From lending to social: Aave plans to release 'Twitter on Ethereum' this year

This article comes fromDecrypt, original author: Mathew Di Salvo

Odaily Translator | Nian Yin Si Tang

Summary:

This article comes from

, original author: Mathew Di Salvo

Odaily Translator | Nian Yin Si Tang

secondary title

Summary:

- The founder of DeFi project Aave says he will build a Twitter alternative.

- This project will run on Ethereum.

DeFi lending protocol Aave will launch an Ethereum-based Twitter alternative this year, the founder of DeFi lending protocol Aave told Decrypt.showUsers will be able to monetize published content and manage the rules of the network, said protocol founder and CEO Stani Kulechov.

The social media is quite different from Aave's main product, which allows users to lend and borrow cryptocurrencies through smart contracts.AnnounceDeFi Pulse latest data

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, Aave is currently the largest DeFi protocol, with a lock-up volume of $10.92 billion, ranking first.Kulechov on SaturdayAnnounce

Kulechov was commenting on a new business from Square that Dorsey had previously announced, suggesting that the idea of ​​the business is similar to Aave, an open-source, non-custodial DeFi protocol that enables users to borrow assets and earn interest on deposits. Aave co-founder Jordan Lazaro Gustave will lead the effort.expressNote: July 16, Jack Dorsey

Dorsey tweeted, Square is creating a new business focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless and decentralized financial services, with a primary focus on Bitcoin, with a name to be determined. Like its planned bitcoin hardware wallet, this new business will be completely public, with a roadmap, development process, and open source. Mike Brock led and built the team.Jack Dorsey has been, hoping to use "blockchain and bitcoin" to decentralize Twitter.Buylove bitcoin

, have no interest in other cryptocurrencies,

including ethereum

. His payments company Square has spent the past year

Buy

8,027 bitcoins (currently worth $252 million) were raised.

Twitter users currently "don't own" their own audiences, he said, meaning everything that happens on Twitter stays on the platform.buy"Twitter gets all the revenue from your tweets and the content you share, and Twitter uses an algorithm to determine which of your tweets get traction," he told Decrypt.

In fact, decentralized alternatives to Twitter already exist, but none have really succeeded.AnnounceFor example, last year, Tron (wave field)

buy

Steemit. After Sun Yuchen completed the acquisition, many users turned to the new fork chain Hive.

Voice, which runs on the EOS blockchain, has been unknown. Block.one CTO and EOS founder Daniel Larimer (BM) also announced at the end of December last year

Announce