Thursday, February 2, 2023

Aave Launches Decentralized NFT Twitter Rival On Polygon

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Aave launches decentralized NFT Twitter rival on Polygon- Lens Protocol designed to power social media platforms that can rival the giants like Twitter and will also be powered by NFTs so let’s have a closer look at today’s latest cryptocurrency news.

Aave launched Lens Protocol as an NFT-based decentralized social media protocol that runs on Polygon. Lens Protocol can power the array of potential social media apps and services. The popular DEFI lending protocol Aave is going in a different route for the latest Web3 projects and announced the public launch of the Lens Protocol, and a decentralized social graph that uses NFT assets to power the platforms. With Lens Protocol, the design can challenge centralized social media platforms such as Twitter and takes a different approach but allows users to own their content by storing it as an NFT in a crypto wallet. The protocol can be tapped by other apps or services so anyone is able to build on it.

Lens protocol is built on Polygon as a sidechain scaling solution for Ethereum. Polygon enables faster and cheaper tranactions than the Etheruem mainnet and makes it more viable for the social networks built around the larger number of the NFT assets. Social media is seen as an ideal use case for blockchain technology and enables platforms that are censorship-resistant and allow users to contrl and profit from their content.

Such platforms have yet to approach the scale of companies like Facebook, Twitter, and Ethereum-based Minds which is one notable example with 14 million total users. Aave lanches Lens Protocol which was initially teased last June when Aave Founder Stani Kulehcov tweeted:

“Since [Square CEO and then-Twitter CEO Jack Dorsey] is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum.”

Aave Blue Chip, defi, token, price, level

Aave really started developing a decentralized social media rival but then open to building on Polygon rather than the Ethereum mainnet:

“We believe that content creators should own their audiences in a permissionless fashion, where anyone can build new user experiences by using the same on-chain social graph and data.”

Aave revealed the Lens Protocol branding back in February and outlined the ability to create special NFT-based profiles and to have content saved via NFTs which users can hold in their own wallets. Early apps like LensFrens and Leinster are also tapping into Lens Protocol but are not robust services yet.

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