Response to Twitter founder! DeFi protocol Aave to launch Ethereum Twitter

The founder and CEO of decentralized finance giant Aave, Stani Kulechov, announced that a new social media platform built on Ethereum will be launched this year. He stated that this will serve as an alternative to Twitter.

Aave allows users to lend or borrow cryptocurrencies through smart contracts. According to DeFi Pulse data, Aave is the largest DeFi protocol in terms of locked assets, currently at $10.92 billion. Founder Stani Kulechov tweeted on Saturday that he plans to build a new community media platform on Ethereum, where users can monetize their content and govern network rules.

The tweet was in response to Twitter and Square founder Jack Dorsey's frequent statements about wanting to decentralize Twitter using blockchain and Bitcoin. Stani Kulechov stated, "Jack will build on Bitcoin, but the Twitter built by Aave should be on Ethereum."

Since @jack is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum

— stani.lens (🌿,👻) (@StaniKulechov) July 17, 2021

Stani Kulechov told media that every creator can allow their followers to vote on the types of content published through DAO, achieving decentralized network governance rules.

Through this new community platform, Stani Kulechov aims to address the common issues in social media today, where the censorship system is weak, and profits are mostly received by the platform creators rather than the users in an exploitative profit structure.

He explained using Twitter as an example, where users do not own their audience, meaning what happens on Twitter stays on Twitter.

"Twitter makes money from your tweets and shared content, Twitter decides which of your tweets get attention through algorithms. In other words, now if you tweet or retweet, you cannot monetize, and you do not have your audience. If you move from one platform to another, you have to start over," Stani Kulechov pointed out the problems with all current social media platforms.

"Ultimately, each creator can have their followers vote on the content they publish through DAO," he said. DAO is a decentralized autonomous organization, like a board of directors running on the blockchain.

However, Stani Kulechov is not the first to advocate for a decentralized alternative to Twitter, as various projects have appeared on the blockchain before, none of which have been able to truly replace existing social media platforms.

For example, Steemit was acquired by Justin Sun's Tron in 2020, causing a series of controversies over malicious acquisitions, leading many users to migrate to another community fork platform, Hive. The community platform Voice running on the EOS blockchain has never gained attention, and Block.one's CTO resigned in December, stating that decentralized platforms "are not immune to the pressure of censorship."

These hopes for decentralized community media have yet to reach their ideal, and as the largest DeFi protocol on the chain, it remains to be seen whether Stani Kulechov can successfully launch an Ethereum-based Twitter alternative.

This article is authorized to be reprinted from Horizon News Network