According to Cointelegraph, the decentralized social media (DeSo) application Stars Arena has led to a significant increase in activity on Avalanche's C-chain network. The network's native AVAX token has also seen an 8% price increase in the last 24 hours. Launched in late September, Stars Arena has contributed to a 186% growth in the total number of daily transactions on the Avalanche C-chain over the past two days.
Data from DappRadar shows that the Stars Arena application has experienced rapid growth, with over 10,000 unique active wallets on the platform. In the past two days, the platform has seen more than $3.26 million in total trading volume and over 462,000 transactions. Additionally, data from DefiLlama reveals that the platform has surpassed $1 million in total value locked (TVL), although this is still significantly lower than Friend.tech's $44.27 million TVL.
Stars Arena allows users to link their Twitter accounts to the platform and use the AVAX token to purchase 'tickets' of other users. A small portion of fees is paid to the platform and users when tickets are bought and sold. Unlike Friend.tech, Stars Arena features a public feed, enabling users to follow others without spending large amounts of money. However, some users have reported that the application is still quite buggy and lacks information on the team behind it. Stars Arena joins a growing list of social finance platforms, such as Alpha on the Bitcoin network, Friendzy on Solana, and PostTech on Arbitrum. Despite the rise in similar DeSo apps, Friend.tech remains the market leader with over $293 million monthly trading volume.
