Stars Arena Spurs Avalanche Network Growth; AVAX Token Value Surges by over 8%
Summary:
The Avalanche's C-chain network has observed a significant activity hike, spurred by the DeSo app Stars Arena. This surge has boosted the price of the network’s native token AVAX by over 8%. Since its recent launch in September, the Stars Arena platform has seen a rapid growth with more than 10,000 unique active wallets, and has recorded more than $3.26 million in total trading volume, resulting in an impressive 186% increase in daily transactions on the Avalanche's C-chain. However, despite experiencing some reliability issues, Stars Arena has emerged as a growing contender in the expanding landscape of social finance platforms.
The C-chain network of Avalanche has witnessed a significant surge in its activity, sparked by the decentralized social media app (DeSo) Stars Arena, which in turn led to an over 8% increase in the price of network’s native token – AVAX, in the past day. Stars Arena, inspired by Friend.tech and launched recently in September, has influenced the number of daily transactions on Avalanche's C-chain to boost by above 186% over two consecutive days. The Avalanche C-chain is a component of the blockchain specifically built to operate smart contracts on Avalanche.
Stars Arena has itself seen exponential growth, with its platform recording over 10,000 distinct active wallets. Over the past two days a total trading volume exceeding $3.26 million and over 462,000 transactions have been registered on the platform, as per data from DappRadar. DefiLlama’s stats further indicate that the platform's total value locked (TVL) has surpassed the $1 million mark. Although, when compared to Friend.tech - which boasts a formidable $44.27 million in TVL – the achievement seems small.
Stars Arena, much like Friend.tech, enables users to link their Twitter handles to the platform and carry out purchases of other users' 'tickets' using the AVAX token. Portion of fees incurred during the purchase and sale of these 'tickets' benefit both, the platform and the users. Buying a user's ticket gives access to a private chat but unlike Friend.tech, Stars Arena offers a public feed so users can follow others sans investing a significant amount of money.
A user going under the pseudonym of Wale.swoosh praised Stars Arena as being 'superior to Friend.tech in a lot of ways', one of them being its aforementioned public feed feature which lets users socialize more as compared to the Base-based DeSo app.
However, Wale.swoosh and several fellow users expressed concern over the app being somewhat faulty, with chat functionalities appearing 'very laggy' and the absence of information regarding its development team.
Stars Arena adds to the increasing list of social finance platforms such as Bitcoin's Alpha, Solana's Friendzy and Arbitrum's PostTech. Even with the spike in equivalent DeSo apps, Friend.tech retains the top spot, with a commanding monthly trading volume exceeding $293 million, besting the second-in-line app PostTech by over $283 million.
Published At
10/5/2023 4:46:20 AM
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