Lens Protocol, the Decentralised Competitor to Instagram & Twitter by DeFi Project AAVE

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Key Takeaways:

  • Aave launches a Web3 native, open social graph called Lens Protocol.
  • It will allow users to own their content.
  • Lens Protocol is created to empower more content creators.

Aave, one of the largest decentralised crypto lenders in the market, has announced the launch of its brainchild – Lens Protocol which is a decentralised social media platform that has the Polygon blockchain as its foundation. 

Lens is a “composable” and “decentralised social graph” that will create user-owned social platforms. This new venture has been started to support the content creators, as mentioned in the open letter published by Lens Protocol. It says, “We, the content creators of the world, deserve to hold power and control over what we publish.” Aave has been planning this since July 2021. Stani Kulechov, the founder and CEO of Aave, said they are trying to launch an alternative to Twitter. 

Last year, Kulechov tweeted that “Aave should build Twitter on Ethereum.” However, he doesn’t agree with Twitter’s policy to not allow users to monetise their tweets and retweets and also that users have to “start from scratch” when they make a shift to other platforms. Instead, he said, “Twitter makes all the revenue from your tweets and the content you share, and Twitter decides which of your tweets get traction through the algorithm.”

Therefore, on Lens, users will be the owner of their data and other applications can plug into it. Moreover, users will be able to generate “follow NFT” when they follow someone. They will also collect published works and re-publish them using the “mirror” feature. By doing so, the sharer will profit from anyone who will further share the content.

Decrypt reported that Kulechov said, “We believe that content creators should own their audiences in a permissionless fashion, where anyone can build new user experiences by using the same on-chain social graph and data.” Lens protocol stands by four principles – “Own your content, Own your social network, Own your data, Own the way you monetise.” 

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Shreya Bhattacharya

A journalist & writer exploring new topics every day!