Lens Protocol, Aave’s decentralized social media platform, unveils new governance model.

Key takeaways

  • The Lens Protocol has introduced a new open governance model where community members can suggest improvements to the protocol.
  • There are currently three live proposals, two of which focus on open standards for algorithms and metadata.

Lens Protocol is a decentralized social media platform that originated from DeFi lending giant Aave. The new open governance model, called Lens Improvement Proposals (LIPs), is inspired by Ethereum and Aave’s model for improvement proposals. LIPs allow developers, creators, and users to participate in the decision-making process for Lens’ future development.

There are currently three live proposals, with the first establishing the open governance model. The second and third proposals focus on open standards, with the second proposal encouraging the integration of third-party algorithms and machine learning services into Lens Protocol. The third proposal defines how metadata is classified, organized, and labeled within Lens.

The Lens Protocol’s adoption of open governance through LIPs comes after the social media platform raised $15 million from a group of high-profile investors, including IDEO CoLab Ventures, Palm Tree, Uniswap CEO Hayden Adams, OpenSea co-founder Alex Atallah, entrepreneur Balaji Srinivasan, and Polygon co-founder Sandeep Nailwal.

The GitHub page for LIPs, which has contributions from Aave founder Stani Kulechov and Aave senior engineer Josh Stevens, explains that LIPs provide the basis for ensuring that Lens Protocol remains flexible and uniform across all potential use-cases, improvements, and ideas within the community.

Edited by Oliver Knight.