Decentralized Infrastructure for Social and Consumer Applications Secures $31M Investment from Avara
In an exciting development for the blockchain and social media industries, Lens - a decentralized social media platform developed by Avara - is set to launch on mainnet in the first quarter of 2025. This move comes just weeks after the migration of its base technology from Polygon to zkSync, citing the ability to scale at lower costs as the reason.
Lens aims to revolutionize the social media landscape by reducing transaction costs and empowering users with control over their digital identities and revenue sharing. As an open social network, users fully own their profiles, posts, and relationships on-chain, removing the need for centralized controls and associated fees.
The platform's decentralization also ensures users can monetize and share revenue from their content transparently and automatically, promoting fairer compensation aligned with user contribution and network engagement. This setup fosters user sovereignty over identity and funds within the social media ecosystem.
In a recent announcement, Avara's founder, Stani Kulechov, stated that their goal is to make blockchains free for users, similar to the internet. He further explained that most financial value from social networks currently goes to the platform, not the user. Lens seeks to turn this model upside down, making users more important.
The Lens protocol v3, scheduled for launch, could lead to more transparent revenue sharing contracts and better rewards for creators. The funds raised in a recent $31 million funding round, led by Lightspeed Faction, will be used to develop Lens, Avara's decentralised protocol focused on powering social media and consumer-facing apps.
The fundraising attracted participation from notable investors such as Alchemy, Avail, Circle, Consensys, DFG, Fabric Ventures, Foresight Ventures, Stellarcore, Superscript, Re7, and Wintermute Ventures. Additionally, Anurag Arjun, Anton Bukov, Rune Christensen, Alex Gluchowski, Aleksander Leonard Larsen, Loi Luu, Spencer Noon, and Duncan Robinson joined as angel investors.
With the adoption of zkSync, Lens offers users the ability to send messages on the blockchain at reasonable costs, making it more feasible to scale decentralised apps to a wide user base. The platform's goal is to lower transaction costs to a fraction of a cent, making it an attractive alternative to traditional centralized social media platforms.
As Lens prepares for its mainnet launch, it promises to deliver a more user-centric social media experience, empowering users with control over their digital identities and revenue, while reducing costs associated with traditional platforms. This shift could mark a significant step forward in the integration of blockchain technology into everyday life.
[1] For more information about Lens, please visit Lens Protocol Official Website or Lens Protocol GitHub.
- In the upcoming Lens mainnet launch, users can expect a shift towards more transparent and fair revenue sharing in the realm of finance and investing, thanks to the integration of advanced technology and blockchain methodologies.
- With the integration of zkSync technology, Lens provides an affordable platform for users to invest in and engage with technology-driven social media, offering an attractive alternative to traditional centralized platforms.
