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Friend Tech Killer Lens Protocol Advances In Creator Monetization – Crypto News

Published

1 year ago

April 21, 2024

Dripp

Several users are monetizing content on Lens Protocol, a close competitor of the decentralized social media platform Friend Tech.

Lens Users Monetizing Social Creation

According to Aave Co-founder Stani Kulechov who founded the Lens Protocol, it has been discovered that some of the top users on Lens earn as much as $1,300 per month. Annually, their earnings on the protocol sometimes hit $16,500.

These earnings are generated from activities like content sharing, “collects and tipping”, per Stani’s X post. He thinks that this figure is not bad for a network with about 300,000 users.

Some users try to monetize only once and the average that this category of users gets is around $150 per month and $1,700 annually. “This reminds me of my first Google pay check that I received from adding ads to my website 15 years ago,” the Aave co-founder added.

Noteworthy, these users spend an average of $38 per month and approximately $500 per year using the platform. Some of the top users of the Lens Protocol spend up to $60,000 per year.

“Now imagine scaling this to 3 million users (10x) or 30 million users (100x) or 3 billion users (3000x).”

On comparing Lens Protocol to Decentralized Finance (DeFi), Kulechov stated that the average yield in the past twelve months on USDC on Aave, which happens to be the biggest liquidity market, came in at 4.94%. With this kind of outlook, it would be difficult for any user to “beat” the Lens Protocol, unless that user has up to $350,000 in capital for a year to earn above $17,000.

Lens Protocol Defying All Odds

Kulechov believes that users who earn from their social capital will have an “empowering” disposition. At the same time, he sees this action creating essential access to wealth creation for new user categories. Therefore, users can earn on their capital with DeFi and they can do the same on their social capital with DeSoc.

The activities seen on Lens Protocol bring to mind the amount of hype that Friend Tech saw a few months back before it suffered a data leak. Its implosion caused top industry leaders like Ethereum co-founder Vitalik Buterin to predict that most of the crypto social dApps could see the same fate as Friend Tech whom he tagged bad DeFi.

However, Lens Protocol seems to have outlived this speculation, especially with its users monetizing the protocol.