Decentralized Social Media App Sparks Price Increase
The decentralized social media application Stars Arena has caused a significant increase in activity on Avalanche's C-chain network. This surge in network activity has also led to a price rise of over 8% for Avalanche's native AVAX token in the past 24 hours.
Rapid Growth in Transactions and Users
Since its launch in late September, Stars Arena, inspired by Friend.tech, has experienced a staggering 186% increase in daily transactions on the Avalanche C-chain in just two days. The platform has also seen rapid growth in its user base, with over 10,000 unique active wallets.
Impressive Trading Volume and Total Value Locked
In the past two days alone, Stars Arena has generated a total trading volume of $3.26 million, with over 462,000 transactions, according to data from DappRadar. Furthermore, data from DefiLlama reveals that the platform has surpassed $1 million in total value locked (TVL). However, it still falls behind Friend.tech, which boasts a TVL of $44.27 million.
Linking Twitter Accounts and Purchasing Tickets
Similar to Friend.tech, Stars Arena allows users to connect their Twitter accounts to the platform. Users can then use the AVAX token to purchase "tickets" from others, while a portion of the fees goes to the platform and users when tickets are bought and sold.
A More Social Experience with a Public Feed
One of the features that sets Stars Arena apart from Friend.tech is its public feed. Unlike the latter, users can follow others without needing to invest large sums of money. This feature has been praised by pseudonymous user Wale.swoosh, who described Stars Arena as "superior to Friend.tech in a lot of ways" and highlighted its ability to foster a more social environment.
Bugs and Lack of Information
Despite the positive feedback, some users, including Wale.swoosh, have noted that Stars Arena still has some issues. Chats are reportedly laggy, and concerns have been raised about the lack of information regarding the team behind the application.
Joining the Ranks of Social Finance Platforms
Stars Arena is the latest addition to a growing list of social finance platforms, including Alpha on the Bitcoin network, Friendzy on Solana, and PostTech on Arbitrum. However, Friend.tech continues to dominate the market, with a monthly trading volume of over $293 million, surpassing the closest competitor, PostTech, by more than $283 million.
