Aave Reverts to DeFi as Mask Network Takes Charge of Lens Protocol

TLDR

• Aave transfers stewardship of the Lens Protocol to Mask Network to focus on its core expertise in DeFi.
• Mask Network will lead the development of social applications built on the Lens Protocol.
• Aave will continue providing technical advisory support for the Lens Protocol but will no longer lead product development.
• The Lens Protocol remains open-source, with no transfer of ownership, intellectual property, or governance control.
• Aave’s strategic shift emphasizes a return to decentralized finance after its initial expansion into decentralized social infrastructure.

Aave has shifted its focus back to decentralized finance (DeFi) by transferring stewardship of the Lens Protocol to Mask Network. This change comes after Aave initially branched out into the social space, with Lens aiming to create a decentralized social infrastructure. The move reflects a strategic decision to return to Aave’s core strengths in DeFi, while leaving consumer-facing social applications to Mask Network.

Lens Protocol Transferred to Mask Network

Aave officially announced the handover of the Lens Protocol to Mask Network this week. The decision follows a shift in focus, with Aave now limiting its involvement in Lens to technical advisory support. Stani Kulechov, founder of Aave and Lens, confirmed that this transition marks a refocus, not a retreat. He highlighted that Aave’s original aim was to build a decentralized social infrastructure for developers to create consumer-grade applications.

The Lens Protocol, launched by Aave in 2022, allows users to have ownership over their social identities and content through blockchain-based profiles. Aave’s involvement will now only extend to guiding protocol-level decisions, while Mask Network takes the lead on product development. Mask Network, known for integrating blockchain into social and messaging platforms, will focus on building social applications like Orb.

Aave’s Return to DeFi

Aave’s shift away from the social sector marks a clear return to its core business: decentralized finance. Since launching its DeFi protocol, Aave has been a leader in the space, providing decentralized lending and borrowing services. By moving away from Lens, Aave intends to concentrate its efforts back on DeFi, where its expertise lies.

The transition to Mask Network reflects a growing interest in consumer-facing applications within the Web3 space. Mask Network aims to build user-friendly applications on the Lens Protocol, focusing on improving user experience and scaling social experiences. Both Aave and Mask Network emphasized that the move is not an acquisition, sale, or exit, as Lens remains an open-source project.

While Aave will no longer directly develop or operate social applications, it will continue to support the protocol’s growth. This handover ensures that Lens can continue to evolve while Aave fully dedicates itself to DeFi.

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