Decentralized social media platform Lens Protocol, a sister project to Aave’s lending protocol, has taken a significant leap forward with the release of its “V2” upgrade on Polygon’s main network. This upgrade introduces a host of innovative features, including multisig-managed profiles and the introduction of tipping on “smart posts.”
Lens Protocol stands out as one of the pioneering blockchain startups seeking to address perceived drawbacks in traditional “Web2” social media platforms dominated by centralized giants like Facebook and Elon Musk’s X (formerly Twitter). The movement towards “Web3” involves leveraging blockchain technology to decentralize these platforms.
Stani Kulechov, founder of Aave and CEO of Lens Protocol, explained the evolution from V1 to V2, stating that V1 focused on bootstrapping early Web3 social networks, fostering creativity, experimentation, and new discovery tools within the Lens ecosystem. V2, he highlighted, takes a step further with a more modular design, providing users with greater autonomy and flexibility in their social media experiences. This modular approach could eventually allow users to move their “social graph” between interactive platforms.
Launched in February 2022, Lens Protocol secured $15 million in funding from prominent investors, including IDEO CoLab Ventures, General Catalyst, Blockchain Capital, Palm Tree, and individual contributions from industry leaders like Uniswap CEO Hayden Adams, OpenSea co-founder Alex Atallah, entrepreneur Balaji Srinivasan, and Polygon co-founder Sandeep Nailwal.
Key features introduced in the Lens V2 upgrade include the Profile Manager, enabling the management of profiles by individuals, multisigs, and DAOs. Additionally, the introduction of Handles adds another layer of identity, distinguishing between “profiles” and “handles” on the platform. The “Pay to read the rest” feature allows developers to post previews and set payment options for accessing the entire piece, reminiscent of the paid “subscriber” feature on X/Twitter. The “smart posts” feature provides various monetization options, including tipping, voting, subscribing, and donating.
The Lens Protocol’s V2 upgrade represents a significant stride towards reshaping the landscape of decentralized social media, offering users enhanced control and novel ways to interact and monetize content within the Lens ecosystem.
