Decentralized social media (DeSo) application Stars Arena has led to a significant increase in activity on the Avalanche C-chain network.
As activity on the network increases, so does the price of the network’s native AVAX (AVAX) token, rising more than 8% in the past 24 hours.
The Friend.tech-inspired Stars Arena launched at the end of September, and the total number of daily transactions on the Avalanche C-chain (a blockchain component designed specifically for running smart contracts on Avalanche) has grown by more than 186% over the past two days.
The Stars Arena app is also growing rapidly, with over 10,000 unique active wallets on the platform. According to statistics, in the past 2 days, the total transaction volume of the platform exceeded $3.26 million, with a transaction volume of just over 462,000. data From DappRadar.
at the same time, data Data from DefiLlama shows that the platform’s total value locked (TVL) has exceeded $1 million. However, this still pales in comparison to Friend.tech, which has a TVL of approximately $44.27 million.
Like Friend.tech, Star Arena allows users to link their Twitter accounts to the platform. Users then use AVAX tokens to purchase “tickets” from other users, paying a small fee to both the platform itself and the user when tickets are purchased and sold.
While purchasing a user ticket gives users access to private chats, unlike Friend.tech, Stars Arena has a public feed so users can follow others without paying a large amount up front.
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Anonymous
After seeing all this on my timeline, I decided to set up a Stars Arena account.
Won’t show my own reference links, but here are some ideas:
Stars Arena is superior to Friendtech in many ways, and solves one of the major problems I had with FT.
There is a public feed so people… pic.twitter.com/S9KzPp3hqC
— wale.swoosh (@waleswoosh) October 4, 2023
Still, Wale.swoosh and some other users on
Stars Arena is the latest app to join a growing number of social finance platforms such as Alpha on Bitcoin Network, Friendzy on Solana and PostTech on Arbitrum. Despite the proliferation of DeSo-like apps, Friend.tech remains the market leader with more than $293 million in monthly transaction volume, more than $283 million more than the second-ranked app, PostTech.
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