As a seasoned crypto investor with a keen eye for emerging opportunities and a knack for spotting potential unicorns, I must admit that Lens piques my interest significantly. With its impressive $31 million funding round led by industry heavyweight Lightspeed Faction, and the promise of scaling network infrastructure ahead of its mainnet launch in 2025, this SocialFi blockchain developed by Avara seems poised to make a splash in the crypto world.
Lens, a blockchain created by Avara, recently secured $31 million in a financing round headed by Lightspeed Faction. This money will be used to enhance the underlying network infrastructure in preparation for the mainnet launch slated for the beginning of next year.
Plug-and-play social features
The lens is intended for applications within the SocialFi ecosystem. As outlined in its Version 3 developer preview, it offers adaptable, ready-to-use features such as accounts, usernames, charts, feeds, and groups, which developers can incorporate into any app on the network. Additionally, it provides monetization options that developers can implement.
The Lens mainnet is expected to launch on Ethereum in early 2025. Lens founder Stani Kulechov said:
“Existing L2s are still too costly for mainstream adoption. To bring web3 SocialFi to the mainstream, we’re building the fastest, cheapest and safest L2. […] Lens delivers the ease of web2, while providing the unparalleled benefits that only blockchain can deliver.”
Kulechov stated that for users, Lens will deliver top-tier user experiences and various methods for monetization, enabling them to establish their own financial infrastructure. Additionally, it will empower users by giving them ownership, management, and transportability of their data.
The Lens platform was constructed utilizing ZKsync technology and employs the data availability protocol known as Avail. It has formed alliances with development platform Alchemy, oracle network Chainlink, decentralized indexer The Graph, stablecoin USD Coin (USDC), Consensys’ MetaMask wallet, and decentralized exchange Uniswap.
This funding round was supported by various investors, namely Avail, Circle, Consensys, Foresight Ventures, Wintermute Ventures, along with angel investors like Rune Christensen, Anurag Arjun, Anton Bukov, Spencer Noon, and Illia Polosukhin.
A nod from Trump
In May 2022, CEO Kulechov introduced Lens, a project under his leadership at Avara – formerly known as Aave Companies, who developed the Aave liquidity protocol. This was in November 2023 when they rebranded as Avara. Around the same time, Aave Companies unveiled a $250,000 grant program for developers working on their platform. Simultaneously, they announced the acquisition of the company behind the Family crypto mobile wallet. This occurred during the name change event.
On December 13th, a plan originating from the World Liberty Financial platform, which is endorsed by Donald Trump, was given approval by AaveDAO to establish an Aave platform on Ethereum. In return for this, Aave will receive 20% of the fees generated and 7% of the WLFI (WLFI) governance tokens that are produced.
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2024-12-19 00:39