Aave Introduces New Features With Lens Protocol V2

Aave Companies has unveiled version two of its Lens Protocol and introduced several new features for the web3 social app. 

Lens Protocol Now Allows Blocking

Lens Protocol’s parent organization, Aave Companies, has launched the much-anticipated V2 of the web3 social app. This latest update takes Lens one step closer to its vision of creating an open and decentralized social media ecosystem focusing on composability, value sharing, and enhanced features.

One notable addition is the on-chain blocking feature, which allows Lens users to block each other, similar to Twitter's. Once blocked, users will be restricted from commenting, following, quote-commenting, and utilizing unique crypto-specific features such as mirror and collect.

New Features To Support Monetization

With monetization as one of the key pillars supporting the V2 upgrade, several new features have been geared toward allowing users to generate revenue. For example, the “collect” feature allows users to accumulate and store content on Lens as NFTs. There is also an equivalent feature to that of a retweet - Mirror. A “mirrored” piece of content will generate revenue, with users who have mirrored the content also receiving a portion of the earnings.

According to the statement from Aave founder Stani Kulechov, 

"Lens Protocol V2 takes decentralized social media and monetization opportunities to a new leve. 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."

V2 Continues Open Design Space

Although the initial iteration of the social platform did not include a user interface, it had sufficient tools and supportive architecture for developers to build their own consumer apps in the Lens ecosystem. As a result, numerous social media apps stemmed from the platform, like Lenster, Orb, and Buttrfly. 

Furthermore, the developer community on the platform has also created multiple tools like algorithms that predict follower growth to search operations to find new friends and content. This characteristic open design space will continue on V2, allowing developers to execute external actions directly on the platform and build innovative projects. 

The recent introduction of the Momoka data scalability solution and V2’s Lens Improvement Proposals (LIPs) will further enhance the platform’s scalability and decentralization. 

Profiles Get An Upgrade

The latest iteration of the web3 social app is also focusing on upgrading the profiles themselves. Since V2 has transitioned the profiles to the ERC-6551 standard from the previous ERC-721, they now function like crypto wallets, allowing users to transact and store cryptocurrencies along with NFTs. 

Lens Protocol is also delving deeper into crypto-native actions, like creating pathways for builders to join DAOs or directly donate to public goods through investing in content. 

With these new features and improvements, Lens Protocol V2 seeks to carve out its niche in the social media landscape, providing users with a decentralized and crypto-powered platform that offers increased engagement, monetization opportunities, and compatibility with the evolving web3 ecosystem.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.