Aave is an established DeFi lending platform and is in the news for its new ecosystem – Lens Protocol. This ecosystem is built on the Polygon blockchain and expected to challenge mainstream social media outlets like Facebook, Instagram, and Twitter. The whole idea for developing this new system started with a letter requesting support. Support was requested for content creators to own as well as control their digital avatars and identities. The end result? A native social network which harnessed Web3 tech and powered by NFTs.
Aave founder and CEO, Stani Kulechov described the mission to develop Lens Protocol thus: we wanted to set up a protocol for social media and make on-chain profiles. Tracking the on-chain relationships and also create a method to distribute content between creators and audiences without the need for permissions.
The protocol lets users create profiles and this is an NFT which is fully composable and dynamic. The NFT will have the complete history of every post, repost, any follower/user comments and content like music etc. The main difference is that each profile is linked to a wallet address. Wallet owners can decide how they want their content monetized. Followers have the option to collect other people’s publications and get a tradable NFT in return.
Users can also decide who gets to collect the content and choose logic that can be executed. Options to choose from include fees, subscriptions and/or specific addresses. The Aave team also talked about the possibility of having profiles turned into DAOs during a Twitter session. There are plenty of possibilities to consider with this new Web3.