DeFi is a well-liked lending protocol. Aave is taking a unique method with its newest Web3 mission, Lens Protocol, a decentralized social graph that leverages NFT property to energy social media networks, which was introduced at this time.
Whereas Lens Protocol appears to be aimed towards centralized social media networks reminiscent of Twitter, it takes a novel method. It primarily 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 providers.
Lens Protocol relies on Polygon, an Ethereum sidechain scaling resolution for decentralised functions (dapps) and non-fungible tokens (NFTs). Polygon permits 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 big variety of NFT property.
Social media is seen as an ideal use for blockchain expertise, 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 whole 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 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 line with Kulechov, “we expect that content material producers ought to management their audiences in a permissionless method, the place anyone could assemble new person experiences using the identical on-chain social community and knowledge.”
Aave is a decentralized finance (DeFi) system that permits customers to lend and borrow bitcoin and real-world property (RWAs) with out using a intermediary. They achieve curiosity after they lend and pay curiosity after they borrow. Aave was developed on prime of the Ethereum community, and all the tokens on the community, generally 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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