DeFi protocol Aave unveils NFT-powered social media platform ‘Lens’

Aave, an open-source DeFi lending protocol, made a step towards decentralizing social media on Monday with the debut of ‘Lens’, an NFT-backed social media platform that is “permissionless, composable, and decentralized.”

The launch was announced by Aave founder Stani Kulechov on Twitter, where he branded the platform 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.”

2/ Today everything changes. We’re excited to introduce Lens Protocol a permissionless, composable, and decentralized social graph that makes building a Web3 social platform easy.

Dig in at https://t.co/UTTngajt2f

— LensProtocol.eth (@LensProtocol) February 7, 2022

Lens Protocol features functions similar to centralized web applications, such as sharing content, profiles, reactions, and contents. However, the content uploaded on the platform is fueled by NFTs, a facet necessary to give creators and users ownership over their content.

“Governance tools are built-in, content is collectible as NFTs and profiles are so composable that even a simple wallet can be a rudimentary frontend,” Lens Protocol explained on its website.

According to Aave’s Monday blog post, Lens Protocol also allows users to build a wide range of applications on top of the protocol. The post read:

“Additionally, each application using the Lens Protocol benefits the whole ecosystem, turning the zero-sum game into a collaborative one. Developers can design meaningful social experiences without needing to turn to feedback mechanisms to lock in a user’s attention.”

Aave Protocol has been working on the platform since the start of 2021 and has dedicated considerable resources towards its development. However, the Aave team has no plans to stop here with the commencement of its $250,000 grant program to fast-track the growth of Lens Protocol.

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