Aave Companies announced the launch of the second iteration of Lens Protocol on July 17, designed to serve as the social layer for Web3. The new release aims to bring even greater control to builders and integrators as well as people exploring Web3-based experiences.
The first version of Lens Protocol was deliberately built and launched without a user interface. V2, on the other hand, comes with a completely rewritten, refactored and optimized code base.
Lens V2: Spotlight on monetization
The primary goal of such a movement is to enable easy composability and configurability that provides enhanced user experience, supports new social use cases, and shared monetization opportunities that benefit all network stakeholders. Web3 social, whether it’s users, creatives, apps, and algorithms, no. just individually but collectively as an ecosystem.
The monetization layer now expands to encompass all Web3 applications and profiles, creating opportunities across people, applications, algorithms, and protocols. Users, applications and algorithms are now an integral part of the monetization chain, allowing them to mutually reward and encourage collaborative work, fostering the spirit of collaboration within the 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. Offering maximum flexibility to builders, V2 enables new types of social engagements and monetization relationships, where all stakeholders can share the value of social media – both individually and collectively as an ecosystem.
In terms of new features, V2 will introduce “open actions” which aim to allow developers to deploy new activities on Lens, expanding the different ways people can interact with content and creators in Web3. These actions can be integrated into existing and future consumer applications.
Lens Protocol V2 adopts an open model, rewarding valuable actions at every step of the value chain to establish a sustainable ecosystem for content creators, apps, algorithms, and even external protocols.
The latest iteration also implemented a new standard known as ERC-6551 for user profiles. This standard allows Lens profiles to own their own wallets, housing ERC-721 tokens and other non-fungible tokens (NFTs). Therefore, Lens profiles powered by ERC-6551 enable NFTs to perform actions.
In an effort to ensure trust and security, V2 will allow users to block a profile from commenting, mirroring, collecting, or taking any open action.
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