Quick take:
- The platform is built to unlock the economic potential of decentralised social media.
- The Ethereum overlay is described as developer-friendly, fast, and inexpensive, features that are perfect for consumer-focused apps.
- It is meant to rival the centralised social media platforms like Facebook and Musk’s X (formerly Twitter).
Avara, the Web3 company behind non-custodial liquidity protocol Aave, has announced the launch of Lens Chain on Mainnet. Lens is described as a developer-friendly, fast and inexpensive Ethereum overlay designed for decentralised social media apps, Coindesk reported.
The layer-2 network is built on top of the Ethereum network and has already sealed partnerships with leading DeFi and infrastructure projects Uniswap, Balancer, LayerZero, Circle, Consensys and Chainlink.
According to the announcement on Friday, Lens aims to unlock the economic potential of decentralised social media, providing an option that challenges centralised platforms like Facebook and Musk’s X platform (formerly Twitter).
Commenting on the announcement, Avara CEO Stani Kulechov said in an interview: “The direction we have taken with Lens in the past 12 months is to bring the best developer tooling for building on chain social experiences,” Kulechov said in an interview. “We chose the optimal stack to run Lens Chain where we get the lowest possible transaction in cost, but a sufficient amount of security for these social transactions.”
Lens Chain is powered by a system that uses mathematical proofs to check the veracity of batched off-chain transactions and has its own dedicated stablecoin $GHO by Aave, which will be used to handle fees on the network. The platform also boasts its own decentralised storage.
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