Metaversal is a Bankless newsletter for weekly level-ups on NFTs, virtual worlds, & beyond
Dear Bankless,
One of the biggest recent happenings in the “crypto social” sector?
The initiation of Lens V2!
This new-and-improved version of the Lens protocol is aiming to redefine ownership around social media.
For today’s post, let’s dig into the basics of this upgrade and get you up to speed on what to be looking out for!
-WMP
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Lens Protocol, launched in early 2022, is an open social graph built on the Polygon blockchain that also has its own custom data availability (DA) layer, Momoka.
Simply put, Lens is designed to enable creators to own their social connections. It marks a shift from centralized and siloed social networks to one where users can maintain ownership of their content and relationships across an ecosystem of interoperable apps.
With the introduction of Lens V2 in July 2023, and its rollout started this month, the protocol is beginning to rev up. The new V2 is aimed at enhancing the creator and developer experience to better serve as a user-owned, portable, and immutable social graph.
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The V2 upgrade has shifted all social operations to be profile-based rather than address-based, with the idea being to streamline interactions within the network.
Additionally, follow actions have been refined, a referral mechanism has been introduced, and “handles,” i.e. profiles, are now managed as ERC-721 NFTs for greater flexibility.
The entire codebase has been reworked to accommodate these changes, around which new main features have been raised. These core pillars include Profiles V2, Open Actions, and Collective Value Sharing.
The new Lens system introduces a significant upgrade to user profiles.
With the integration of the ERC-6551 standard, profiles now have the capability to act as wallets, allowing for direct accrual of value from actions such as mints and collects. This feature enables profiles to establish their own social relationships and monetization opportunities.
The new Profile Manager hub also enhances security, allowing for blocking and for users to delegate social actions to different wallets, including hardware wallets for increased safety.
Open Actions in Lens V2 offer a composable framework for social networking, allowing developers to integrate external smart contract actions directly within Lens.
These integrations could include actions like minting NFTs or interacting with third-party marketplaces and protocols, all within the context of a Lens post.
Open Actions are designed to be extendable, even to cross-chain operations, providing a flexible and powerful tool for developers to create innovative social experiences.
Lens V2 also expands on the idea of collective value sharing, where all participants in the social graph can benefit from the value generated within the ecosystem.
This system includes users, algorithms, curators, and applications, all of whom can share in the revenue generated by their contributions to the network.
This model encourages a collaborative environment where each action adds to the collective value, and rewards are distributed among those who contribute to the growth and engagement of the platform.
As of now, Lens V2 is in a closed beta phase. To get your hands on a handle, you’ll currently need to join the waitlist.
Once you’re invited in, you can claim your own unique account from the claim hub.
At that point you could start trying the most popular apps in the Lens ecosystem, and if you’re not sure where to begin Aave and Lens founder Stani Kulechov has a handful of recommendations, including:
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🦋 Buttrfly — A web3 social explorer platform
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👋 Hey — Previously “Lenster,” this is a Twitter-like social media app
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🔮 Orb — A mobile-centric social media app
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📱 Phaver — Another mobile social media app, one of the oldest on Lens
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📹 Tape — A media-sharing platform on Lens
2023 has proven to be a big year for “crypto social” projects so far, and the recent initiation of Lens V2 only reinforces this progress that much further.
By rearchitecting the social graph to be user-centric, Lens V2 has joined alongside parallel projects like Farcaster in trying to set a new precedent for the future of digital interactions. Blockchain tech not only decentralizes control here, but it also opens up novel possibilities for creators and developers to innovate without the constraints of traditional social media platforms.
All that said, it’ll be interesting to track Lens V2 going forward, yet it’s already challenging the status quo now and inviting us to reimagine what it means to connect, create, and share value in an increasingly digital world!
William M. Peaster is the creator of Metaversal — a Bankless newsletter focused on the emergence of NFTs in the cryptoeconomy. He also serves as a senior writer for the main Bankless newsletter.
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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.
