Aave can build “Twitter on Ethereum”

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

Aave Founder’s Notes on Social Media Plans

Stani Kulechov turned his attention to decentralized social media.

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

Since @jack Aave will be building on Bitcoin, Aave should build Twitter on Ethereum

– stani.eth rAAVE 👻 = (⬤_⬤) = 🦇🔊 (tStaniKulechov) July 17, 2021

The notice follows Dorsey’s Friday update that Square would start a new company to build a platform for “non-custodial, permissionless and decentralized financial services.” The Twitter founder confirmed that the platform would mainly focus on Bitcoin and started a Twitter account for the company under the name “TBD”.

Dorsey’s announcement caught the attention of many crypto supporters, some of whom suggested that his idea sounded similar to Ethereum. Known for his lack of interest in cryptocurrencies other than Bitcoin, Dorsey has shadowed Ethereum in the past. The leading smart contract blockchain is now considered the de facto home of DeFi and currently holds around $ 55 billion in various protocols. Aave is one of DeFi’s most widely used protocols with $ 10.82 billion locked down via 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. In response to the announcement, he wrote, “You know Aave already really exists.”

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

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

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