Stars Arena Drives Uptick in Activity on Avalanche’s C-Chain Network
The decentralized social media application Stars Arena has had a significant impact on the activity of Avalanche’s C-Chain network. This surge in network activity has also led to an increase in the price of the native AVAX token, which has risen by over 8% in the past 24 hours. Launched in September, Stars Arena has seen a 186% growth in daily transactions on the Avalanche C-Chain over the last two days.
Rapid Growth and Impressive Trading Volume
Stars Arena has experienced rapid growth, with over 10,000 unique active wallets on the platform. In just two days, the platform has recorded over $3.26 million in total trading volume and more than 462,000 transactions. The platform has also surpassed $1 million in total value locked (TVL), although it still lags behind Friend.tech, which boasts $44.27 million in TVL.
Features and User Feedback
Similar to Friend.tech, Stars Arena allows users to link their Twitter accounts to the platform. Users can then use AVAX tokens to purchase tickets from other users, with fees distributed to both the platform and users during ticket transactions. Unlike Friend.tech, Stars Arena offers a public feed feature that allows users to follow others without requiring large sums of money.
However, some users have noted that Stars Arena is still plagued by bugs, with chats being described as “very laggy.” Additionally, there is limited information available about the team behind the application.
A Growing Trend of DeSo Apps
Stars Arena joins a growing list of social finance platforms, including Alpha on Bitcoin, Friendzy on Solana, and PostTech on Arbitrum. Despite the rise of similar DeSo apps, Friend.tech remains the market leader with over $293 million in monthly trading volume, surpassing its closest competitor, PostTech, by more than $283 million.
Hot Take: Stars Arena’s Impact on Avalanche’s C-Chain
The introduction of Stars Arena to Avalanche’s C-Chain network has sparked a surge in activity and increased the value of the AVAX token. With its unique features and growing user base, Stars Arena presents an alternative to Friend.tech, offering a more social experience with its public feed. However, the application still faces challenges such as bugs and limited team information. As DeSo apps continue to gain popularity, Stars Arena joins the ranks of social finance platforms shaping the future of decentralized social media.
Coinan Porter stands as a notable crypto analyst, accomplished researcher, and adept editor, carving a significant niche in the realm of cryptocurrency. As a skilled crypto analyst and researcher, Coinan’s insights delve deep into the intricacies of digital assets, resonating with a wide audience. His analytical prowess is complemented by his editorial finesse, allowing him to transform complex crypto information into digestible formats. Coinan’s contributions serve as a valuable resource for both seasoned enthusiasts and newcomers, guiding them through the dynamic landscape of cryptocurrencies with well-researched perspectives. With meticulous attention to detail, he empowers informed decision-making in the ever-evolving crypto sphere.