Lens Protocol Raises $15 Million to Augment Decentralized Social Media – Next Twitter Competitor?
Aave’s Lens Protocol, a social layer for web3, has raised $15 million in funding to develop decentralized blockchain-backed social media.
According to a June 8 blog post, IDEO CoLab Ventures led the funding round alongside other VCs, such as General Catalyst, Variant, Blockchain Capital, and Palm Tree.
Other prominent venture capitals, including A. Capital, Seed Club Ventures, Robot Ventures, and DAOs like PUNK DAO and Flamingo DAO, participated in the fundraising.
Prominent angel investors such as Hayden Adams (Uniswap CEO), OpenSea co-founder Alex Atallah, and former Coinbase CTO Balaji Srinivasa also funded the project.
The past few months saw the advent of many decentralized solutions for social media, particularly amid challenges facing Twitter after Elon Musk's takeover.
The Lens is the latest firm to introduce a decentralized solution for social media.
The protocol will deploy the $15 million funds for the continued development of its ecosystem that benefits web3 users, creators, and builders.
The new app prioritizes decentralization, allowing users complete control of their profiles, connections, posts, and data.
Creators, users, and builders can easily switch to a new platform, taking their content and followers.
"Our Vision at Lens is to accelerate the adoption of the next-generation of internet powered by human connection—the people-powered social layer," Stani Kulechov, founder of Lens Protocol, said.
"People are driven to connect and share with others, be it news, photos, entertainment, opinions, etcetera. Lens creates a more social, open, equitable, and democratic internet—one secured by blockchain technology and governed by participants," he added.
According to Kulechov, Lens brings an innovative approach to
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