Aave CEO Stani Kulachov Unveils Lens Network, a Decentralized Social Media Protocol, Backed by a $31M Funding Round

Aave CEO Stani Kulachov’s brainchild, Lens Network, has unveiled new smart contracts for its decentralized social media network. The network will feature advanced social feeds, groups, and innovative ERC-20 and ERC-721 contracts. These features aim to provide the Web3 space with powerful tools for enhancing social interactions.

Lens Network, built on the Lens Protocol, emphasizes a decentralized social experience that is owned and controlled by the users. This new update will introduce several features, including smarter feeds and enhanced group management, to further support Web3 adoption.

Kulachov, who also led Aave to its remarkable success, was inspired to create Lens Network after facing a brief ban on Twitter, which highlighted the pressing need for decentralized social media solutions. The frustration encountered during this experience fueled the creation of Lens Network, aiming to establish a censorship-resistant platform for online communities.

Lens Network Updates to Enhance Blockchain Utilities

The updates to the Lens Network will revolve around introducing smarter social feeds, redesigned group functionalities, and more advanced username features. The new implementation of ERC-20 and ERC-721 contracts will further enhance the user experience.

Kulachov also mentioned ICO and crowdfunding, advanced bonding curves, governance structures, and earning programs in the pipeline. The development process will be open-source, and developers are encouraged to contribute and accelerate the development.

All these contracts will be fully open-source, allowing developers and users to freely build upon and integrate with the Lens Network. This strategy aligns with Aave’s ethos of inclusivity and collaboration within the blockchain community.

Lens Network has garnered significant attention as a pioneering approach in SocialFi. A strategic funding round managed to secure $31 million for Lens to advance its efforts in bringing Web3 to the mainstream and establishing decentralized social media that is both accessible and user-friendly.

This new batch of smart contracts with Lens Network enables it to spearhead decentralized social media by merging smart contract capabilities with frontline social interactions.