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On the EthCC convention in Paris, Aave and Lens Protocol founder Stani Kulechov introduced the launch of Lens Protocol V2, emphasizing how open requirements and portability can empower customers in social media.
The necessity for decentralized social media
Kulechov started by discussing how he believes centralized social platforms “lock in customers” and their knowledge, limiting alternative and innovation. Nonetheless, decentralized protocols like Lens purpose to create an open social graph the place identification and content material are moveable throughout purposes.
Kulechov pointed to examples like Threads gaining 100 million customers in 5 days by permitting Instagram imports, highlighting the facility of portability lacking from conventional social media walled gardens.
Whereas centralized platforms like Twitter management algorithms and knowledge, customers create worth however don’t profit. Decentralized social protocols try to repair this by making profiles and content material NFT-based so customers absolutely management their digital identities.
Lens Protocol V1 simplified “constructing social purposes by offering an easy-to-use social layer for web3 with simply 5 strains of code.” In accordance with on-chain knowledge, Lens at present has 115,159 accounts holding profiles with over 260,000 transactions up to now.
Lens Protocol V2
Lens Protocol V2 continues this imaginative and prescient by way of upgrades like “open actions” that join any on-chain habits to social content material, akin to NFT minting or buying and selling. This goals to combine Web3 actions into the social expertise seamlessly. Different options like “collective worth sharing” allow the monetization and portability of content material throughout Lens apps.
The brand new open profile structure separates handles from profiles, with each represented by NFTs, to extend possession and suppleness. Customers can now have a number of handles per profile or connect an ENS title. Kulechov highlighted how profiles being NFTs permits different NFTs to have profiles and take part socially.
Kulechov expanded on the brand new profile supervisor stating,
“One fascinating thought in direction of the profile supervisor is that you may retailer your profile safely in a chilly storage and delegate the precise social actions right into a pockets that use day-to-day foundation.
But in addition what it means that you can do is that you may delegate the social actions into an utility the place you may create an expertise the place you don’t need to signal any transaction sooner or later.”
Lens Protocol V2 demonstrates a social protocol specializing in open requirements relatively than closed platforms to present customers extra management and possession. Further security options purpose to guard profiles and forestall points like phishing.
Whereas progressive, it’s unclear whether or not the protocol can appeal to the creators and customers wanted for a thriving social financial system. However Lens’ open philosophy permits anybody to construct on and prolong the protocol to understand its potentialities. Kulechov ended his EthCC speak by inviting extra builders to leverage Lens as an identification and content material layer for novel social experiences.
GHO Mainnet Ethereum launch
The information of Lens V2 comes simply 2 days after Aave’s launch of GHO (Governance Hoard) on the Ethereum mainnet, which marked a major milestone for the Aave protocol and its neighborhood.
Because the announcement put up describes, GHO is an overcollateralized stablecoin ruled by the Aave DAO. Customers can now mint GHO towards belongings provided as collateral on Aave V3, empowering them with a decentralized cost layer.
The put up highlights the distinctive options of GHO, together with its multi-collateral backing, discounted minting for stakers of the AAVE token, and the course of curiosity funds to the Aave DAO treasury.
The launch adopted a rigorous audit course of showcasing Aave’s concentrate on danger mitigation and safety. General, GHO represents an thrilling new functionality for the already strong Aave ecosystem. Its community-led governance and embedded yield alternatives place it nicely amidst the increasing panorama of decentralized stablecoins.
Observe CryptoSlate on Lens Protocol at @cryptoslate.lens.
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