Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The decentralized social media (DeSo) application Stars Arena has significantly increased activity on Avalanche’s C-chain network.
As the network activity surged, the price of the native AVAX (AVAX) token also rose, experiencing an increase of over 8% in the past 24 hours.
Since its launch in late September, the Friend.tech-inspired Stars Arena has seen the total daily transactions on the Avalanche C-chain — the blockchain segment specifically tailored for executing smart contracts on Avalanche — rise by more than 186% in the last two days.
Total Avalanche C-chain network activity surged 186% from Oct. 1. Source: Snowtrace.io
The Stars Arena platform has also expanded quickly, boasting over 10,000 unique active wallets. In the last two days, the platform recorded more than $3.26 million in total trading volume and just over 462,000 transactions, as reported by DappRadar.
Stars Arena has expanded rapidly since its late-September launch. Source: DappRadar
In addition, data from DefiLlama indicates that the platform has surpassed $1 million in total value locked (TVL). However, this figure is still significantly lower than Friend.tech, which holds approximately $44.27 million in TVL.
Related Posts
Similar to Friend.tech, Stars Arena allows users to connect their Twitter accounts to the platform. Users can utilize the AVAX token to buy “tickets” for other users, with a small portion of the fees going to the platform and the users when tickets are bought and sold.
While acquiring a user’s ticket grants access to a private chat, Stars Arena distinguishes itself by offering a public feed, enabling users to follow others without needing to invest large amounts of money.
Related: Decentralized social networks have a retention problem, say execs
Pseudonymous X user Wale.swoosh characterized Stars Arena as “superior to Friend.tech in a lot of ways,” noting that its public feed feature fosters greater social interaction compared to the Base-based DeSo app.
I've capitulated in creating a Stars Arena account after seeing it all over my timeline.
Won't shill my own ref link, but a few thoughts:
Stars Arena is superior to Friendtech in a lot of ways and solves one of the main problems I had with FT.
There is a public feed, so people… pic.twitter.com/S9KzPp3hqC— wale.swoosh (@waleswoosh) October 4, 2023
Nonetheless, Wale.swoosh and several other users on X pointed out that the application still has numerous bugs, with chats being “very laggy,” and highlighted the lack of transparency regarding the team behind the application.
Stars Arena is the latest addition to a growing lineup of social finance platforms, including Alpha on the Bitcoin network, Friendzy on Solana, and PostTech on Arbitrum. Despite the rise of similar DeSo applications, Friend.tech continues to lead the market, boasting over $293 million in monthly trading volume, significantly surpassing the next closest app, PostTech, by more than $283 million.
Magazine: Are DAOs overhyped and unworkable? Lessons from the front lines
