Lens Protocol, a Net 3 product to construct a decentralized social networking ecosystem, has raised $15 million. The protocol is being developed by Aave, a web3 expertise firm that enables customers to lend and borrow cryptocurrency tokens amongst different issues (Aave has raised $49 million thus far).
The protocol makes an attempt to combine the most effective of the net as we all know it, however with a deal with new web3 improvements to make the web “fairer, extra equitable and extra democratic for social media networks,” mentioned Aave CEO Stani Kulechov.
Kulechov mentioned it is vital that the longer term infrastructure of the Web and social media networks shouldn’t be owned by massive firms comparable to Meta, which owns Fb, Instagram and WhatsApp. When there’s a highly effective incumbent, it offers shoppers much less affect and fewer selection, not simply in web3 or the Web, however in any business.
The aim of the brand new flushable lens protocol is to present particular person customers extra management over their information and the way it’s shared, in accordance with Kulechov. “We wish to create a social media community that advantages not solely customers, but additionally everybody who contributes to it, comparable to builders.”
The $15 million raised by Lens might be used to increase the protocol’s ecosystem and proceed its growth, Kulechov mentioned. There isn’t a score.
The brand new capital spherical was led by IDEO CoLab Ventures, with participation from enterprise capital corporations comparable to Normal Catalyst, Varian and Blockchain Capital, in addition to DAOs comparable to Flamingo DAO, DAOJones, Punk DAO, DAO5 and International Coin Analysis.
Angel buyers additionally participated, together with Uniswap CEO Hayden Adams, OpenSea founder Alex Atallah, entrepreneur and investor Balaji Srinivasan, Sandbox founder Sébastien Borget and Polygon founder Sandeep Nailwal, amongst others.
Lens has been in beta since 2022. Might. and has up to now supplied entry to a small variety of customers. “Our plan will proceed to be within the beta section for some time, after which our aim is to totally open entry to the protocol, however for that to occur, the infrastructure and ecosystem should proceed to develop,” Kulechov mentioned.
In line with the CEO, he hopes it will likely be a “impartial and versatile” protocol that enables builders to create a wide range of use instances, from gaming to social media. Builders are at present engaged on quite a few desktop and cell apps Orb, Reef and Enso’s stafffamous Kulekhov.
“We’re populating the ecosystem with apps which can be recognized in conventional social media, (and) we’re envisioning a future the place all of those apps and algorithms share monetization from totally different use instances and options,” he mentioned.
Kulechov hopes that the protocol will ultimately remedy the issues confronted by social media customers and firms, not solely within the cryptocurrency area, but additionally usually markets. “We do not have all of the solutions, however that is the great thing about web3, it is an surroundings the place everybody can contribute, and that is the place we wish to go.”
“Most significantly for us, we wish to create a protocol that’s open to enter,” Kulechov mentioned. “A protocol the place we will not make all the choices for customers and builders, the place we will have an open platform to debate how Lens Protocol can evolve sooner or later.”
There are different cryptocurrency social networks, comparable to BitClout, which has greater than 200 purposes constructed on the DeSo blockchain, amongst others. There are additionally cryptocurrency wallets and apps like Thred that purpose to be a Yelp-like service and supply an easy-to-use interface. Whereas crypto gamers and customers have gained some traction, there appears to be little intentional initiative to develop outdoors the ecosystem up to now.
It is necessary to tell apart between networks and protocols – Lens builds on the latter, which implies any developer can construct their very own system. Lens is much like present Web protocols comparable to HTTP, IP protocol, or e mail. mail, Kulechov mentioned. seethereality sees it as a platform, in conventional net phrases.
For Net 3 social protocols and networks to be actually adopted, they should create accessible choices that attraction to a bigger, extra numerous, and fewer crypto-centric crowd. Whether or not Lens or one other staff can deal with the feat is but to be decided.
