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Aave-Developed Lens Protocol Raises $15M to Expand 'Social Layer' of Web3

source-logo  coindesk.com  + 5 more 08 June 2023 14:43, UTC

Lending protocol Aave's decentralized social-media platform, Lens Protocol, has raised $15 million in funding from a group of high-profile investors.

IDEO CoLab Ventures led the funding round, which included General Catalyst, Blockchain Capital and Palm Tree, according to an emailed announcement. Uniswap CEO Hayden Adams, OpenSea co-founder Alex Atallah, entrepreneur Balaji Srinivasan and Polygon co-founder Sandeep Nailwal joined the round as angel investors.

Polygon blockchain-based Lens serves as a platform for users to build applications from a single non-fungible token (NFT)-based platform that stores their posts, followers and content.

"By putting ownership and social capital into the hands of people, Lens aims to transform the way we create value, share and monetize on the internet," Lens said.

Lens plans to use the funds raise to continue the expansion of its ecosystem, which was unveiled by Aave in February last year.

Read More: Social Media App MeWe to Bring Frequency Blockchain's Self-Sovereign Identity to Its 20M Users


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