Lens Protocol (84)

What is Lens Protocol?

Lens is an open social network that allows users to own their content and connections. Developers can build on the network, leveraging its audience and infrastructure. Users can seamlessly switch between social apps without losing their profiles, content, or connections. The Social Lens App Ecosystem includes such apps as Lenster.xyz, Phaver, Lenstertube, Lensta, Memester, Lens Frens, Lensport, Guild Lenster, and many more.

The project was developed by the team of Aave which is one of the most successful liquidity protocols on the crypto market. Aave is a decentralized lending system that allows users to lend, borrow, and earn interest on crypto assets, all without middlemen.

The Lens Protocol’s team also created the Family crypto wallet. All of these projects are parts of the Avara Ecosystem. Avara is the evolved identity of Aave Companies and serves as the parent entity for the burgeoning portfolio of brands that include Aave, Lens, GHO, and others.

Lens Protocol V2

Lens V2 is the next chapter in the evolution of Lens. V2 brings even greater control to builders and integrators as well as people exploring web3-powered experiences.

🗝️ Key concepts of Lens Protocol:

• Profile NFT

The Profile Lens NFT, a key element of the Lens Protocol, grants you control over your social graph and content. An address can own multiple Profile NFTs, each maintaining a record of all posts, quotes, mirrors, comments, and other content created.

• Profile Manager

Profile Manager is a feature that allows a Lens Profile to authorize specific addresses to handle its social operations, such as following, posting, commenting, quoting, mirroring, and acting. This feature is beneficial for users who secure their Profile in cold storage/hardware or multisig wallets and wish to delegate execution to a more accessible wallet, such as a mobile app.

• Profile Guardian

Profile Guardian is a security feature designed to protect against involuntary transfers of Profile NFTs. A 7-day security cooldown period is required before a transfer can be executed. During this period, users can be notified by apps, allowing them to intervene if they did not initiate the transfer process. This security feature is enabled by default, providing an additional layer of protection for users' Profile NFTs.

• Handle

Think of a Profile as a network that includes all the relationships and content you manage. Within this network, a Lens Handle can act as a unique identity that can be tied to that Profile, if desired. Handles, which are also NFTs, can be created and minted independently of Profiles. Once created, they can be transferred to another address, used as a friendly identifier for the owner's address, and used as a unique identifier for a Profile.

• Handle Guardian

Like Profile Guardian, the Handle Guardian is a security feature designed to protect against involuntary transfers of Handle NFTs. However, unlike the Profile Guardian, it involves a 1-day Security Cooldown Period before a transfer can be executed and it is not enabled by default.

• Publication

Publications in LensProtocol encapsulate the content generated by the users. They are categorized into four main types:

• Posts: These are the fundamental publication types.
• Mirrors: These allow for the re-publication of a publication, thereby amplifying its reach.
• Comments: These provide a means to express opinions and feedback on a Post or a Quote.
• Quotes: These are publications that reference another Post or Comment.

• Open Actions

Open Actions enhance the user experience by allowing Lens applications to execute external on-chain actions directly on Lens Publications. These actions are defined by smart contracts that can interact with the broader EVM ecosystem, and even go cross-chain when aided by an oracle.

• Collect

Collect, a form of Open Action, enables creators to monetize their content. By owning their content through the Protocol, creators can offer their followers the opportunity to purchase it.

• Referrals

Lens includes a powerful Referral System, which supports verified and unverified referrals for any module action that is performed on a publication (Reference Modules, Open Action Modules).

🤳 As Dune Analytics claims, on the date of August 15, 2024, Lens Protocol has already gained the attention of more than 500K users worldwide.

🪂 The Lens Protocol offered an exciting opportunity for users to participate in the early stages of the project through the Lens Protocol airdrop. To be part of the Lens Protocol token airdrop, users could follow these steps:

• Sign up for the early access waitlist.
• Engage with Lens Protocol ecosystem platforms like Lenster, Lenstube, and Lensport.
• Join Lens Protocol’s Discord, follow them on Twitter, and subscribe to their newsletter for updates.
• Visit Lens Airdrop page to learn more.

💸 From its funding rounds, the project has successfully raised $15M from reputable investors including IDEO CoLab Ventures, General Catalyst, Variant, Blockchain Capital, Palm Tree, and others. There is information that Stani Kulechov (CEO) seeks $50M for Lens Protocol at a $500M valuation.

✅ Lens Protocol’s pros:

• One of the best solutions in the niche of decentralized social networks;
• Has already gained the attention of more than 500K users;
• Has several public Smart Contract Audits;
• The project has a wide network of Tier 1 backers and partners;
• The team has profound experience in crypto (also developers of Aave and Family);
• Above-the-average SMM coverage;
• Decent Search Engine Optimization;
• Good PR performance;
• Not bad Influencer Marketing;
• The team participates in AMA sessions and actively runs social media.

📛 Lens Protocol’s cons:

• Has no public tokenomics yet;
• No clear development roadmap;
• Weak Marketing Infrastructure;
• Poor Growth Marketing performance.