May 29, 2024
Clone Stars Arena by Friend.Tech Fuels Avalanche Activity
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Clone Stars Arena by Friend.Tech Fuels Avalanche Activity

The decentralized social media (DeSo) application called Stars Arena has led to a significant increase in activity on Avalanche’s C-Chain network. This surge in network activity has also coincided with a price increase for Avalanche’s native AVAX token, which has risen by over 8% in the past 24 hours.

Stars Arena, which was launched in late September and draws inspiration from Friend.tech, has witnessed a substantial increase in daily transactions on Avalanche’s C-Chain. In the past two days alone, the number of daily transactions has grown by more than 186%. The application has quickly gained traction, with over 10,000 unique active wallets on the platform. During this period, the platform has seen over $3.26 million in total trading volume and over 462,000 transactions, as reported by DappRadar.

According to data from DefiLlama, Stars Arena has exceeded $1 million in total value locked (TVL), although this is still considerably lower than Friend.tech, which boasts a TVL of around $44.27 million.

Similar to Friend.tech, Stars Arena allows users to link their Twitter accounts (referred to as “X” in the report) to the platform. Users can then use the AVAX token to purchase “tickets” from other users, with a portion of the fees going to the platform and the users when tickets are bought and sold.

While buying a user’s ticket grants access to a private chat, Stars Arena differs from Friend.tech in that it features a public feed, enabling users to follow others without the need for substantial sums of money. Some users have praised Stars Arena as “superior to Friend.tech in a lot of ways,” particularly due to its public feed feature, which fosters more social interaction compared to the Base-based DeSo app.

https://twitter.com/waleswoosh/status/1709530638972280905?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1709530638972280905%7Ctwgr%5Eb37fbebcb6c6e0142ad444b1651b896e4a7297d6%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Ffriend-tech-clone-stars-arena-drives-surge-avalanche-avax-token

However, some users have reported that the application is still quite buggy, with laggy chats, and have expressed concerns about the lack of information regarding the team behind the application.

Stars Arena is the latest addition to the growing landscape of social finance platforms, joining the likes of Alpha on the Bitcoin network, Friendzy on Solana, and PostTech on Arbitrum. Despite the rise of similar DeSo apps, Friend.tech remains the market leader, with a monthly trading volume of over $293 million, surpassing the next closest app, PostTech, by more than $283 million.

Image by Freepik

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