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Aave launches Lens, an NFT-based social media protocol

Key Takeaways The team behind Aave has launched Lens, a social media protocol that makes extensive use of non-fungible tokens. Lens will use NFTs to manage data, including user profiles, publications and follower relationships. Lens is built on Polygon, a second-tier network for Ethereum. It will also use IPFS for off-chain storage. Share this article The team behind the DeFi platform Aave has launched the testnet for Lens, a social media protocol that relies on NFTs for data management. own and control all your content.” For end users, the experience will be similar to traditional social media. However, some data, such as user profiles and follower relationships, is represented by non-exchangeable tokens. This allows users to monetize and manage this data freely. For example, users can hold multiple profile NFTs in a crypto wallet, sell NFTs that represent follower relationships, or manage DAO votes by working with follower NFTs. In addition, users can create various “publications” such as posts and comments. Users can also create mirrors of content, which resemble retweets on Twitter. While publishing data is stored on-chain, the protocol also supports IPFS hosting for the off-chain storage of large files such as videos, music, and images. Lens Protocol also advertises its features for developers, calling itself a “composable and decentralized social chart” that “makes building a web3 social platform easy”. Relationship with Aave and PolygonLens Protocol has close ties to Aave, a leading DeFi protocol and crypto lending platform with $11 billion in locked-down value. Aave acknowledged Lens today, stating that Lens was created by it “by the development team that brought you the Aave protocol”. Aave founder Stani Kulechov also confirmed that the “Aave family has launched the Lens Protocol” and has changed its icon to the Lens logo. Kulechov was also one of the first to hint at the idea of ​​the social network protocol as early as January 2021. Despite those connections, Lens doesn’t seem to be built directly on Ethereum, like Aave is. It was previously built on Polygon, a second-tier network for Ethereum that is known for its low power consumption. Aave herself has worked with Polygon before. In March 2021, Aave partnered with Polygon to avoid congestion on Ethereum. In April 2021, the two projects teamed up to offer liquidity mining rewards. Disclosure: At the time of writing, the author of this piece owned ETH and other cryptocurrencies. Share this article The information on or accessible through this website was obtained from independent sources that we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness or accuracy of any information on or accessible through this website. Decentral Media, Inc. is not an investment advisor. We do not provide personal investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete or inaccurate information. You should never make an investment decision about an ICO, IEO or other investment based on the information on this website, and you should never interpret or otherwise rely on the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO or other investment. We do not accept compensation in any form for analyzing or reporting ICOs, IEOs, cryptocurrency, currencies, tokenized sales, securities or commodities. See full terms and conditions. Aave has launched authorized DeFi pools for institutions Aave has opened its regulated DeFi product to 30 institutions using Fireblocks. Aave rolls out institutional offering Aave has launched its institutional product. The DeFi Project, Which… Polygon Raises $450 Million As Sequoia Capital Bets On Web3 Polygon Has Closed A $450 Million Raise. Sequoia Capital, one of the oldest and most successful venture capital firms in Silicon Valley, led the round. Polygon Raises $450 Million Venture Capital Firms are… A Guide to Profit Farming, Staking & Liquidity Mining Profit farming is arguably the most popular way to earn returns on crypto assets. Essentially, you can earn passive income by depositing crypto into a liquidity pool. You can think of this liquidity… Polygon poised to tumble after nine months of consolidation Polygon’s MATIC token appears poised to slide as it threatens to breach a critical support area. With almost all financial markets in the red, Polygon bulls are facing a tough…
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