Aave-Developed Lens Protocol Raises $15M to Expand 'Social Layer' of Web3

Uniswap CEO Hayden Adams, OpenSea co-founder Alex Atallah, entrepreneur Balaji Srinivasan and Polygon co-founder Sandeep Nailwal joined the round as angel investors.

AccessTimeIconJun 8, 2023 at 1:32 p.m. UTC

Lending protocol Aave's decentralized social-media platform, Lens Protocol, has raised $15 million in funding from a group of high-profile investors.

IDEO CoLab Ventures led the funding round, which included General Catalyst, Blockchain Capital and Palm Tree, according to an emailed announcement. Uniswap CEO Hayden Adams, OpenSea co-founder Alex Atallah, entrepreneur Balaji Srinivasan and Polygon co-founder Sandeep Nailwal joined the round as angel investors.

  • U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement; Gensler Speaks on Ether ETF Approval
    01:41
    U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement; Gensler Speaks on Ether ETF Approval
  • Why Bitcoin Is Not Keeping Pace With Nasdaq
    01:11
    Why Bitcoin Is Not Keeping Pace With Nasdaq
  • Mona Founder on Future of the Metaverse
    09:08
    Mona Founder on Future of the Metaverse
  • Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk
    01:49
    Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk
  • Polygon blockchain-based Lens serves as a platform for users to build applications from a single non-fungible token (NFT)-based platform that stores their posts, followers and content.

    "By putting ownership and social capital into the hands of people, Lens aims to transform the way we create value, share and monetize on the internet," Lens said.

    Lens plans to use the funds raise to continue the expansion of its ecosystem, which was unveiled by Aave in February last year.

    Edited by Sheldon Reback.




    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.