Aave releases a Web3 social media protocol

Aave releases a Web3 social media protocol

Elon Musk still hasn’t bought Twitter, but other companies have already moved forward with social media innovation.

Yesterday London-based DeFi platform Aave launched its own version of a decentralized social network, or rather social graph to be precise.

Lens Protocol allows users to store information related to their profiles, content and followers in form of NFT, which then can be connected, forming a user-owned social graph. The protocol is deployed on Polygon, Ethereum’s layer-2 solution, and being open source, enables anyone to plug in DApps into it. The keys from the protocol are currently in founders’ multisig, but a transfer to a DAO form is planned in the future.

Social media platforms quite literally define our world, and their influence is immense. Currently major social networks’ algorithms are opaque, decision-making – centralized (and opaque), and all data, be it user profiles or the content, is basically in full disposal of the company behind the network (every creator knows the anxiety of being cut off from their followers ?).

Web3 space has tried to come up with several solutions to these problems, including Steemit and Ecency, but so far they had trouble to really take root. Lens Protocol is different in a sense that it merely provides the base on which different DApps could be built. It bets on on the crypto space creativity, and we believe this is a valid bet ?

A day after its launch, Lens has registered over 7k user profiles and over 23k follows across the 4 DApps built on it. Could it become the “Twitter on Ethereum”, as its creator Stani Kulechov has promised?