enormous variety of NFT belongings.
Social media is seen as an ideal use for blockchain know-how, because it permits for censorship-resistant platforms that permit people to personal, management, and revenue from their very own materials.
Bloom into a brand new period of social 🌿 Lens Protocol is prepared so that you can construct the subsequent gen of social media apps. The backyard is open… https://t.co/bhzgxs9JFt pic.twitter.com/m2IqtIfb7P
— LensProtocol.lens 🌿 (@LensProtocol) May 18, 2022
Though Ethereum-based Minds, which claimed to have 14 million complete members as of June 2021, such platforms have but to achieve the dimensions of behemoths like Twitter and Fb.
“Since [Square CEO and then-Twitter CEO Jack Dorsey] goes to create Aave on Bitcoin, Aave ought to construct Twitter on Ethereum,” Aave founder and CEO Stani Kulechov stated in a tweet final June.
It wasn’t a passing comment: Aave did begin engaged on a decentralized social community competitor however ultimately selected Polygon over Ethereum’s mainnet.
In response to Kulechov, “we expect that content material producers ought to management their audiences in a permissionless method, the place anyone could assemble new consumer experiences using the identical on-chain social community and knowledge.”
Aave is a decentralized finance (DeFi) system that allows customers to lend and borrow bitcoin and real-world belongings (RWAs) with out using a intermediary. They acquire curiosity once they lend and pay curiosity once they borrow. Aave was developed on prime of the Ethereum community, and all the tokens on the community, often known as ERC20 tokens, use the Ethereum blockchain to finish transactions. Aave has subsequently prolonged to incorporate Avalanche, Fantom, and Concord, amongst others.
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