Aave protocol developer secures $31 million for Lens, a high-performance blockchain for consumer apps
Summary
Avara, the company behind Aave, Lens, and Family, is announcing a $31 million funding round led by Lightspeed Faction. It could potentially lead to more transparent revenue-sharing contracts with better rewards for creators.With Lens v3, the company is tackling one of the biggest issues with web3 social experiments the cost of transactions. Our aim here is to say that blockchains should be free to use for users, the same way as the internet is, Kulechov said.Lens is defining a handful of social primitives as the core characteristics of the protocol, namely accounts, usernames, graphs, feeds, and groups. Token gating could be used to create subscriber-only feeds or posts (a web3 Substack).As for content moderation, Kulechov believes a protocol should be as unopinionated as possible. Its going to be interesting to see if this protocol upgrade moves the needle when it comes to decentralized social networks the existing ones remain niche networks for now.In addition to Lightspeed Faction, participants in the round include Alchemy, Avail, Circle, Consensys, DFG, Fabric Ventures, Foresight Ventures, Stellarcore, Superscript, Re7, and Wintermute Ventures, as well as angel investors Anurag Arjun, Anton Bukov, Rune Christensen, Alex Gluchowski, Aleksander Leonard Larsen, Loi Luu, Spencer Noon, and Duncan Robinson.