Aave, the popular leading DeFi platform, has finally made its debut in the social media space with the launch of Lens Protocol, which it calls a web3 social media platform.
What New Features Should You Expect from Lens?
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.”
According to Aave, Lens will empower creators to own the links between themselves and their community. Using web3, Lens hopes to create a fully composable decentralized social graph.
Kulechov explains that Lens will allow developers to build a wide range of applications while benefiting from a shared base of users. Lens will run on the Polygon network, supporting a revenue-sharing feature for contents hosted on IPFS.
In addition, the ownership of a Lens profile is represented by an NFT. Users will deploy NFTs to manage user profiles and followers and work on off-chain storage. Lens is live on the Mumbai testnet, with a full roll-out date expected soon.
AAVE Price Recovers After Lens Launch
The launch of Lens provided a boost for the native token of the Aave ecosystem, AAVE, to rally to a new seven-day high at $192. Over the last 5 days, AAVE has gained 17%. However, AAVE has dropped from its interday high and now trades at $177.07.
The five-day price chart of Aave (AAVE). 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.
On the Flipside
- Despite the hype, many top execs, including Elon Musk and Jack Dorsey, are refusing to buy the idea that web3 will change the world
Why You Should Care
The Lens Protocol looks to transition the world into a new form of social media, where users have more control and benefit from their activities.