Aave’s Lens Protocol V2 Introduces New Features to its Web3 Social App

Aave Companies announced the launch of the second iteration of Lens Protocol on July 17th, designed to serve as a social layer for Web3. The new version aims to bring even greater control to builders and integrators as well as people exploring Web3-powered experiences.

The first version of Lens Protocol was purposely built and launched without a user interface. The V2, on the other hand, comes with a codebase that’s entirely rewritten, refactored, and optimized.

Lens V2: Spotlight on Monetization

The main goal of such a move is to allow easy composability and configurability that delivers an improved user experience, support new social use cases, and shared monetization opportunities that benefit all Web3 social networking stakeholders be it users, creatives, applications, and algorithms, not just individually but collectively as a ecosystem.

The monetization layer now expands to encompass all Web3 applications and profiles, creating opportunities among individuals, applications, algorithms, and protocols. Users, applications, and algorithms are now integral components of the monetization chain, allowing them to mutually reward and incentivize collaborative work, fostering the spirit of collaboration within web3.

Following the development, Stani Kulechov, Founder of Lens Protocol, commented,

“Lens Protocol V2 takes decentralized social media and monetization opportunities to a new level. 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.”

Other Features

In terms of new features, V2 will introduce ‘open actions’ that seek to enable developers to deploy new activities on Lens, expanding the different ways that people can interact with content and creators in Web3. These actions can be integrated into both existing and future consumer-facing applications.

Lens Protocol V2 adopts an open model, rewarding valuable actions at each stage of the value chain to establish a sustainable ecosystem for content creators, applications, algorithms, and even external protocols.

The latest iteration has also implemented a new standard known as ERC-6551 for user profiles. This standard allows Lens profiles to possess their own wallets, housing ERC-721 tokens and other non-fungible tokens (NFTs). Consequently, ERC-6551-powered Lens profiles enable NFTs the capability to execute actions.

In a bid to ensure trust and security, V2 will let users block a profile from commenting, mirroring, collecting, or conducting any open action.