The arrival of Lens V3 will bring a series of new innovations and opportunities to the Lens space.

Written by: William M. Peaster, Bankless

Translated by: Tao Zhu, Jinse Finance

In the on-chain social space of Ethereum, there are currently two dominant social network projects: Farcaster and Lens.

Currently, Farcaster sees about 4 times the daily active wallets (DAW) compared to Lens, with approximately 1 million Farcaster IDs (FID), while Lens has around 640,000 accounts.

However, consider how this data originates from the old Lens V2 system.

In other words, the project has already facilitated quite a bit of activity even in a transitional state before the launch of the revamped Lens V3 protocol, which will be launched later this year on the new Lens Chain.

Similar to how Snapchain and Frames V2 acted as catalysts for Farcaster, the arrival of Lens V3 will bring a series of new innovations and opportunities to the Lens space.

That said, if you haven't caught up yet, let's take a look at the latest developments in Lens—the mainnet is coming soon.

New Lens

In November 2024, Lens launched Lens V3.

This upgrade represents a significant leap compared to the previous V2 on Polygon, restructuring Lens's on-chain social interactions to be supported by a more flexible and modular infrastructure.

Part of the restructuring? The protocol will launch on a new custom Lens Chain, a Layer 2 (L2) network based on ZKsync, featuring Avail data availability, which the Lens team has customized for low-cost social transactions.

Another major shift in V3 is the introduction of social features that serve as building blocks on-chain, allowing developers to mix and match. These features include:

• Accounts—smart contract-based IDs that replace tokenized profiles, providing greater user control and portability.
• Usernames—fully transferable NFTs that allow users to maintain multiple identities across different applications.
• Charts—a redesigned following system where developers can set custom rules, such as requiring an NFT to follow someone, etc.
• Information streams—an on-chain content hub that stipulates who can publish, monetize, or curate content.
• Groups—membership-based communities with governance tools for entry, moderation, and exclusive content access.

GHO as Gas

In February 2025, Lens announced it would use Aave's decentralized stablecoin GHO as the native gas token for Lens Chain.

The big idea? To bring more predictability and accessibility to transaction fees.

Of course, most chains rely on volatile assets to pay gas fees. For example, Lens V2 relied on Polygon's MATIC (now POL). By using a stablecoin like GHO, Lens V3 aims to keep transaction costs stable and straightforward.

Technically, GHO will be integrated through ZKsync's shared bridge, making it the primary liquidity pool for Lens Chain users.

Lens Chain Migration

In February 2025, Lens migrated its V2 data from Polygon to the V3 smart contracts on the Lens Chain testnet, taking another significant step toward the mainnet.

As part of the transition, Lens successfully transferred over 125GB of data, including existing profiles, 28 million follower connections, 16 million posts, and 360 Lens applications.

Therefore, once the Lens Chain mainnet goes live, users will not need to take any manual steps to prepare—their social graphs will remain completely intact, and popular Lens applications like Hey and Orb will be available from day one.

Meanwhile, the Lens team has begun phasing out the Lens V2 protocol and Momoka (their previous custom data solution, which Avail will replace in V3).

Proposal to Use ZIP-7

Finally, the Lens team has just submitted ZIP-7 to the ZKsync community governance: integrating Lens Chain into the Elastic Network.

This proposal has now entered the formal on-chain voting phase, which will integrate Lens Chain with the Elastic Network (ZKsync's L2 interoperable ecosystem).

Typically, governance is not required to launch here, but in this case, governance is needed because Lens Chain is designed to migrate with its custom genesis state, which requires special voting.

The voting period will end on March 10, 2025, so we will soon know the results. Stay tuned—the "yes" result will clear the way for the launch of Lens V3 and open the next important chapter for the Lens community.

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