Decentralized social media application Stars Arena has experienced a significant increase in activity on Avalanche’s C-Chain network. This surge in network activity has also resulted in a price surge for Avalanche’s native AVAX token, which has increased by over 8% in the last 24 hours.
Since its launch in late September, Stars Arena, inspired by Friend.tech, has witnessed a remarkable growth in the total number of daily transactions on Avalanche’s C-Chain. Over the past two days alone, this number has surged by more than 186%. The platform has also gained over 10,000 unique active wallets, with a total trading volume of more than $3.26 million and over 462,000 transactions in the same period, according to data from DappRadar.
Furthermore, data from DefiLlama shows that Stars Arena has exceeded $1 million in total value locked (TVL). Although this TVL figure is impressive, it still falls significantly short of Friend.tech, which currently has a TVL of around $44.27 million.
Similar to Friend.tech, Stars Arena allows users to link their X (Twitter) accounts to the platform. Users can then use the AVAX token to purchase “tickets” of other users, with a portion of the fees going to the platform itself and the users when tickets are bought and sold.
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One notable difference between Stars Arena and Friend.tech is the inclusion of a public feed in Stars Arena, allowing users to follow others without needing to invest large sums of money. This feature has been praised by users who find the platform more socially engaging compared to the Base-based DeSo app.
Despite the positive reception, some users, like Wale.swoosh, have complained about the application’s bugs and laggy chats. Additionally, concerns have been raised about the lack of information regarding the team behind Stars Arena.
Stars Arena joins a growing list of social finance platforms, including Alpha on the Bitcoin network, Friendzy on Solana, and PostTech on Arbitrum. However, Friend.tech remains the market leader, with a monthly trading volume of over $293 million, surpassing the next closest app, PostTech, by more than $283 million.
In conclusion, Stars Arena’s decentralized social media application has experienced a surge in activity on Avalanche’s C-Chain network, leading to a price increase in the AVAX token. With impressive growth in daily transactions and active wallets, Stars Arena is making strides in the DeSo space. However, the platform still faces challenges such as bugs and a lack of information about the team. Nevertheless, Stars Arena joins a growing list of social finance platforms, highlighting the continued expansion of the DeSo ecosystem.
