SocialFi platform Stars Arena is generating a significant surge in the number of transactions on Avalanche C-chain network. Launched at the end of September, this new protocol inspired by friend-tech has quickly attracted the attention of users.
Stars Arena, originally known as StarShares, also surpassed many other dApps on Avalanche, becoming the app with the most daily active users. More than 10,000 wallets interacted with Stars Arena in the past 24 hours, according to data from DappRadar.
Just two weeks after launch, Stars Arena has reached $1 million in total value locked (TVL), according to DeFiLlama data. The number of transactions on Avalanche has skyrocketed from 158,000 on September 20 to 250,000 on October 3, as The Block reported.
Stars Arena is a part of the SocialFi trend that ignited with the launch of friend.tech on Base in August. If Avalanche has Stars Arena, then Arbitrum also has PostTech and Solana has Friendzy. These platforms all allow users to buy and sell “shares” of famous Twitter accounts, which come with unique privileges for the holders.
Although many similar apps have emerged, friend.tech is still the largest project in this segment, ranking first in transaction volume and daily revenue. However, because it is a new product, there are still many shortcomings, users need to be very careful. Last month, friend.tech exposed the personal data of 101,000 users and recently an account was hacked, losing 22 ETH.
AVAX has surged 7.48% over the past 24 hours and is trading around $10.