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Aave CEO Stani Kulechov Is Planning an Ethereum-Based Alternative to Twitter | CoinCodex


coincodex.com 19 July 2021 10:17, UTC
Reading time: ~3 m

Key highlights:

  • Aave CEO Stani Kulechov wants to create an Ethereum-based alternative to Twitter
  • According to Kulechov, the platform would allow users to monetize their content and retain their userbase better
  • So far, the various attempts at blockchain-powered social media platforms have largely failed

Aave CEO is planning a Twitter alternative

Aave CEO Stani Kulechov has revealed plans to make an alternative to Twitter that will leverage the Ethereum blockchain.  

Kulechov first hinted at the project in a tweet that referenced Square’s plans to create a developer platform for financial services with a focus on Bitcoin. Square’s CEO is American entrepreneur Jack Dorsey, who is also at the helm of Twitter. In his tweet, Kulechov stated:

“Since @jack is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum.”

While it was unclear at first whether Kulechov’s tweet was satirical or not, it seems that the founder of the most popular DeFi lending protocol is not messing around. 

Kulechov confirmed the plans to crypto news publication Decrypt, and said that the platform would allow for user governance and content monetization. 

“We believe that content creators should own their audiences in a permissionless fashion, where anyone can build new user experiences by using the same on-chain social graph and data.”

Some of the main goals of the Ethereum-based platform would be censorship-resistance and the ability for users to “own” their audience. By this, Kulechov means giving creators the ability to retain their audience even if the creator chooses to start using another social platform.  

Since its beginnings as ETHLend In 2017, Aave has grown to massive proportions – the platform has a TVL of $10.8 billion and its AAVE token has a market cap of $3 billion. However, we’re yet to see a successful social media platform coming out of the blockchain and cryptocurrency sector. 

One of the more notable attempts in this space is Steemit, which was acquired in early 2020 by TRON founder Justin Sun. However, the acquisition was not received well by the Steemit community, which then proceeded to fork the Steem blockchain and starting a new project called Hive.

EOS creators Block.one also had ambitions in social media, and paid $30 million for the voice.com web domain in 2019 for their social media platform called Voice. The idea behind Voice was to have a social media platform where users who create engaging content would be rewarded with tokens by other users. 

However, the beta version of Voice didn’t gain much traction, and the project has now pivoted towards NFTs. According to Voice CEO Salah Zalatimo, one of the reasons for the pivot was that the project wasn’t able to obtain the necessary regulatory clarity regarding the Voice Token, which was slated to be the platform’s means of rewarding users.

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