Lens Protocol, the social layer for web3 developed by Aave, has raised $15 million in funding. The funding round was led by IDEO CoLab Ventures, with other venture capital firms including General Catalyst, Variant, Blockchain Capital, and Palm Tree also participating. Angel investors such as Hayden Adams, Alex Atallah, and Balaji Srinivasa also funded the project. Lens Protocol is the latest company to develop a decentralized solution for social media, following the advent of many decentralized solutions for social media in recent months, particularly amid challenges facing Twitter after Elon Musk’s takeover.
Protocol Prioritizes Decentralization
The $15 million funds raised in the funding round will be deployed for the continued development of the Lens Protocol ecosystem, which benefits web3 users, creators, and builders. The new app prioritizes decentralization, allowing users complete control of their profiles, connections, posts, and data. Creators, users, and builders can easily switch to a new platform, taking their content and followers with them. The Lens Protocol aims to accelerate the adoption of the next-generation internet powered by human connection.
Revolutionizing the Internet Landscape
Stani Kulechov, the founder of Lens Protocol, explained that Lens brings an innovative approach to boosting social experiences by preserving users’ digital identity and enabling portability. He noted that the new social media would revolutionize the internet landscape, introducing novel monetization models and profitable businesses that share revenue equitably with creators and users. Nick van Eck, a partner at General Catalyst, noted that Lens’ efforts gear towards building a platform that empowers users, creators, and entrepreneurs.
Creating a Social Ecosystem
Lens’ open-source technology, data, and algorithms could transform social networking by offering users and content creators more value. Lens Protocol envisions a web of social ecosystems of decentralized apps seamlessly accessible to users through a universal profile. The protocol seeks to address the issue of users having to log into multiple sites by creating a social ecosystem where users can seamlessly move from one app to another, carrying their followers, content, and data with them. The co-founder and general partner at Variant, Li Jin, noted that Lens’ team is commissioning a publicly accessible social graph that unlocks a more user-centered social networking paradigm.
Lens Protocol’s funding round led by IDEO CoLab Ventures and other venture capital firms raised $15 million to develop decentralized blockchain-backed social media. The Lens Protocol prioritizes decentralization and aims to accelerate the adoption of the next-generation internet. The protocol seeks to create a social ecosystem where users can seamlessly move from one app to another, carrying their followers, content, and data with them. The Lens Protocol’s open-source technology, data, and algorithms could transform social networking by offering users and content creators more value. This development could mark a milestone in ushering in a new era of social networking.