Did AAVE’s Lens Protocol Launch Rally the Token by 10%?

Paigambar Mohan Raj
Source: The Defiant

Lens Protocol is finally live on the Polygon blockchain network. It is a decentralized social media platform, operated by AAVE.

First introduced in February 2022, AAVE introduced Lens Protocol as a decentralized competitor to Twitter and Facebook. Although the platform is similar to Twitter, profiles on Lens are tied to Non Fungible Tokens (NFTs) which can be ported to decentralized applications.

With the Lens tools set, creators can take control of their social media data and transport it across several apps. One may connect with their followers, content, and community by using their NFT profile image to link to any other new application.

The idea behind the platform was to create a social media platform that would allow content ownership and user accounts to be decentralized via a blockchain network.

Centralized social media platforms have the authority to permanently suspend and cancel accounts without warning.

AAVE’s CEO, Stani Kulechov, recently had a similar problem on Twitter when his account was deactivated because he joked about being the interim CEO of the social media giant.

Source: Twitter

Following his suspension, he thought about the situation and decided to create a decentralized social media network.

According to sources, the Lens Protocol platform has attracted up to 50 applications, such as Lenster, Lens Booster, SpamDAO, GoldenCircle, PeerStream, Swapify, and Social Link, among others.

Additionally, AAVE seems to be benefitting from the launch. The token has seen an awesome 9.6% rise in the last 24 hours and an 18.5% rise over the last 7 days. At press time AAVE was trading at $92.09. However, the token is still recovering from the recent crash as it is still 35% down on the 14-day chart, and down by 49.7% on the monthly chart. Moreover, the project is 86.1% below its all-time high of $661.69, which it attained in May of 2021, about one year ago.