Aave CEO believes shared Web3 user base can fuel new social app integrations.

The blockchain industry continues to evolve and expand, introducing new technologies and protocols that revolutionize various sectors. One such advancement is the Lens Protocol, which recently released its latest version, Lens Protocol v2. This update brings improved functionality to support new use cases and shared monetization for its growing Web3 user base.

Lens Protocol is a decentralized protocol built on Polygon, offering a technology stack that allows developers to build and deploy Web3 social apps. It also enables the integration of Web3 social features with existing Web2 and mobile experiences. The founder of Aave and Lens Protocol, Stani Kulechov, envisions Lens as a seamless bridge connecting applications across both blockchain and non-blockchain platforms. He states, “Our vision is for Lens Protocol to enable all applications to connect seamlessly across blockchain and non-blockchain applications, and reward both individuals and the collective shared network.”

The Lens Protocol has gained significant traction during its beta phase, with approximately 119,000 Web3 users and a lengthy waiting list. The protocol’s social graph architecture is a key component, allowing applications built on Lens to leverage this extensive user base.

Challenging Web2 Centralization: Lens Protocol’s Unique Approach

Lens Protocol provides an alternative to conventional Web2 networks and their centralized database models, which limit portability. While Web2 platforms engage in a zero-sum game for user attention, where one platform’s gain equates to another’s loss, Lens empowers users to own and carry personal data across connected or integrated applications. This approach not only enhances user experience but also benefits contributors and the wider ecosystem.

Lens Protocol: Addressing the “Cold Start” Problem

In the highly competitive landscape of social platforms, new entrants often struggle to compete with incumbents for audience and funding. However, Lens Protocol aims to mitigate the “cold start” problem faced by developers. By sharing the same Web3 audience, ecosystem apps built on Lens reduce the risk associated with attracting users. Kulechov highlights the example of Threads, an app launched by Instagram to compete with Twitter. Threads successfully utilized Instagram’s built-in user base to demonstrate the power of shared social networks, albeit in a closed network exclusive to Meta apps.

The release of Lens Protocol v2 introduces new ways to share value among users. With the ability to choose specific algorithms and move freely between communities and applications, users now have more control over their social experiences. This flexibility fosters a vibrant ecosystem and empowers users to explore various communities and applications within the Lens network.

Lens Protocol: A Shared Network Protocol

It is important to note that Lens Protocol is not designed to be a front-end application itself. Instead, it serves as a shared network protocol that redistributes value to users, creators, and developers. By utilizing blockchain, smart contracts, decentralized storage, and NFTs, Lens Protocol reimagines social networks as open and diverse platforms that offer different types of experiences and communities.

Web3 Decentralized Domain Names: A Complementary Trend

The rise of Lens Protocol aligns with the growing adoption of Web3 decentralized domain names, such as those offered by Unstoppable Domains and the Ethereum Name Service (ENS). These domain names act as self-custodial digital identities and human-readable wallets, further enhancing the Web3 experience. As the blockchain industry continues to mature, these complementary trends contribute to a more decentralized and user-centric online ecosystem.

In conclusion, the Lens Protocol represents a significant step forward in the blockchain industry, enabling the development of Web3 social apps and seamlessly connecting applications across blockchain and non-blockchain platforms. With Lens Protocol v2, users can share value and move freely between communities, while the protocol itself ensures the redistribution of value to its users, creators, and developers. As the industry evolves, advancements like Lens Protocol and Web3 decentralized domain names pave the way for a more open, diverse, and user-centric online world.

Aave,blockchain,Ethereum,NFT,Polygon,Social media,Web3

Aave CEO believes shared Web3 user base can fuel new social app integrations.