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Aave Launches Decentralized Web3 Social Media Platform, Lens

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.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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    Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.