Twitter alternative coming to Ethereum in 2021
The founder of decentralized finance (DeFi) giant Aave, Stani Kulechov, has revealed that the team would be launching a Twitter alternative on the Ethereum network before the end of 2021. He revealed this during an exclusive interview with The Block.Kulechov said, “We believe that content creators should own their audiences in a permissionless fashion, where anyone can build new user experiences by using the same on-chain social graph and data.”
He added that users of the new social media platform would be able to monetize the content they post and govern the network’s rules. The launch of a social media platform isn’t in line with what Aave is known for. It is currently one of the leading DeFi lending protocols in the cryptocurrency space, with nearly $11 billion running through its ecosystem.
Dorsey’s Bitcoin DeFi project inspired Aave
Stani revealed that he decided to launch a social media platform on the Ethereum blockchain after Jack Dorsey announced that Square would launch a DeFi project on the Bitcoin network.
The Twitter and Square boss revealed last week that they would be developing a decentralized business around Bitcoin. Most DeFi projects have been launched on the Ethereum and other smart contract networks.
However, Jack Dorsey is choosing Bitcoin because he is bullish about the cryptocurrency and doesn’t hold others to that much value.
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