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Aave launches open-source platform for social networking DApps on Polygon

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Aave (AAVE) has introduced a brand new undertaking referred to as the Lens Protocol that focuses on serving to builders construct social networking decentralized purposes (DApps) on the Polygon blockchain. 

Apart from social media DApps, the liquidity market protocol creators purpose to make use of nonfungible token (NFT) expertise together with Lens’ open-source blockchain tech to permit builders to create marketplaces, suggestion algorithms and different purposes. According to Aave, this may permit customers to fully personal their very own knowledge and provides creators new monetization alternatives.

Lens Protocol permits customers to have a single Lens profile that can be utilized by varied DApps throughout the Lens platform. With this, customers who’re in a position to mint Lens NFT profiles will have the ability to entry the 50 apps that shall be launched on Lens Protocol at launch. To additional the creation of extra apps on Lens, Aave additionally created a grant program value $250,000 to fund builders who want to create purposes on the platform.

Stani Kulechov, CEO and founding father of Aave Companies, believes that the individuals are prepared for a brand new social media expertise, as demonstrated by reactions to Elon Musk’s bid to purchase Twitter. Kulechov defined:

“The social media experience has remained relatively unchanged for the last decade, and much of that is due to your content being solely owned by a company, which locks your social network within one platform.”

The Aave CEO additionally famous that possession over content material created on-line is “lengthy overdue.” Furthermore, Sandeep Nailwal, the co-founder of Polygon, agreed with Kulechov’s notion and mentioned that Polygon aligns with Lens’ aim of powering “safe content material possession.”

Related: Spotify reportedly checks NFT galleries on musician profiles

Back in April, Kulechov was banned from Twitter hours after jokingly tweeting that he shall be becoming a member of Twitter as its interim CEO. The ban was lifted the following day as Kulechov tweeted one other joke saying that he was again because the interim CEO of the corporate.