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Lens Protocol Explained

Lens Protocol Explained

Discover how Lens Protocol is redefining SocialFi with its user-owned, decentralized platform and innovative V2 update.

Summary: Lens Protocol, built on Polygon, revolutionizes SocialFi with its decentralized social graph, challenging traditional social media's centralized approach. The second version brings user-centric improvements and innovative features like Follow NFTs. It's supported by a range of apps for content and community engagement.

Early access via the waitlist may lead to an airdrop, emphasizing decentralized governance. Backed by prominent investors, Lens aims to make social media more equitable and community-focused, offering users more control and a say in its future direction.

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What is Lens?

Lens Protocol, currently in its closed Beta phase and built on the Polygon Proof-of-Stake blockchain, represents a leap forward in web3 innovation in the SocialFi sector. Developed by the team behind AAVE and led by Stani Kulechov, it introduces a decentralized, user-owned social graph, offering creators unprecedented control over their interactions and content, pioneering a more equitable social media framework.

By stepping away from the centralized dominance seen in traditional social networks, Lens Protocol introduces an open, transparent ecosystem built on collaboration. It empowers creators with content ownership, encouraging developers to forge engaging social experiences free from traditional engagement tactics, thus enriching the global digital social landscape.

Lens Protocol

What is Lens V2?

Lens V2 is a major update to the Lens Protocol, incorporating feedback and lessons learned from its initial launch. It introduces Profile-based social operations, enhancing user interactions and ownership. Key features include optimized Follow NFTs with new states for improved user experience, an Advanced Referral System, Publication Action Modules for smarter posts, and Delegated Executors for expanded functionality.

The upgrade also includes the ERC721 standard for Lens Handles, additional security measures, and a complete code overhaul for better performance and usability, marking a significant evolution in creating a decentralized, user-owned social graph.

What Apps are Built on Lens?

Several applications have been built on the Lens Protocol, each catering to a variety of use-cases and platforms. Here's a quick rundown:

  • Orb: A mobile application designed with creators and communities in mind.
  • Lenster: This is an open-source platform available on desktops.
  • Buttrfly: Known as a Web3 Social Explorer, this app enables users to navigate the decentralized social web.
  • Lenstube: This open-source video platform for desktop offers a space for video content sharing.
  • Riff: If you're a music aficionado, Riff allows you to discover and collect new music through the Lens Protocol.
  • Dumpling: This application is all about streaming the best content from Lens, offering a rich media experience for users.

These apps showcase the versatility of Lens Protocol, which aims to decentralize the social web, giving users more control over their data and digital interactions.

Apps on Lens Protocol

How to Get a Lens Protocol Profile

Getting a Lens Protocol profile is a straightforward process, although the mainnet is currently in closed beta. First, visit their official waitlist page at https://waitlist.lens.xyz/ and join the waitlist. Once you're on the waitlist, you'll be prompted to validate your Web3 ID, which you can do by connecting your MetaMask or Coinbase Wallet to the platform.

After successfully validating your Web3 ID, you'll have to wait until the mainnet is open to the public. When it is, you'll receive a notification allowing you to claim your profile. This way, you'll be ready to fully engage with the Lens Protocol platform as soon as it becomes widely available. Remember, claiming your profile is an essential step to owning your digital interactions and connections on this decentralized social media network.

Lens Waitlist

Lens Protocol Airdrop

It looks like there might be a strong possibility for Lens Protocol to launch an airdrop during its transition to a completely decentralized network. This airdrop is expected to primarily benefit beta testers and early adopters once the mainnet becomes publicly accessible.

The main goal here is to distribute governance tokens, which are crucial for decentralizing the platform's decision-making process. These tokens will enable the establishment of a Decentralized Autonomous Organization (DAO), fostering a more inclusive environment where community members have a say in the protocol's direction.

Lens Protocol Funding

Lens Protocol has secured $15 million in funding. This significant capital injection was led by IDEO CoLab Ventures and saw participation from well-known venture capital firms like General Catalyst, Variant, and Blockchain Capital, as well as DAO organizations such as Flamingo DAO and DAOJones. Angel investors in the round included noteworthy figures like Uniswap CEO Hayden Adams and OpenSea co-founder Alex Atallah.

The new capital will fuel the protocol's ongoing development and ecosystem expansion. CEO Stani Kulechov emphasized the protocol's goal of democratizing social media, making it more equitable and user-centric. This funding is a significant step toward achieving Lens Protocol's long-term vision.

Bottom Line

In wrapping up, Lens Protocol and its V2 update mark a significant shift towards a decentralized, user-centric web. With enhanced features for better engagement and the launch of diverse applications, it paves the way for a community-driven future. Securing a profile on Lens opens doors to this innovative platform, promising greater control over content and governance, emphasizing the protocol's commitment to reshaping digital interactions.

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