Aave, one of the leading ETH DeFi ecosystems, launches a protocol aimed at facilitating the creation of a decentralized network of social networks.
Aave, one of the leading Ethereum decentralized finance (DeFi) ecosystems ETH, has launched a protocol aimed at facilitating the creation of a decentralized network of social networks.
What has happened
Aave’s Lens Protocol, which is the name of the new system, is described as a “permissionless, composable, and decentralized social graph that makes it easy to create a Web3 social platform,” according to The Block Crypto. Although it was originally intended to create something akin to Twitter Inc. Based on Ethereum, the project has increased its scope and will now cover various social media platforms, while also acting as a shared protocol.
The news comes after Meta Platforms Inc. posted a historic drop of more than 26% after weak earnings results that were released last Thursday, while prices of the decentralized metaverse token that the tech giant competes with continued to rise. Meta-owned Facebook also lost daily users for the first time in the last quarter, which could create opportunities for competition. Could decentralized projects like Lens Protocol become serious challenges for the social media giant?
Aave’s Lens Protocol will be largely powered by non-fungible tokens (NFTs) that represent user profiles that can also be owned by decentralized entities, such as decentralized autonomous organizations (DAOs). The official Twitter profile dedicated to the Lens Protocol also announced that the system is now live on Polygon’s Mumbai testnet. An alpha release on mainnet is planned in the future.