Lens Protocol is an ecosystem of decentralized social networks such as Lenster, Phaver, Lenstube, Lensfren, ORB, Memester, Lensprot,…
So let’s take a look at how the ecosystem is exploding!
What is Lens Protocol?
Lens Protocol is an ecosystem of decentralized social networks developed on the Polygon ecosystem and built with a Web3 vision. Lens Protocol was created to empower content creators and the creator-user relationship thereby creating a society owned by end users.
Lens Protocol is a product of AAVE. I also shared the reason for developing AAVE’s Lens Protocol in the article Series 2: Real Builder in Winter | AAVE – Genghis Khan of DeFi. Everyone can refer to the above article. In this article we focus on the Lens ecosystem.
Modes of Operation
The way Lens Protocol works is relatively simple, users will mint domain names similar to telegram or twitter handles but minted on Polygon’s blockchain.
After owning a domain name provided by Lens Protocol, you can freely participate in its entire ecosystem simply by “connecting wallet” and signing to prove that you are holding NFT of Lens Protocol. .
Currently these handles are not public but can only be shared when you participate in some Lens activities or projects on its ecosystem to receive gifts of self-minted domain names, however you can buy them. Sell domain names on Opensea here.
Update on the Development Status of the Lens Protocol Ecosystem
Up to now, there have been a total of 104,202 Lens Protocol NFTs minted on Polygon’s ecosystem. With 104,202 Lens Protocol NFTs minted, 100,856 users have set up their profiles on Lensfren.
Note: There is some information that this number is up to 105,808 NFT Lens Protocol. Because the difference is not too large, we can ignore it.
We have some following data to evaluate the development of Lens Protocol. Eg:
- The number of accounts with at least interactions, comments, posts, etc. in the past month is growing very well. Compared to the early days of development in May 2022, the starting point of only 3,336 active members/month has increased to 24,744 active members/month, equivalent to more than 900%. This is an extremely good growth number when the market is in winter.
- The amount of newly minted NFT Profiles shows signs of decreasing. This is correct as currently, users are required to mint NFT Profiles. Perform multiple tasks from projects to receive rewards in the form of NFT Profiles. However, according to my observations, users are currently very actively participating in events to receive NFT Profiles, which proves the great attraction of Lens in general and projects in the ecosystem in general. private.
Lens Protocol Ecosystem
Synthesis of the Lens Protocol ecosystem
Unlike many people who think that there are only social networking applications on Lens Protocol, Lens Protocol is a very diverse ecosystem and social networks are the most prominent at the present time. Let’s take a look at the Lens Protocol ecosystem including the following pieces:
- Social Media (Social Network): Lenster (similar to Twitter), Lenstube (similar to Youtube), Phaver, ORB (2 apps on phones similar to Twitter App), Fanstatic (similar to Instagram), Re:Meme, Superfun, Onboard, Yup.
- Curation: Lensport, Lensta.
- Community Tools: Guild.xyz, Handle Claim, Huddleo1, Lens Telegram Bot, Lensalert, Lensdrop.
- Analytics: Bello, Lens Analytics, Lens API Stats, Lens App Stats, Stat Lens,…
- Bridges: Greenhouse, Inlens, Lens Share, Reflect.
- Idetiny: Cultivator, Lens Human, Lensfrens, Mashmesh, Mydome, Nimi.
- Music: Beats.xyz, Clubspace, Decent, Lyrical World, Ooh La La, StemsDAO.
- Events: Web3 Event, WeLook.
- Algorithms: Meetverse.
- Other: Embed, Alps Finance, Garden, Harfang, Infinity Keys, Interface Social, Lensai, Lenscast, Mad Finance, Phi Land, Roci Finance, Share, Soclly, Troop Finance,…
The projects are diverse in many different pieces from different types of social networks, music, identity verification, analytics tools, tools for developers,… Especially there are applications Financial.
Social Media
If calculated by number of interactions including number of posts, number of comments and number of mirrors (similar to shares or retweets), Phaver is currently ranked TOP 1 then TOP 2 is Lenster followed by Orb , Lenstube, Iris,…
Through this table we can see that if we put Lenster, Phaver or Orb next to Twitter or FB, these numbers are really small, but compared to the age of development, the projects on Lens are proving that they have attraction. Part of this attraction comes from users using skin in the game to have the opportunity to receive retroactives, so if we need real numbers, we probably need another 6 – 12 months to be able to accurately evaluate. .
Personally, when using the above applications, the experience is relatively good, but every time I perform functions such as posting, posting photos, etc., I have to sign on my wallet, which is a very bad experience for me. me. Besides, I see a lot of big KOls using Twitter and Lenster in parallel, this is a good thing for the project in particular and the ecosystem in general.
Lenster
Some specific numbers so we can specifically evaluate Lenster
- 35.8% of accounts posted only 1 post.
- 21.1% of accounts posted 2 – 5 posts.
- 13.6% of accounts posted 5 – 10 posts
- 8.2% of accounts posted 10 – 20 posts.
- 11.3% of accounts posted more than 20 posts or more.
All indicators show that the number of posts and comments on Lenster is in a clear growth trend. This can be said to be positive information for a newly born social network that has not yet been marketed but already has a certain number of users.
Lenstube
The number of videos on this platform has grown, but the quality of the videos is still relatively low.
Personally, when I experience posting a video to Lenstube for about 20 – 30 minutes and the storage cost is about 7 – $10, I feel unhappy about spending that amount of money but the return is almost nonexistent, so I I think this will be a big barrier in Lenstube’s development.
Phaver
Phaver is currently the Twitter version App on phones that attracts the most users of all projects. I myself occasionally use Phaver and I feel quite good.
A few notable applications
RociFi
RociFi is a Credit Protocol platform. RociFi allows users to mint NFT as NFCS for one wallet or multiple wallets on Ethereum through transactions and activity level to calculate credit score. Based on this credit score, borrowers can borrow loans with less assets than actual assets but with higher interest rates than the market.
Up to now, RociFi has minted a total of 25,224 NFTs, providing 3,747 different loans with a very modest TVL of $96,138.
The project is invested by quite reputable VCs in the crypto market such as Arrington XRP Capital, Golden Tree Asset Management, Nexo, Block Venture, LD Capital, Signum Capital,…
Troop Finance
Troop Finance is an investment-oriented social networking platform. With Troop Finance, you can create a portfolio (investment portfolio) and then share it with the community such as what your portfolio focuses on, how to allocate capital, risks and profits like that. any?
The more profit your portfolio brings to its participants, the greater your reputation on the platform and the more authority you will have on social networks.
Philand.xyz
Phi is a Metaverse platform composed of two elements: Phi Land and Phi Object.
- Phi Land are lands created from the ENS domain. The ENS is similar to the Lands in the Metaverse because it is all unique.
- Phi Object is an ERC – 1155 token associated with many different activities on the blockchain such as holding coins/tokens, trading coins/tokens, holding NFTs,…
Ooh La La
Ooh La La is a platform that helps developers publish music and Podcasts. The project is invested by Sumsung NEXT and Contents Technologies.
Summary
It can be said that the Lens Protocol ecosystem is developing very strongly. Most of the prominent projects in the ecosystem are still in the process of development and upgrading. It can be said that Lens Protocol is having impressive momentum for an expected explosive future.
