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Lens Protocol Raises $15 Million To Promote Decentralized Social Web

June 8, 2023 - Around 3 mins mins to read

Key Points:

  • Lens Protocol, the user-owned social layer of the Internet, has received $15 million in investment.
  • The additional fund will be used to support the ongoing growth of the Lens ecosystem, which benefits web3 users, producers, and builders.
Lending procedure Lens Protocol, Aave’s decentralized social-media network, has received $15 million in backing from a consortium of prominent investors.
Lens Protocol Raises $15 Million To Promote Decentralized Social Web

IDEO CoLab Ventures led the new funding round, which included participation from venture capital companies such as General Catalyst, Variant, and Blockchain Capital, as well as DAOs such as Flamingo DAO, DAOJones, Punk DAO, DAO5, and Global Coin Research.

Uniswap CEO Hayden Adams, OpenSea co-founder Alex Atallah, entrepreneur and investor Balaji Srinivasan, Sandbox co-founder Sébastien Borget, and Polygon co-founder Sandeep Nailwal were among the angel investors. Joe Gerber, managing director at IDEO CoLab Ventures, said:

“It is more clear than ever that an open, interoperable, and decentralized social layer is needed to create a more creative, pluralistic, and human internet. We are excited about the new possibilities for connection and expression that these underlying technologies allow, and we are thrilled to support the Lens team on this journey.”

Blockchain-based polygons Lens is a platform that allows users to create apps by storing their posts, followers, and content on a single non-fungible token (NFT)-based platform.

Lens Protocol Raises $15 Million To Promote Decentralized Social Web

The core notions of ownership and mobility on the social web are at the heart of Lens Protocol. Lens reimagines the web as a social ecosystem of decentralized applications that users can access effortlessly via a universal profile rather than logging into various segregated sites, using web3 technologies like as blockchain, smart contracts, decentralized storage, and NFTs.

This profile contains the user’s information, such as their social graph and following network, as well as the digital artifacts they generate, which may include words, photographs, videos, and other media. This is referred to as user social capital. Lens aspires to alter the way we create, distribute, and monetize value on the Internet by placing ownership and social capital in the hands of individuals.

Lens Protocol Raises $15 Million To Promote Decentralized Social Web

Other crypto social networks exist, such as BitClout, which, according to its website, has over 200 apps developed on its blockchain DeSo. There are additional crypto wallets and programs, such as Thred, that try to offer a service comparable to Yelp and have simple interfaces. Although they have achieved some popularity among crypto players and consumers, there seems to be no deliberate effort to expand outside of the ecosystem yet.

It is critical to differentiate between networks and protocols; Lens is developing the latter, which means that any developer may build on top of its system.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

AAVE

Decentralized Social Web

Lens Protocol

Web3

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.