Stars Arena, a social protocol based on Avalanche, suffered from a serious smart contract vulnerability that allowed hackers to steal Avax tokens, worth nearly $2,000, from the project’s smart contracts. Despite this theft, over $1 million worth of assets remain locked in Stars Arena’s smart contracts.
The Stars Arena development team has successfully patched the flaw, but they stress that a high level of vigilance is still required as the area remains vulnerable to attacks from malicious actors. The attackers appear to be attempting to extract funds from the Stars Arena platform through low-cost attacks, but have not specifically disclosed who they believe is behind these attacks.
Stars Arena says the bug has been fixed, but make no mistake, we're at war. Malicious actors in this space target us with the intent of stealing your funds. The little guy, including you and your platform diversity rights, is under attack. The team said these attackers were essentially wasting money on a heist by trying to spend $5 to extract just $1 of TVL from our platform, but did not specify who they suspected was behind the attack.
SocialFi app Stars Arena was inspired by Friend Tech and launched at the end of September, quickly attracting users.
According to data from DappRadar, Stars Arena has become the leader in daily active users on the Avalanche network, surpassing other Dapps. Data shows that over 10,000 unique active wallets interacted with Stars Arena within 24 hours.
According to DeFiLlama, in just two weeks of launch, Stars Arena has reported over $1 million in total value locked (TVL). These numbers underscore the success and appeal of Stars Arena on the Avalanche network.
Meanwhile, transaction volume on the Avalanche network has increased significantly, from around 158,000 transactions when Stars Arena launched on September 20, to over 250,000 transactions on October 3. Furthermore, AVAX trading price increased by 9.9% in 24 hours and currently stands at $10.14 as trading volume of Avalanche increased. These data highlight the positive impact Stars Arena has on the Avalanche network. These data highlight the rapid development and success of the social finance field on blockchain.
Stars Arena top information announcing core team members. Meanwhile, the Ticket price is 75.34 AVAX, with a total trading volume of 32,887 AVAX, and a total of 130 holders.
SocialFi is gaining popularity
The trend started when FriendTech launched on Coinbase’s Base Layer 2 blockchain in August, similar to other imitating projects such as PostTech on Arbitrum and Friendzy on Solana. These platforms allow users to trade tokens associated with social media influencers, giving them access to exclusive conversations with these influencers.
Similar to FriendTech’s functionality, Stars Arena offers the ability for users to link their Twitter accounts to buy or sell other users’ profile tokens using Avalanche’s native asset, AVAX. The app automatically creates a wallet for users to deposit into AVAX and start using the service.
According to on-chain data compiled by CryptoKoryo on Dune Analytics, FriendTech is currently still the project with the largest daily transaction volume and revenue in the field of social finance.
personal opinion
I'm still more optimistic about FriendTech. As for Stars Arena, I suggest you don't get into it with FOMO. You might as well register and study it. From my personal experience earlier, I felt it was very laggy. Just post a Thread and a robot will buy your ticket. If you are optimistic about Stars Arena, you can deploy Avax while the correction is low.
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