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Aave Acquires Social Metaverse Developer Sonar to Expand Lens Protocol

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Pavan A Follow

INDIA

Dec, 08 2022

Dec, 08 2022

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Aave, a leading open-source, decentralized finance protocol is expanding into Web3 consumer products. The company recently announced their purchase of Sonar, a social gaming application that supports Non-Fungible Token (NFT)-based avatars. This strategic acquisition is part of Aave’s efforts to further develop and grow the Lens Protocol for identity across the Web3 ecosystem. 

 

Lens' decentralized profile system will be integrated with Sonar's avatars – cutesy emojis called "mojis" – creating unique identities. According to a press release shared with CoinDesk, the app has 20,000 monthly active users and thousands of owners of NFTs. 

 

With this acquisition, Aave will gain access to the Web3 niche, which has become a new market trend. The integration of Lens Protocol into Sonar promises to bring a lot of new opportunities and possibilities to Aave's platform.? 

 

Sonar will join Aave to help further develop mobile social apps and other Web3 consumer applications. The move marks Aave's entry into the Web3 market, a move that many companies made during the bear market.? 

 

In the ever-changing landscape of cryptocurrency, well-established protocols are continuing to adopt new changes to stay competitive. The market downturn that occurred this year has caused DeFi protocols to look beyond traditional business models and embrace new opportunities. As a result, many existing DeFi protocols are now expanding their offerings into other areas to remain successful and competitive in a volatile market. 

 

What is Aave? 

Aave Companies comprises a range of projects, all with the aim of furthering the development and use of digital currencies. The company is most widely known for its Aave lending and borrowing protocol, but it also includes Lens Protocol, which is quickly becoming a popular social platform, and GHO, a stablecoin 

 


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Pavan A

CBW - External Analyst

INDIA

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