Aave Companies Acquires Sonar Mojis as it Aims for Web 3 Dominance

On Dec 8, 2022

Crypto giant Aave Companies has acquired metaverse developer Sonar in an undisclosed takeover, cementing the DeFi and NFT platform’s place in the Web 3 arena.

Aave already boasts several crypto projects after launching in 2017, and the acquisition of Sonar will see the metaverse platform’s co-founders Ben South Lee and Randolph Lee join forces with Aave.

Speaking of the acquisition, Aave Companies’ founder and CEO Stani Kulechov said, ‘Ben, Randolph and the Sonar team bring exceptional creativity and decades of valuable mobile, engineering, product design and market growth experience in social as well as their innovative product. We are thrilled the Sonar team is joining our Lens team to accelerate our social media and mobile app strategy.’

The Aave Fam is growing! It’s no secret that our team has been innovating in social media, with Lens Protocol to bring power back to users, right where it belongs.
To continue our mission, we’re thrilled to announce the acquisition of @Sonar, a mobile-first metaverse. pic.twitter.com/qlRTUFq1SO
— Lens Protocol 🌿 (@LensProtocol) December 5, 2022

Sonar launched in 2020 and is a gaming app that allows users to create and discover digital spaces. Its 3D avatar Sonar Moji NFTs allows users to interact with one another.

The Mojis are available on Opensea marketplace, which describes them as ‘sometimes cute, sometimes weird, but always entertaining.’

The Sonar Mojis resemble typical emojis and generally come in a colorful design, and are made up of a body, a mouth, eyes, and accessories. Each one comes with a gem, such as a diamond, sapphire, ruby, emerald, amethyst, or quartz which indicates its genetic rarity. They come alive in Sonar and can make friends with other Mojis through voice and text.

Aave Companies to Expand on its Web 3 Applications

Founded by Stani Kulechov, Aave Companies created Aave Protocol (AAVE) an ERC20 token that’s commonly known as the original DeFi token as it was the first to allow users to borrow, lend and earn a passive income by staking and creating liquidity.

After the success of Aave protocol, the company created its own stablecoin, and Lens Protocol, an open-source tech stack for building web3 social applications. Through Lens, Web 3 developers can build NFT-powered social media applications and marketplaces that put the power of ownership into the hands of content creators instead of the platforms.

Lens protocol only launched this year and already boasts over 50 applications, such as social and content monetization platforms. The takeover will give Aave Companies the engineering insight to build more familiar social-mobile applications and allow users to port their NFT-stored content from one platform to another.

Aave Companies Quickly Becoming The Web 3 Platform

After the initial success of its DeFi platform, Aave Companies is quickly becoming the platform for any developer wanting to build social and creator Web 3 applications.

With Lens Protocol already attracting plenty of developers the integration of Sonar will give the team greater expertise as the world of social media migrates toward the metaverse.