FTX Ventures Bets on Decentralized Social Media with Lens Expense #FTX #Ventures #Bets #Decentralized #Social #Media #Lens #Financial investment

In excess of 88,000 Wallets Possess a Lens Profile

Lens Protocol, which expenses alone as a decentralized social graph, has received an investment decision from FTX Ventures, the undertaking money arm of crypto trade FTX.

The news was initially noted by Fortune and is the only general public funding Lens has obtained, according to Crunchbase, which is contacting the raise a seed round. The amount Lens raised has not been disclosed. 

Lens’ basic perform is to run as a base layer for social programs — users’ knowledge, like followers, posted information, and messages would exist at the protocol amount, as a substitute of a distinct platform like Twitter or Instagram keeping elementary regulate of that details. 

The protocol takes advantage of NFTs that allow for possession about a profile, piece of articles, or followers, to be proven. 

Lens introduced in May possibly, right after strategies to launch the task turned general public in February. The job adopted XMPT, an encrypted messaging support, before this week

Stani Kulechov, the founder of DeFi lending protocol Aave, is a single of the important figures driving Lens — so significantly, 88,101 wallets individual a Lens profile, according to a Dune Analytics question.

Wallets With Lens Profiles

Oct marked an all-time large for the protocol in phrases of lively people, with just more than 28% of Lens profile homeowners putting up, commenting, or doing what is termed “mirroring,” which is related to retweeting on Twitter. 

FTX Ventures was launched in January of this yr and has made 49 investments so far, in accordance to Crunchbase. Outside the house of the financial investment in Lens, the undertaking arm has invested in the crypto facts system Messari, and the modular blockchain network, Celestia.

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