Lens Protocol Adopts GHO Stablecoin as Gas Token

Lens Protocol, a Layer 2 SocialFi blockchain created by Aave developers, has announced its plans to integrate Aave’s GHO stablecoin as its gas token. Users interacting with Lens Chain, particularly for transactions or smart contract executions, will utilize GHO to pay for gas fees.

What is GHO?

GHO is a decentralized, overcollateralized stablecoin developed by Aave Labs that maintains a stable value pegged to the US dollar. The choice of GHO as the gas token within Lens Chain aims to ensure predictable and stable transaction fees. The project highlighted that adopting GHO as the native gas token is both “strategic and functional,” providing users cost-effective transaction fees.

Implementation of GHO as a Gas Token

Aave Labs has recently unveiled a framework for utilizing GHO as a gas token, making Lens Chain one of the first Layer 2 solutions to adopt this approach. Both Lens and GHO were developed by the same team behind the Aave lending protocol, now operating under the Avara umbrella.

Technical Details

Lens Chain is a Validium chain being developed using the ZKsync stack, which leverages Avail for data availability. Developers mentioned that the mainnet launch is “coming soon,” with previous targets set for Q4 of last year. This chain aims to provide the infrastructure for Lens Protocol, a decentralized social graph where users retain control over their data and interactions.

GHO will be integrated as a gas token via ZKsync’s “shared bridge,” which will serve as the primary liquidity bridge for minting the stablecoin on Layer 2.

Funding and Development

Lens Protocol has successfully raised $46 million across various funding rounds, including a notable $31 million in a round led by Lightspeed Faction in December.