2021-07-17 15:41:48

Aave May Build “Twitter on Ethereum”

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Kulechov made the suggestion in response to Twitter founder Jack Dorsey’s plans to build a new platform for DeFi on Bitcoin. 

Aave Founder Hints at Social Media Plans

Stani Kulechov has his eyes set on decentralized social media. 

The Aave founder shared his vision of a “Twitter on Ethereum” Saturday, referencing Jack Dorsey’s recent announcement that he would be building a Bitcoin-focused platform for DeFi. “Since @jack [Dorsey] is going to build Aave on Bitcoin, Aave should build Twitter on Ethereum,” Kulechov tweeted Saturday. He added that Jordan Lazaro Gustave, a co-founder of Aave, would lead the project. 

The hint follows Dorsey’s Friday update that Square would be creating a new business to build a platform for “non-custodial, permissionless, and decentralized financial services.” The Twitter founder confirmed that the platform would primarily focus on Bitcoin and launched a Twitter account for the venture under the name “TBD.” 

Dorsey’s announcement attracted the attention of many crypto followers, some of whom pointed out that his idea sounded similar to Ethereum. Dorsey is known for his lack of interest in cryptocurrencies other than Bitcoin and has thrown shade at Ethereum in the past. The leading smart contract blockchain is considered the de facto home of DeFi today, currently holding around $55 billion across various protocols. Aave is one of DeFi’s most used protocols, with $10.82 billion locked across Ethereum and Polygon according to DeFi Pulse. While some said Dorsey’s idea sounded like a new version of Ethereum, Kulechov suggested it was closer to Aave. Responding to the announcement, he wrote “you know Aave already exists right.”

It’s still unclear whether Kulechov’s plan is set in stone, but the mention that one of his team would be leading the effort could suggest that the idea has legs. It wouldn’t be the first time Aave has announced an ambitious project: on Jul. 5, it was revealed that the protocol would launch Aave Pro, a permissioned liquidity protocol for institutions. It goes live this month. 

Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, and several other cryptocurrencies. 

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