Home Aave Aave Introduces Lens Protocol

Aave Introduces Lens Protocol

It started on the Polygon (MATIC) blockchain. One of the decentralized finance platforms, Aave (AAVE), started the Lens Protocol ecosystem on this blockchain.

Aave Introduces Lens Protocol iBase Trading.
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It started on the Polygon (MATIC) blockchain. One of the decentralized finance platforms, Aave (AAVE), started the Lens Protocol ecosystem on this blockchain. Businesses own social media platforms like Twitter and Facebook. This happened to compete with these types of social media platforms. In the beginning, there was an open letter. Its intention is to rally support for content creators owning and controlling their digital identities. A Web3 social network driven by NFTs now exists.

Meanwhile, this week, Aave CEO and founder Stani Kulechov discussed Lens Protocol’s purpose and potential benefits on Twitter. He said he wants to create a social media protocol, similar to a social graph. He wanted someone to establish on-chain profiles, keep track of on-chain relationships, and make it easier to exchange stuff without authorization.

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AAVE Lens Protocol

This is what Kulechov and his team of developers did. They looked into the problems that people have with social media today. @Zer0dots is the name of a developer on Twitter. He says that they are not products or data points. They are people, he says.

Additionally, a feed is a list of things that individuals view on their phones, such as an Instagram photo or a Tweet by Meta or Twitter that marketers can buy.

After talking about Lens Protocol, he said it wants to stop people from buying products and give creators enough power to choose how they share their content. This is what he meant.

A profile is an NFT that comprises many different parts. A lot of people use these dynamic NFTs to look at the history of all of the posts and other content that people have made.

Therefore, you can also look at the history of the music that people have made, as well as art and photography, and video.

Profiles link to a wallet address, and the people who own them can decide how to make money from their content. Here’s a big difference – people who follow someone else’s article can also obtain a follow that can be utilized for NFTs.

He told them that they could keep them or not. They can also choose which logic to run. They can also run different logic. He claims that there are numerous options to pick from.

Decentralized Autonomous Organization

At the meeting, Aave also discussed how to turn your Twitter account into a DAO (distributed autonomous organization). There are different types of DAO profiles. Subscribers can choose whether or not they want to vote and delegate over these profiles.

Accordingly, he described it as an open-source developer garden, where they want the community to contribute fertilizer to build on the protocol, from apps to analytics platforms to tools. The company’s purpose is to exhibit real-life social interaction independent of platform algorithms and rules.

There is a testnet called Polygon Mumbai that you can use to try out the Lens protocol code right now. Among the different chains, Kulechov thought Polygon had the best speed and cost. Using the Ethereum virtual machine, applications may be deployed to any blockchain.

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Jane De Leon is a news writer covering all things related to DeFi and NFTs. In the past, she has worked for a well-known Business Newspaper. She originally began investing in Bitcoin after hearing about it from her brother and hasn’t looked back since.