DeFi is a well-liked lending protocol. Aave is taking a unique strategy with its newest Web3 venture, Lens Protocol, a decentralized social graph that leverages NFT property to energy social media networks, which was introduced at this time.

Whereas Lens Protocol seems to be aimed in opposition to centralized social media networks reminiscent of Twitter, it takes a novel 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 a wide range of apps and companies.

Lens Protocol is predicated on Polygon, an Ethereum sidechain scaling answer for decentralised functions (dapps) and non-fungible tokens (NFTs). Polygon allows transactions which can be faster, cheaper, and fewer energy-intensive than Ethereum’s mainnet, making it extra possible for a social community primarily based on a probably enormous variety of NFT property.

Social media is seen as an ideal use for blockchain know-how, because it permits for censorship-resistant platforms that enable 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 scale 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 mentioned in a tweet final June.

It wasn’t a passing comment: Aave did begin engaged on a decentralized social community competitor however finally selected Polygon over Ethereum’s mainnet.

In accordance with Kulechov, “we expect that content material producers ought to management their audiences in a permissionless method, the place anyone might 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 property (RWAs) with out the usage of a intermediary. They acquire curiosity after they lend and pay curiosity after they borrow. Aave was developed on high of the Ethereum community, and the entire tokens on the community, often called 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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