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Fast take:
The platform is constructed to unlock the financial potential of decentralised social media.
The Ethereum overlay is described as developer-friendly, quick, and cheap, options which might be good for consumer-focused apps.
It’s meant to rival the centralised social media platforms like Fb and Musk’s X (previously Twitter).
Avara, the Web3 firm behind non-custodial liquidity protocol Aave, has introduced the launch of Lens Chain on Mainnet. Lens is described as a developer-friendly, quick and cheap Ethereum overlay designed for decentralised social media apps, Coindesk reported.
The layer-2 community is constructed on prime of the Ethereum community and has already sealed partnerships with main DeFi and infrastructure initiatives Uniswap, Balancer, LayerZero, Circle, Consensys and Chainlink.
In response to the announcement on Friday, Lens goals to unlock the financial potential of decentralised social media, offering an choice that challenges centralised platforms like Fb and Musk’s X platform (previously Twitter).
Commenting on the announcement, Avara CEO Stani Kulechov mentioned in an interview: “The route we’ve taken with Lens up to now 12 months is to deliver the most effective developer tooling for constructing on chain social experiences,” Kulechov mentioned in an interview. “We selected the optimum stack to run Lens Chain the place we get the bottom doable transaction in value, however a ample quantity of safety for these social transactions.”
Lens Chain is powered by a system that makes use of mathematical proofs to examine the veracity of batched off-chain transactions and has its personal devoted stablecoin $GHO by Aave, which can be used to deal with charges on the community. The platform additionally boasts its personal decentralised storage.
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