Site icon Wapo Labs

FriendTech rival Stars Arena fuels Avalanche transaction surge

avalanche 1200x675 1

Blockchain-based social application Stars Arena is causing a significant surge in the number of transactions on Avalanche’s C-chain network. Launched at the end of September, this latest social protocol inspired by FriendTech on Base has rapidly gained traction among users.

Stars Arena, originally named StarShares, has also emerged as a frontrunner in daily active users, surpassing other dapps on the Avalanche network, according to DappRadar. More than 10,000 unique active wallets interacted with Stars Arena in the 24 hours, its data shows.

The platform reported a total value locked just above $1 million within two weeks of its launch, according DeFiLlama data.

Transactions on Avalanche, meanwhile, have shown a significant uptick, with figures jumping from 158,000 on Sept. 20 around the time Stars Arena launched to over 250,000 by Oct. 3, according to The Block’s Data Dashboard.

Stars Arena is part of the larger SocialFi trend that ignited with the advent of FriendTech on Coinbase’s Base Layer 2 blockchain in August, much like other clone projects such as PostTech on Arbitrum and Friendzy on Solana. The platforms allow users to trade tokens associated with social media influencers, granting them exclusive access to converse with them.

Mirroring FriendTech features, Stars Arena offers users the ability to link their Twitter accounts, facilitating the purchase or sale of profile tokens of other users with Avalanche’s native asset AVAX. The app automatically creates a wallet for users to deposit AVAX and begin availing of the service.

At present, FriendTech remains the largest project in the overall SocialFi niche in terms of daily volume and revenue, according to on-chain data aggregated by CryptoKoryo on Dune Analytics.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Exit mobile version