Lens Protocol: On-Chain Update - Q1 2023
Lens surpasses 100k profiles and 2M posts < 12 months after launch
Cody Garrison | 3/10/2023
Written for publication in OurNetwork, the leading on-chain data and web3 insights newsletter curated by Spencer Noon (GP @ Variant Fund)
Lens Protocol is a composable and decentralized social graph, incubated & supercharged by AAVE Companies. Despite being launched in May 2022 – days after the UST death spiral and weeks before the 3AC fallout – Lens saw steady growth to nearly 100k profiles over its first 6 months before the untimely FTX collapse-induced lull. However, Daily Actions in the form Posts (+300% YTD), Comments (+600% YTD), & Mirrors (+1000% YTD) have seen considerable growth in Q1.
Source: Dune
New Profile Mints have fallen off a cliff in 2023, while Monthly Active Profiles sit in a strong uptrend with 100% m/m growth from Jan - Feb. Lens has done a great job of capturing the zeitgeist of crypto-natives over the last 10 months. It’s likely those power users who were most eager to mint a profile have already done so.
Source: Clearblock - via @niftytable on Dune
Lens Protocol uses NFT assets on the Polygon network to mint and trade profiles, collect posts, and bring your following across applications. Over $269k (~259k MATIC) has been used for gas fees on Lens since launch – with isolated high volume outlier events anchoring the bulk of the fees over the last 6 months.
Source: Token Terminal
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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.
