When will there be cryptocurrencies on Twitter?

The term ‘social capital’ was defined by an Aave executive as the aggregate of a user’s profile and followers. In the Web2 paradigm, that is, in the current state of the Internet, users must accumulate social capital on each new platform separately. In other words, subscribers cannot be automatically “pulled” from one social network to another.

Aave CEO Stani Kuleshov

Lens Protocol, based on Polygon, uses smart contracts to tokenise social statistics in the form of NFT to scale Etherium. With this principle, the project team hopes to “reinvent the wheel” and create a decentralised interoperable social media protocol.

Here’s how Kuleshov himself comments on it. His retort is cited by Decrypt.

For example, I have an audience on Twitter. I can share my ideas, make connections there – it is social capital that I create there. But I can’t take my followers or my profile and move it to another app that will be better for me, better reflect my values or be better aligned with my interests.

Lens Protocol

That said, the creator of Aave doesn’t expect Twitter to make any serious moves towards Web3 in the near future: the platform can’t change its core principles under Ilon Musk overnight, after all. In addition, the integration of cryptocurrency payments requires serious work on the social network’s foundations, and Musk needs to deal with a bunch of organizational issues within the company. Recall that earlier Musk announced the dismissal of half of the staff of 7,500 employees.

With all the personnel reshuffles, the integration of Web3 concepts into the social network will be written off as long-term plans. Moreover, rumours have recently surfaced that Musk has suspended development of the social network’s internal cryptocurrency wallet, which was underway before the purchase of the platform was completed.

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The cryptocurrency market as a whole will also become mainstream later than many expect – as CEO of payments giant Mastercard Michael Meebach stated in a recent interview. He is confident that in the future, many consumers will use Bitcoin as their primary means of payment on a daily basis. Unfortunately, however, this is not going to happen in the near future. Here’s a relevant rejoinder from CryptoPotato.

I think there is still a long way to go before cryptocurrencies become mainstream.

Perhaps this week's events in the form of the collapse of cryptocurrency exchange FTX and traders' problems will contribute to that. Although it may not sound obvious, the collapsed rates are more discouraging to investors than attracting them - at least this is true for new entrants.

Mastercard CEO Michael Meebach

One of the main reasons slowing the popularity of crypto is the lack of comprehensive regulation of the industry. According to Meebach, many people don’t know how to enter the field and how to get maximum protection for their assets. As an example, Meebach cited unique tokens, which are a “challenging experience” to buy. To simplify the process, Mastercard partnered with Coinbase in January. The expert continues.

We partnered with Coinbase to make buying NFTs as easy as buying coffee. I think it should be as simple as possible in this field, and then there will be the foundations for crypto to become mainstream.

As a reminder, in April, Mastercard teamed up with Nexo to launch the first cryptocurrency card in Europe, allowing customers to spend money without parting with their funds. In August, the payments company partnered with Binance to launch a prepaid cryptocurrency card for Argentine consumers. This product allows them to pay their bills with digital assets at every shop or institution that accepts Mastercard.


We don't think we should really expect the introduction of blockchain and cryptocurrencies into Twitter at the payment level any time soon. As events in recent weeks have shown, Musk is primarily concerned about the profitability of the social network, for which he has had to shell out tens of billions of dollars. Obviously, the priority of integrating DOGE or any other coin is lower than an $8 subscription fee for a blue verification tick.