Analyzing Lens V2: Open Operations and Value Sharing, Can It Change the Rules of the Social Game?
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Analyzing Lens V2: Open Operations and Value Sharing, Can It Change the Rules of the Social Game?
Why is Lens V2 considered the biggest threat to Instagram Threads?
Navigating Web3 tides with focused insightsWritten by: Ignas
Compiled by: TechFlow
The biggest threat to Instagram's Threads isn't Twitter—it's Lens. Lens has just announced the launch of its V2 version, aiming to become the first non-financial dApp to achieve mass adoption. So why is it considered the greatest threat to Instagram Threads? Here’s why:
The launch of Threads created a huge buzz, but the excitement is fading. More importantly, some popular CT (crypto) KOLs have been banned without reason. And I can't even use it in Europe. However, Threads’ upcoming profile portability feature also poses a threat to Lens.
Lens' growth has been driven by its uniqueness—requiring a Lens NFT to create an account. However, this has also limited its scalability.
Lens Protocol V1 only allowed simple actions like commenting, collecting, and mirroring. V2 expands programmability, enabling direct NFT minting, whitelisting, and direct asset trading on Uniswap. I've always thought Lens V1's social graph was too simplistic; now, V2 allows more complex constructions, which I hope will lead to better algorithms and user experience.
In V2, users can create profiles without a Handle (Lens NFT), switch their profile to another Handle, or attach it to multiple Handles. Future updates will also support permissionless creation.
Web3 dApps are constrained by blockchain infrastructure limitations, including latency and gas costs. Lens originally ran on Polygon, but for mass adoption of social media apps, Polygon isn’t sufficient. That’s why Lens introduced an upgraded L3 called 'Mamoka,' offering fast finality and low costs.
The entire codebase of Lens V2 has undergone a major upgrade, optimizing for open-source contributions. This enhancement makes integrating Web3 actions into any app easy, effectively turning every application into a Web3 social hub.
Open Actions
Lens V2 maintains an open design, giving developers full freedom to use the Lens Protocol. The introduction of Open Actions means users can directly bring their own smart contracts onto Lens for external operations.
For example, through OpenSea's "Mint" Open Action, users can click “Mint” on a Lens post, which directly mints an NFT via the OpenSea contract on Lens. This could even extend to cross-chain operations supported by oracles (e.g., between Ethereum and L2s).
Here are other examples of Open Actions:
• Buy/sell ERC-20 tokens or NFTs;
• Join a DAO;
• Donate via Gitcoin;
• Purchase land from Sandbox or Decentraland;
• Pay entry fees to participate in games.
The Lens Protocol aims to reward beneficial behaviors within its shared network. With Open Actions, any action can now be incentivized, providing a new growth tool to onboard new users into DeFi through the Lens interface.
Collective Value Sharing
Collective value sharing is one of Web3 social’s core promises. Lens V2 enables richer value-sharing mechanisms between creators and collectors. This will undoubtedly motivate creators to produce higher-quality content—and it will soon become a reality on Lens.
There are many other upgrades in profile management, including on-chain blocking features.
Moreover, NFTs can now have their own profiles—an interesting development that allows for the creation of more sub-communities. I’m curious how consumer brands will leverage this to their advantage.
Overall, Lens Protocol V2 represents a major leap forward for Web3 social networks. Its open and flexible approach to actions and profiles is a game-changer for both developers and users. It has the potential to become an all-in-one social crypto super app with a completely new incentive system.
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Ignas | DeFi Research
