Lens V2 Upgrade on Polygon: Decentralized Social Media Gets Major Monetization Boost

Stani Kulechov, founder and CEO of Aave

Last Updated on 3 weeks by cryptoevent

Lens, the decentralized social media platform affiliated with Aave, a leading DeFi (Decentralized Finance) entity under the guidance of Stani Kulechov, has recently rolled out a significant upgrade known as “V2” on the Polygon network. This enhancement encompasses a suite of novel monetization features, notably introducing multisig-managed profiles and a tipping mechanism for “smart posts.”

In a bid to address perceived shortcomings of mainstream “Web2” social media platforms controlled by major centralized entities like Facebook and Elon Musk’s X (previously Twitter), Lens represents one of several blockchain-centric startups striving to leverage blockchain technology to decentralize social media, collectively referred to as “Web3.”

Stani Kulechov, the founder of Aave and CEO of Lens Protocol, expressed that the initial objective of Lens V1 was to foster early Web3 social networks, resulting in increased creativity, experimentation, and the development of new discovery tools within the Lens ecosystem. With the introduction of Lens V2, the platform is taking a progressive step toward a more modular design, providing users with greater autonomy and flexibility in their social media interactions. This could potentially involve the ability to transfer one’s “social graph” (comprising followers and followings) across various interactive platforms.

The Lens project, unveiled in February 2022, successfully raised $15 million from investors, including IDEO CoLab Ventures, General Catalyst, Blockchain Capital, Palm Tree, and individual contributions from prominent figures such as Uniswap CEO Hayden Adams, OpenSea co-founder Alex Atallah, entrepreneur Balaji Srinivasan, and Polygon co-founder Sandeep Nailwal.

According to the official press release, the Lens V2 upgrade introduces a range of new features. Notable among them is the Profile Manager, enabling the management of profiles by individuals, multisigs, and DAOs (Decentralized Autonomous Organizations). Additionally, the introduction of Handles creates an additional layer of identity, distinguishing “profiles” from “handles” on the platform. The “Pay to read the rest” feature allows developers to post previews of content with payment options to access the entire piece, reminiscent of the paid “subscriber” feature on platforms like X/Twitter. The “smart posts” feature within Lens facilitates diverse monetization options, including tipping, voting, subscribing, and donating.