Aave Companies launches Lens Protocol V2, a Web3 social layer with enhanced monetization and new features for user interactions.
Key Points
- Aave Companies releases Lens Protocol V2, a Web3 social layer focused on enhancing user experiences and enabling shared monetization opportunities.
- The upgrade expands the monetization layer to include all Web3 applications and profiles, fostering collaboration and rewards among individuals, applications, algorithms, and protocols.
- Lens Protocol V2 introduces new features like ‘open actions’ for developers to deploy activities on Lens and enhance user interactions in Web3.
- The update implements the ERC-6551 standard, allowing Lens profiles to have wallets for ERC-721 tokens and NFTs, with added features for user trust and security.
Aave Companies has recently announced the release of the second version of Lens Protocol on July 17th, aimed at serving as a social layer for Web3. The upgraded version aims to provide more control to builders, integrators, and users exploring Web3-powered experiences.
Get early access to Lens, join the waitlist https://t.co/cdEllIe0tz pic.twitter.com/NrFejEURK5
— Lens Protocol (@LensProtocol) July 17, 2023
Lens V2: Spotlight on Monetization
The primary objective of this update is to enhance user experiences, support new social use cases, and provide shared monetization opportunities for all stakeholders in the Web3 social networking ecosystem, including users, creatives, applications, and algorithms.
The newly expanded monetization layer now includes all Web3 applications and profiles, creating opportunities for collaboration and mutual rewards among individuals, applications, algorithms, and protocols. This fosters a spirit of collaboration within the Web3 community, allowing everyone to share in the value of social networks collectively.
Stani Kulechov, the Founder of Lens Protocol, expressed his thoughts on the development, stating, “Lens Protocol V2 takes decentralized social media and monetization opportunities to a new level. Providing maximum flexibility for builders, V2 enables new types of social engagements and monetization relationships, where all stakeholders can share in the value of social networks – both individually and collectively as an ecosystem.”
Other Features
Along with the enhanced monetization capabilities, Lens Protocol V2 introduces various new features. One of the noteworthy additions is the introduction of ‘open actions.’ Developers can now deploy new activities on Lens, expanding the ways people can interact with content and creators in Web3. These actions can be integrated into existing and future consumer-facing applications.
Lens Protocol V2 also adopts an open model that rewards valuable actions at each stage of the value chain, establishing a sustainable ecosystem for content creators, applications, algorithms, and even external protocols.
In terms of user profiles, the latest version implements a new standard known as ERC-6551. This standard allows Lens profiles to have their own wallets, which can house ERC-721 tokens and other non-fungible tokens (NFTs). As a result, ERC-6551-powered Lens profiles enable NFTs to execute actions.
Furthermore, to ensure trust and security, V2 incorporates a feature that allows users to block a profile from commenting, mirroring, collecting, or performing any open action.
