Lens has moved into a "permissionless" phase

2024-02-27 19:53:56

Lens’ blockchain-based social graph has moved into a “permissionless” phase, which now allows all users to participate in the network by creating an onchain NFT for their profile.

This change allows anyone to create their profile for a fee of 10 MATIC tokens (currently valued at $10.30) or pay the same amount with a credit card, facilitating their participation in the platform. Lens launched in May 2022 on the Polygon blockchain.

Lens is described as a social graph, which refers to a decentralized and user-owned map of connections and relationships between individuals and entities. NFT serves as a user profile that allows users to interact with dapps in its ecosystem

Now, any user can create a Lens profile and access the protocol, whereas in the past, profile creation was restricted to selected users.

This comes amid the growing competition of decentralized social media, where multiple platforms are competing for user engagement In particular, Lens faces stiff competition with Farcaster, another key platform in the decentralized social media space

Despite the Farcaster’s move to a licenseless model in October 2023 following its introduction on Optimism, Lens’ move toward a similar approach has been gradual, especially with its initial launch in 2022.

Stani Kulechov, founder of Lens, noted:

“For the first few years, we chose to maintain the beta while enhancing security and scalability and nurturing a vibrant developer ecosystem.”

Lens, currently in version 2, focuses on Open Actions — a feature that allows any external smart contract action to be performed directly from Lens’ content posts.

Open Actions provides a way for developers to build custom activities that can be executed through posts. For example, with this feature, users can mint NFT on OpenSea contracts directly from Lens’ published content.

Lens also operates a data scaling solution called Momoka, which aims to store transaction data on social networks off-chain for efficiency while ensuring onchain verification for security. The project closed a USD 15 million funding round led by IDEO CoLab Ventures last year.

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