Aave Companies announced the release of the second iteration of the Lens Protocol on July 17, 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-based experiences.

The first version of the Lens Protocol was purposely built and released without a user interface. V2, on the other hand, comes with a completely rewritten, refactored, and optimized codebase.

Lens V2: Focus on monetization

The main goal of such a move is to enable easy composition and configuration that provides an enhanced user experience, supports new social use cases, and shared monetization opportunities that benefit all Web3 social media stakeholders, be they users, creatives, apps and algorithms, not just individually but collectively as an ecosystem.

The monetization layer is now expanded to encompass all Web3 applications and profiles, creating opportunities between 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, furthering 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. By providing maximum flexibility for builders, V2 enables new types of social engagement and monetization relationships, where all stakeholders can share the value of social, both individually and collectively as an ecosystem.”

Other features

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

Lens Protocol V2 embraces an open model, rewarding valuable actions at each stage of the value chain to establish a sustainable ecosystem for content creators, apps, algorithms, and even third-party protocols.

The latest iteration has also implemented a new standard known as ERC-6551 for user profiles. This standard allows Lens profiles to own their own wallets, which house ERC-721 tokens and other non-fungible tokens (NFTs). Consequently, lens profiles with ERC-6551 technology allow NFTs the ability to execute actions.

In an attempt to ensure trust and security, V2 will allow users to lock a profile from commenting, mirroring, collecting, or taking any open action.

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This post Aave’s Lens Protocol V2 Introduces New Features in Its Web3 Social Application

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