An ecosystem aimed at promoting a permissionless, composable and decentralized social graph that makes establishing a Web3 social platform simple helped create Lens Protocol with the support of Aave developer Stani Kulechov.
About AAVE
Aave is an Ethereum token used to support Aave, a decentralized non-custodial money market system.
Debtors pay variable interest rates on bitcoin loans, while depositors profit from market liquidity.
DeFi Understood Deeper
As opposed to traditional financial organizations like banks, Decentralized Finance promises to deliver practically all financial services via the blockchain. DeFi will provide all standard financial services.
Hence, to generate new services or derivatives, Definitive Financial Services (Defi) can map into standard financial products.
Lens Protocol’s Capabilities
Many developers are competing to build a social network that can compete with big tech.
Instead of scaling, the Lens Protocol’s design capabilities will assist creators in building applications that improve user experience. The scaling provisions took care of by the Polygon Network’s residents.
Following the protocol, non-fungible tokens will use to maintain the economy and allow users to tokenize profile photographs and content.
Furthermore, like other social media platforms, Lens Protocol allows users to create a profile, comment, and re-share content. However, because NFTs powered it, users own and control their data.
NFT profile is the Lens Protocol’s basic primitive. Dynamic, non-custodial NFTs In addition to individual addresses, addresses can possess several profiles NFTs, and a DAO can administrate a profile NFT via a multisig wallet.
Also, to differentiate itself from other social media networks controlled by big tech companies. The Lens Protocol would reward users for sharing content and selling tokenized items created on the platform.
The Lens Protocol has set aside a sizable sum to help developers create applications for the platform.
Thus, with support from Polygon Network and other Web3.0 name service providers, the Lens Protocol is taking momentum. Decentralized social finance poises to revive thanks to increased interest in NFT and metaverse involvement.
