Aave price recovers after launching social media platform “Lens”

• 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. 

 

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