Aave protocol developer secures $31 million for Lens, a high-performance blockchain for consumer apps

If users want to migrate to a new social platform because they’re unhappy with some changes, they can just sign in to another Lens-powered app. This funding announcement comes a few weeks after Lens unveiled a completely overhauled version of its protocol, Lens v3. Originally built on the Polygon blockchain, consumer apps that are using Lens v2 include NFT creation and sharing app Zora, Twitter-like platforms Hey and Kaira, and subcommunity-focused app Orb. Avara, the company behind Aave, Lens, and Family, is announcing a $31 million funding round led by Lightspeed Faction. Blockchain News With Lens, Avara is building a decentralized L2 network that could serve as the infrastructure for social and consumer apps.

Web3 Investment Strategies with Vineet Budki

The UAE’s journey in regulating digital assets reflects its broader ambitions to become a global innovation and technology hub, and the region has emerged as a thought-leader in the digital asset space, adapting swiftly to the challenges and opportunities presented by this new paradigm. Abu Dhabi Global Markets, via its Financial Services Regulatory Authority was among the first to introduce guidelines on cryptocurrencies and digital assets with its initial guidance for regulation of crypto asset activities being published in 2018 (and dynamically updated several times since then) setting a regulatory benchmark. One region has catapulted onto center stage and is now poised to take advantage of a new wave of digital asset investment driven by institutional investors searching for regulatory clarity and a favorable market environment. According to the 2023 Crypto Oasis Ecosystem report, there are already more than 1,800 organizations employing 8,650 people across the digital asset industry in the Middle East and North Africa. HIVE’s move to San Antonio marks a key growth milestone, aimed at boosting shareholder value, liquidity, and global investor interest.

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Solana (SOL) Faces Record Outflows Amid Modest Digital Asset Inflows

The establishment of the Dubai International Financial Centre as a tax- free zone with 100% foreign ownership has been a financial services magnet for more than a decade, and digital asset businesses have followed. DIFC’s independent regulatory authority, the Dubai Financial Services Authority, has been proactive in developing a regulatory framework that balances risk with innovation. Recently, DIFC approved Toncoin TON and Ripple XRP to its recognized list of tokens, joining Bitcoin BTC , Ether ETH , and Litecoin LTC allowed to be managed by financial institutions within DIFC and continues to constructively engage with industry participants to further enhance the Digital Assets Law. Whilst historically buoyed by oil reserves, in recent years the United Arab Emirates has gone through a strategic shift towards diversification, with technology and finance at the forefront. Recognizing the potential of digital assets, the UAE government has been proactive in creating a regulatory environment that is both robust and flexible.

The Web3 Investment Strategies with Vineet Budki, CEO of Cypher Capital

This shift aims to enhance comparability with U.S. and international peers and align financial reporting with the expectations of U.S.-based investors and capital markets. Another area ADGM is innovating is in the regulation of digital asset exchanges through its regulation for multi-lateral trading facilities, granting licenses to MidChains, M2, Matrix and others operating in the region. Lens plans to launch the mainnet of Lens v3 at some point during the first quarter of 2025. It’s going to be interesting to see if this protocol upgrade moves the needle when it comes to decentralized social networks — the existing ones remain niche networks for now.

Finally, at the federal level, the UAE Cabinet has issued a decision which brings into force a new regulation for virtual assets and virtual asset service providers, adding another layer of oversight to its virtual asset sector. The new regulation came into effect on January 15 and is forming the UAE’s primary supervisory regime for virtual assets designed to both protect investors and supervise the industry. Following a long bear-market cycle, digital assets are (once) again gaining momentum, driven by increased institutional participation, regulatory clarity, and a challenging macroeconomic environment.

Over the past two years the region, and individual Emirates – with Abu Dhabi and Dubai driving most change – has supercharged its regulatory efforts to attract a global set of businesses focusing on digital assets, bringing significant talent, investment, and positive exposure to the region. In many areas, the FSRA has extended existing regulatory frameworks for traditional financial products to include digital assets. One example is custody, whereby the FSRA has taken a similar approach to that of other custodial activities permitted within ADGM to ensure the same protection offered to “traditional” custodians. The regulator has thus widened the scope of definitions for providing custody, client assets and client investments to include a definition for digital assets, which includes virtual assets, digital securities, stablecoins and derivatives/funds, as per a recently published brochure. Bradley Keoun is CoinDesk’s managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry.

Why are crypto developers still trying to create the next big social network? In Musk’s post, the popular internet meme Pepe the Frog is depicted communicating with the IRS, discussing the tax implications of on-chain activity involving “c… Buying solana (SOL) is straightforward, but with numerous crypto exchanges on the market, it’s crucial potential investors consider other key factors before making a purchase. The CoinDesk report, which can be read in an archived form, expressed skepticism over Sun’s publicity stunt. It delved into his troubles with the US Securities and Exchange Commission, which has charged him and Tron, the blockchain he founded, with fraud, among other security violations.

The idea is that interactions with the Lens network should cost more or less as much as cloud server costs. “Our aim here is to say that blockchains should be free to use for users, the same way as the internet is,” Kulechov said. The Lens network is now using ZKsync as the base technology along with validiums.

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