Lens Protocol Launches New Governance Proposals to Bolster Decentralization

Lens Protocol Launches New Governance Proposals to Bolster Decentralization
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Built by the creators of the DeFi lending protocol Aave, Lens Protocol, a web3 product aimed at creating a decentralized social networking ecosystem has released a new open governance model enabling community members to participate in the decision-making process for future development.

Companies Bet Big on Decentralization

On June 15, Lens Protocol took to Twitter to announce theLens Improvement Proposal (LIP) process to foster decentralized governance, allowing developers, creators, and protocol users to publish proposed changes and upgrades to the platform.

It seems the new governance proposal has been heavily borrowed from the successful Ethereum Improvement Proposals (EIPs) and Aave Improvement Proposals (AIPs). These are a bunch of formal proposals that describe proposed changes or improvements to the respective networks. Lens highlighted,

“The Lens Improvement Proposals (LIPs). is an open, collaborative process that will guide the future development of Lens Protocol. LIPs take a step towards decentralized governance. The LIPs process will foster an inclusive, transparent, and collaborative environment.”

What are Lens New Proposals?

According to the official blog post, there are three live proposals at the moment. The first proposal LIP-0, establishes the open governance model along with subsequent LIPs to propose developing open technical standards to accelerate development and enable interoperability across the Lens ecosystem.

What are Lens New Proposals?

The second proposal LIP-1, recommends standards for building Lens-based algorithms to promote interoperability and collaboration. Meanwhile, the last proposal, LIP-2, proposes expanding on the “flat” metadata structure currently used by the protocol with multiple standards. This would allow community members to develop new standards on top of those that currently exist.

Lens Protocol – A Brief Primer

This comes hot on the heels after Lens raised $15 million, earlier this month. As per Stani Kulechov, Aave’s founder and CEO, the fresh capital round that was led by IDEO CoLab Ventures with participation from leading venture capital firms like General Catalyst, Variant, and Blockchain Capital will be used to help expand the protocol’s ecosystem and continue its development.

Lens is a protocol that is built on top of Polygon, an Ethereum scaling solution. Social media platforms built on Lens can use smart contracts and NFTs to tokenize social data—making a user’s posts, preferences, and network both proprietary to that user, and transferable to any other social network built on Lens. Kulechov hopes the protocol will solve problems that social media users and companies alike face, not just in the crypto space in the long run. He had previously explained,

“What’s most valuable for us, we want to create a protocol that’s open for contribution. A protocol where we can’t make all the decisions for users and developers, where we can have an open platform and discussion on how Lens Protocol can evolve in the future.”


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