Lens Protocol, developed by Aave, raises $15M to expand Web3’s social layer.

The decentralized social-media platform, Lens Protocol, of lending protocol Aave has raised $15 million from a group of well-known investors. The funding round was led by IDEO CoLab Ventures and included General Catalyst, Blockchain Capital, and Palm Tree, as stated in an email announcement. Angel investors, such as Uniswap CEO Hayden Adams, OpenSea co-founder Alex Atallah, entrepreneur Balaji Srinivasan, and Polygon co-founder Sandeep Nailwal also participated in the round.

Lens, which is based on the Polygon blockchain, serves as a platform for users to create applications from a single non-fungible token (NFT) that stores their content, followers, and posts. Lens aims to revolutionize the way we create value, share, and monetize on the internet by giving ownership and social capital to the people.

Lens intends to use the funds raised to further expand its ecosystem, which Aave unveiled in February last year.

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

Edited by Sheldon Reback.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

NFT

Wreck League' game, supported by Animoca Brands, incorporates Bored Apes into the storyline.

The highly anticipated game, set to be released in the coming weeks, offers players the exciting opportunity to const...

Web3

Bitcoin user pays $500k fee for $200 transfer, Animoca Brands raises $20m for Mocaverse project, Unstoppable Domains adds B2U messaging feature.

Get your daily, concise overview of the latest news on cryptoassets and blockchain – uncovering the hidden stories th...

Web3

Anichess, a decentralized chess game by Animoca Brands, raised $1.5M.

The game, which will be released in early 2024, was created in collaboration with Chess.com.

BlockChain

TinyTap introduces AI features and roadmap to revolutionize children's learning material creation.

TinyTap, the world's largest educational games library and a subsidiary of Animoca Brands, is set to launch exciting ...

News

Understanding Supra, the Cross-Chain Oracle Middleware, in One Article Network Architecture and Functional System

Compilation | In recent times, the blockchain has been gaining attention in both the airdrop circle and among KYC sup...

BlockChain

Blockchain.com Shuts the Deal with $110M Funding Injection Bloomberg Report

A recent report revealed that the exchange's valuation in its latest $110 million round was significantly lower than ...