According to TechFlow, on October 16, according to the official blog of Avalanche, the Avalanche ecological social protocol The Arena announced the completion of a $2 million Pre-Seed round of financing. Investors in this round include Avalanche Ecosystem Fund Blizzard, Ava Labs and Avalanche leadership team members, Balaji Srinivasan, Abstract Ventures, D1 Ventures and other institutions and many well-known angel investors.

The Arena, formerly known as Stars Arena, was acquired and rebuilt by a new team in November 2023. Currently, the platform has more than 200,000 registered users, has paid more than $6 million to content creators, and has a total transaction volume of over $100 million. Jason Desimone, CEO of The Arena, said that the platform is using its partnership with Stripe to support users to purchase cryptocurrencies with credit cards to lower the entry barrier for users.