Decentralised Finance (DeFi) project Aave has announced the launch of Lens Protocol, a decentralised social media (DeSo) platform on Polygon in a bid to expand its operations and explore new opportunities. Dubbed Lens Protocol, the project is described as ” permissionless, composable, & decentralized social graph that makes building a Web3 social platform easy.”
Named after lens culinaris, a plant that has a symbiotic relationship with soil bacteria, the open-source “Web3, smart contracts-based social graph” is based on an ecosystem of dynamic non-fungible tokens. Users can create NFT-based profiles, which will have a history of all posts and comments as well as other content that you will generate while following on the platform and being represented by NFTs. The users will own their own data on Lens while other applications can plug into the open social graph.
Users will own their own data on Lens, while applications can plug into the open social graph. Following someone on the platform also generates a “follow NFT,” while users can collect published work by creators on the platform and re-publish it through a “mirror” feature—which acts as a referral link, earning the sharer a cut from anyone that collects the original content via the mirror.
AAVE’s move into social media has been planned for a while now and the founder and CEO Stani Kulechov revealed that the DeFi giant is planning an alternative to Twitter. The initial plan was for the platform to launch on Ethereum, but the launch shows that Lens protocol was built on Layer 2 scaling solution Polygon.