Aave (CRYPTO: AAVE) — one of Ethereum‘s (CRYPTO: ETH) leading decentralized finance (DeFi) ecosystems — launched a protocol meant to facilitate a decentralized social media network operation.
What Happened: Aave’s Lens Protocol — which is the name of the new system — is described as a “permissionless, composable, & decentralized social graph that makes building a Web3 social platform easy,” according to The Block Crypto. While originally meant to enable something resembling an Ethereum-based Twitter Inc. (NASDAQ:TWTR), the project has increased in scope to support numerous social media platforms while acting as a shared protocol.
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The report follows Meta Platforms Inc. (NASDAQ:FB) seeing a historic decrease of over 26% after weak earnings results last Thursday, while the prices of the decentralized metaverse token that the tech giant is competing with continued racing upwards. Meta’s Facebook also lost daily users for the first time ever last quarter, which could create an opportunity for competition. Could decentralized projects such as Lens Protocol become serious challengers to the social media giant?
Aave’s Lens Protocol will be largely powered by non-fungible tokens (NFTs) representing user profiles that can also be owned and run by decentralized entities, such as decentralized autonomous organizations (DAOs). The official Twitter profile dedicated to the Lens Protocol also announced that the system is already live on the Polygon (CRYPTO: MATIC) Mumbai test network, with an alpha launch on the main network planned for the future.
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