Aave, which is a protocol for decentralized lending, recently made an announcement regarding the expansion of its Web 3.0 business through the acquisition of Metaverse.
It was reported on the 5th that Abe had acquired Sonar, a social metaverse developer, in order to integrate Lens Protocol, a decentralized identity platform. Decrypt is a media outlet that specializes in covering the cryptocurrency industry.
The Lens Protocol is a polygon-based protocol that was launched by Abe. Using the Lens Protocol, users are able to create profiles that are comprised of non-fungible tokens (NFT). In addition, in contrast to other social media platforms, the profile of every user is connected to their own personal wallet address. This makes it simple for users to gain access to and make use of the associated services.
The acquisition brings several members of Sonar’s team over to Abe, including the brothers Ben South Lee and Randolph Lee, who were among its co-founders. The newly assembled group’s primary objective will be to accomplish extensive integration between Lens Protocol and Sonar as well as other Web 3.0 applications. Nevertheless, specifics such as the scope of the transaction were not shared with the public.
“The Sonar team brings unparalleled creativity and decades of valuable mobile, engineering, product design and social market growth experience and innovative products,” said Stani Kulechoff, CEO of Abe. “The Sonar team is a perfect fit for Abe because of their extensive experience and innovative products.” “We have welcomed members of the Sonar team to the Lens Protocol team. It gives us great pleasure to announce that we will be stepping up our strategy regarding social media and mobile apps.
Another Web 3 project is currently being developed by the Sonar team, and it may go live as soon as the following year.
