Lens Protocol, a Layer 2 SocialFi blockchain developed by Aave developers, said it would use a connected GHO stablecoin as the native gas token. This means that users interacting with the Lens Chain, particularly for transactions or smart contract executions, will use GHO to pay for gas fees instead of any other token.
GHO is a decentralized, overcollateralized stablecoin from Aave Labs that maintains a stable value pegged to the US dollar.
The adoption of GHO as the native gas token within Lens Chain aims to provide predictable and stable transaction fees. “Choosing GHO as the gas token is strategic and functional. Decentralized stablecoins like GHO offer transparency and predictable value,” the team said.
A framework for using GHO as a gas token was recently unveiled by Aave Labs, with Lens Chain becoming one of the first Layer 2 solutions to implement it. Both Lens and GHO were developed by the developers behind the lending protocol Aave, which now operates under the Avara umbrella.
Lens Chain is a Validium chain under development using the ZKsync stack. It leverages Avail for data availability. Last month, its developers said the mainnet launch was “coming soon” — although it had previously targeted to release it by Q4 of last year. The chain aims to serve as the infrastructure for Lens Protocol, a decentralized social graph where users control their data and interactions.
GHO will be integrated as a gas token using ZKsync’s “shared bridge,” serving as the main liquidity bridge to mint the stablecoin on Layer 2.
Lens Protocol has raised $46 million through different funding rounds. In December, it raised $31 million in a round led by Lightspeed Faction.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
