Web3 Social Graph Protocol Lens Protocol Raises $15 Million in Funding

Recently, the Web3 social graph protocol Lens Protocol completed a $15 million funding round. Previously, it was reported that Lens Protocol received investment from a certain venture capital firm, but the specific amount was not disclosed. A spokesperson for the development team behind Lens Protocol confirmed the news of the fundraising, but did not confirm the scale of the funding or the completion time of the transaction.

Recently, Lens Protocol has once again become a hot topic, with its handle NFT floor price rising from 0.003 ETH to 0.018 ETH, an increase of 600%. The Lens team stated that they will deploy on a certain testnet, allowing developers to be at the forefront of building scalable Web3 social applications.

Industry insiders have commented that the developer portal of Lens Protocol is the best, clearly defining its target user group and providing significant insights to the market.

Currently, Lens has issued 93,900 Profiles to the community, with 86,422 unique holding addresses, resulting in a unique holding rate of 92%, and a listing rate of only 3%. Data shows that 76.8% of users in the Lens ecosystem interact with the protocol 1-10 times, 18.2% of users interact 10-50 times, and 5% of users interact more than 50 times. The monthly active users in the past six months range from 10,000 to 20,000.

Lens Protocol is a composable decentralized social graph based on a certain public blockchain, released in February 2022. Similar to traditional social media, it has functions such as following, posting, and commenting. The difference is that all user actions on Lens are stored on-chain in the form of NFTs, and users own all the content they create.

The protocol adopts a modular design, allowing for the addition of new features and fixes while ensuring that the content and social relationships owned by users remain immutable. This addresses the issue of user data being locked and unable to be migrated on traditional social platforms. Users can bring their social assets to any application built on Lens.

The core of the Lens protocol is the Profile NFT, which represents all social behavior records of the user. Users can perform actions such as following, posting, commenting, and favoriting based on the Profile, and these actions will be stored in the form of NFTs. The protocol also supports advanced features such as governance and multi-signature.

As the true owners of the content, creators no longer have to worry about losing their content, users, and business models due to changes in platform policies. Developers can focus on designing meaningful social experiences without relying on mechanisms that lock in user attention.

The Lens ecosystem currently has multiple applications, including the social media platform Lenster, the video platform Lenstube, the professional networking platform ORB, and the Share-to-Earn application Phaver. New users can obtain a Lens Profile by applying through the official website, purchasing from the secondary market, or participating in collaborative activities.

Overall, Lens Protocol provides an open and composable infrastructure for Web3 social, allowing users to truly own their social data and relationship networks. As the ecosystem continues to develop, Lens is expected to become one of the important infrastructures for decentralized social in the future.