In the ever-evolving realm of the web3 ecosystem, Lens has made quite a significant name for itself. If you've been following its progress, you're well aware of how Lens has been pushing the boundaries of decentralized social networking. Today, we have some exciting news to share: Lens is introducing a new system named Momoka to bolster its existing infrastructure.

A significant growth in the daily users of Lens.

Created for the Polygon network, Momoka represents a leap forward in the world of decentralized technology. It aims to overcome one of the significant challenges faced by Lens and other similar platforms – achieving greater scalability while ensuring cost-effectiveness and low latency.

Explore the GitHub repository to dive into the technical details of Momoka.

Instead of following the standard EVM process, Momoka harnesses transaction signatures and typed data to construct DA metadata. This information is then relayed to a Data Availability (DA) layer. Here's where Momoka truly shines, providing a novel approach to the transaction process.

To ensure the smooth functioning of this system, the Lens Protocol has defined specific roles, including Submitters, Verifiers, and Timestamps. Each of these roles has a distinct set of responsibilities that together ensure the integrity and reliability of the Lens ecosystem.

Here is a comparison of various data storage solutions, illustrating how Momoka stands out.

Lens has already made a mark in the web3 space, but with the introduction of Momoka, it promises to bring an even better experience for its users. The beta version of Momoka is already live, adding another significant step in Lens's journey of becoming a flexible social layer stack for web3.

With Momoka, Lens aims to tackle some of the most persistent challenges in the web3 sphere, such as ensuring user ownership and breaking free from walled gardens, all while providing high throughput.

Momoka isn't just a noteworthy development for Lens; it signifies the continual innovation and growth in the web3 space. The promise of a more decentralized future becomes more tangible with every such advancement. I invite you to share your insights and experiences as we witness this exciting journey unfold. And don't forget to keep an eye on the Lens team's continuous updates on their public GitHub repository, Twitter, and here for more news and updates.

People behind Lens

Check out some of the people behind Lens:

tl;dr;

• ⚠️ A crypto depeg is a situation where a stablecoin loses value against its pegged asset. In this situation, USDC depegged against the value of the US dollar, where $1 USDC is not equivalent to 1 US dollar.

• 📉 USDC currently trades at

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  but hit a low of $0.87 on March 11 and managed to return to $0.99 on March 13, 2023. The recovery happens when the US government announce a bailout for the banks so Circle assets are safe.

• 🏦 The USDC crash was triggered by Sillicon Valey Bank (SVB) experiencing liquidity issues due to a bank run. The bank run was triggered by the news that SVB kept its assets in long-term US bond. SVB’s long-term bonds lost more than $1 billion dollars and this cause panic in SVB’s customers.

• 🧠 The USDC incident impacts the DeFi market, causing some USDC liquidity pools to drain as users trade their USDC for other stablecoin such as USDT.

• 💭 USDC price has now returned to normal but the incident has reignited many concerns about stablecoins. Discussions about stablecoins pegged to other currencies and the need for decentralized stablecoins has resurfaced.

Price chart

Abstract

With the new Name Wrapper, we will add a new .eth controller that allows registering wrapped names directly as well as registering with multiple records and adding a reverse record in 1 transaction. This will reduce the transactions required from 4 to 2 (for adding records + reverse). This will be added as a controller to the NameWrapper, and the NameWrapper will be added as the new controller of the existing .eth Base Registrar.

We will also replace the current reverse registrar with a new reverse registrar which allows the new controller to set the reverse on registration, as well as adds support for the owner of contract to retrospectively claim their reverse node.

Voting on Tally

👍 For:

The ENS token is used for voting and can currently be acquired for

Proposal execution

Status:

Specification

New instances of the Name Wrapper, Reverse Registrar, and .eth registrar controller have been deployed to mainnet at these addresses:

• NameWrapper: 0xD4416b13d2b3a9aBae7AcD5D6C2BbDBE25686401

• ReverseRegistrar: 0xa58E81fe9b61B5c3fE2AFD33CF304c454AbFc7Cb

• ETHRegistrarController: 0x253553366Da8546fC250F225fe3d25d0C782303b

• PublicResolver: 0x231b0Ee14048e9dCcD1d247744d114a4EB5E8E63

They have been configured, and ownership has been transferred to the DAO.The new Public Resolver is set as the default resolver on the reverse registrar.

This executable proposal will execute the following calls to complete the contract upgrades:

1. Call registrar.addController(newNameWrapperAddress)

2. Call ens.setSubnodeOwner(namehash('reverse'), labelhash('addr'), newReverseRegistrarAddress)

3. Call setInterface on the resolver for .eth with the interface IDs and contract addresses of the new .eth registrar controller and namewrapper. This is used as part of the discovery mechanism by the ENS manager app and others in order to locate the new contracts.