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Aave Launches Decentralized Web 3 Social Media Platform, Lens -Breaking

by Mike Robinson

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Lens, a Decentralized Web3 Social Media Platform Launched by Aave

With the launch of Lens Protocol (which it describes as a social media platform for web 3, the popular DeFi platform Aave) the platform has made its mark in the social media market.

Lens: What new features should you expect?

At the launch, Aave’s founder, Stani Kulechov, described Lens as an “open, composable [Web 3] social media protocol to allow anyone to create a non-custodial social media profile and build new social media applications.”

Aave claims that Lens will enable creators to manage the relationships between them and their communities. Lens is aiming to make a completely decentralized and composable social graph using web 3.

Kulechov says that Lens will enable developers to develop a variety of applications and benefit from a common user base. Lens runs on the Polygon network. It supports a revenue-sharing function for IPFS content.

An NFT is also used to represent ownership of Lens profiles. To manage their profiles, followers, and off-chain storage, users will use NFTs. Lens is available in Mumbai on the testnet. The full rollout of Lens will occur soon.

After Lens Launch, AAVE Price Recovery

Lens was launched, which provided an additional boost to AAVE’s native token in the Aave ecosystem. AAVE rallied to a $72 new high seven days later. AAVE has seen a 17% increase in the past five days. AAVE traded at 0.02 on Tuesday, after falling from the interday peak.

Aave (AAVE), five day price chart Source: Tradingview

With the boost pushing Aave above the 100-day Exponential Moving Average, @TH3Cryptologist, a crypto analyst and trader, believes that the DeFi token’s next target is $210.

The Flipside

  • However, top executives such as Jack Dorsey or Elon Musk are not buying the notion that web 3 will transform the world.

What You Need to Care About

The Lens Protocol is a social media platform that enables users to have more control over and gain benefits from their activity.

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