Stars Arena: The Rising SocialFi Trend in Avalanche Continues to Boost AVAX Price - COINTURK NEWS
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Stars Arena: The Rising SocialFi Trend in Avalanche Continues to Boost AVAX Price

3:43 pm (58 days ago)
October 5, 2023

Thanks to the popular realm of SocialFi, Layer-2 network activities have been rapidly increasing. Especially with the introduction of Stars Arena, the most talked-about platform in the Avalanche network, activities in the Avalanche network have experienced a significant surge due to the growing interest. This increase in network activity has naturally led to an increase in the price of AVAX, with the popular altcoin’s value rising by more than 8% in the last 24 hours.

Stars Arena is Still in its Early Stages

Inspired by Friend tech, which became active on the Base network in previous months, Stars Arena has enabled a daily transaction volume on the Avalanche C-Chain network, a blockchain component specifically designed for executing smart contracts on Avalanche, to increase by over 186% in the past two days.

The rapid momentum of Stars Arena was further boosted by the participation of Emin Gün Sirer, the founder of Ava Labs. Currently, there are over 10,000 unique active wallets on the platform. According to DappRadar, a blockchain data analysis platform, the platform has seen a transaction volume of over $3.26 million and more than 462,000 transactions in the past two days.

Additionally, according to DefiLlama, another blockchain data analysis company, the Total Value Locked (TVL) on the platform has exceeded $1 million. However, compared to Friend tech, which has a TVL of $44.27 million, it can be said that Stars Arena is still in its early stages.

Market Leader: Friend Tech

Similar to Friend tech on the platform, users can connect their X accounts and engage in “key” trading. These transactions are conducted using AVAX, and a small commission fee is applied. With the purchased “key,” people can chat with influencers, and most importantly, Stars Arena has a public feed. This means that users without sufficient balance can still follow the posts of influencers.

Compared to its competitors in the SocialFi field, Stars Arena is still in its early stages. The latest addition to the growing list of SocialFi platforms, including Friendzy on Solana, Alpha on Bitcoin, and PostTech on Arbitrum, is Stars Arena. Nonetheless, Friend tech continues to dominate the market with a monthly transaction volume of over $293 million.

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