DeFi protocol Aave's CEO Stani Kulechov revealed that the company intends to start an Ethereum-based alternative to Twitter.
Related: Square To Build a New Platform for DeFi Operations
According to his post, as Twitter CEO Jack Dorsey is building Aave on Bitcoin, Aave should build Twitter on Ethereum.Since @jack is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum
— stani.eth rAAVE 👻 =(⬤_⬤)= 👻 🦇🔊 (@StaniKulechov) July 17, 2021
By saying this, Kulechov refers to Square's announcement about developing a publicly open DeFi development platform.
The network will allow users to monetize the content they post and govern the rules of the network.Founded in November 2017, the DeFi protocol Aave enables users to lend or borrow cryptocurrencies via smart contracts. Aave is the leading DeFi platform according to DeFi Pulse. The total value locked in the protocol now stands at $10.81 B, which means 16.64% market dominance.
Decentralized social media platforms allow users more control as they operate without a central authority.
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However, none of the previously launched DeFi social media platforms saw much success and adoption. There are still challenges to overcome. Will Aave's project take off? It remains to wait and see.