PANews reported on October 16 that according to the official blog of Avalanche, the Avalanche ecological social protocol The Arena announced the completion of a US$2 million Pre-Seed round of financing. Blizzard (Avalanche Ecological Fund), Ava Labs and Avalanche leadership team members, Balaji Srinivasan, Abstract Ventures, D1 Ventures, Saron Funds, Alpha Crypto Capital and other angel investors from Galaxy Digital, Fenbushi, Republic, Espresso Systems, Efficient Frontier and Dao 5 participated in the investment.

According to reports, The Arena is a social protocol based on Avalanche, formerly known as Stars Arena. It was acquired by a new team in November 2023 and rebuilt after being on the verge of collapse. Arena has more than 200,000 registered users, has paid more than $6 million to content creators, and has a transaction volume of more than $100 million to date. It is leveraging its partnership with Stripe to support the purchase of cryptocurrencies with credit cards. In addition, The Arena plans to expand its login options beyond X to include Instagram, TikTok, and Reddit, and will launch a mobile app.