- Leading DeFi platform Aave launched open, composable social media protocol, Lens.
- The social media platform is built on Polygon, an Ethereum scaling solution, and plans on using off-chain storage.
- Analysts have predicted explosive potential, noting bullish divergence in the Aave price trend.
Aave launched Lens, making extensive use of NFTs on DeFi to power a social media protocol. Lens would use NFTs to manage user profiles, follower relationships, and work on off-chain storage.
Aave promotes data ownership through social media protocol Lens
The team behind Aave protocol has launched Lens, a social media project that promotes data ownership through NFTs. Lens proposes to use NFTs extensively, from managing user profiles to publications and followers.
Developers behind Aave protocol have launched the testnet for Lens. The social media platform is built on the Polygon network, an Ethereum scaling solution.
Stani Kulechov, founder of Aave describes Lens as:
[an] open, composable [Web 3] social media protocol to allow anyone to create a non-custodial social media profile and build new social media applications.
Non fungible tokens power lens in an attempt to help users control their content and allow them to complete ownership of their interactions with their followers, their content and their profiles. The DeFi-based social media platform plans to utilize offline storage.
Users on Lens would have the ability to monetize their data, sell NFTs or manage a DAO. Lens would allow users to hold multiple profiles and interact with followers. Proponents believe that Lens is similar to Twitter in that users can mirror content, like retweets and publish them on their profile.
The launch of Lens marks a key milestone in Aave’s journey as the DeFi project launched the testnet after months of development.
@TH3Cryptologist, a crypto analyst and trader, notes that AAVE has cleared the 100-day Exponential Moving Average. The analyst believes that the DeFi token’s next target is $210.
$aave #aave Cleared 100EMA and .382 on H8. Shooting for 200-205 where 200EMA converges with golden pocket and horizontal resistance. pic.twitter.com/9VohRoNzfo
— TH3 Cryptologist ☄️ (@TH3Cryptologist) February 8, 2022
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.