Lens Protocol: On-Chain Update
Lens Surpasses 63,000 Profiles Minted < 4 Months After Launching
Lens Protocol is a composable and decentralized social graph, incubated & supercharged by AAVE Companies. Launched in May 2022 days after the UST death spiral and weeks before the 3AC fallout, market conditions have hampered Lens’ organic growth. Yet the protocol has surpassed 63,000 profiles minted, with high volume spurts seen around growth enabled partnerships– their strategic launch with Bankless on-stage at Permissionless in May, it’s first partnership with Rabbithole and a strong presence at Consensus in June, the Pussy Riot open addition mints in July, and the most recent RabbitHole quest in August.
Source: Dune
Lens Protocol’s most popular application– Lenster, most analogis to a ‘web3 Twitter’, has amassed nearly 250,000 posts. Following a 2nd partnership with learn-and-earn platform, RabbitHole, the protocol crossed into a new threshold of growth beginning August 11th seeing avg. daily posts jump from less than 2000/day to over 4000/day. Despite some regression, daily posts remain elevated above the June–August plateau.
Source: Dune
Lens Protocol uses NFT assets on the Polygon network to mint and trade profiles, collect posts, and bring your following across applications. Over 36,000 $MATIC has been used for gas fees on Lens since launch – with those same high volume events aligning with daily gas fees consumed.
Source: Dune
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The views above are the opinions of the author and Clearblock. They are not to be taken as investment advice. This is independent analysis not paid for by Lens Protocol or AAVE Companies.
