The decentralized social media (DeSo) application, Stars Arena, has caused a notable surge in activity on the Avalanche C-chain network, driving up the price of AVAX, the native coin of the Avalanche blockchain. Over the past 24 hours, AVAX has witnessed an increase of more than 8% in its price.
Stars Arena, inspired by Friend.tech, made its debut in late September and has been rapidly gaining traction. The Avalanche C-chain, designed specifically for executing smart contracts on the Avalanche blockchain, has experienced a remarkable growth of over 186% in daily transaction volume over the last two days.
The Stars Arena platform has also seen substantial expansion, with more than 10,000 unique active wallets currently using the application. According to DappRadar data, the platform's total transaction volume exceeded $3.26 million in just two days, involving over 462,000 transactions.
In addition, data from DefiLlama indicates that Stars Arena's total value locked (TVL) has surpassed $1 million. However, this TVL figure is still dwarfed by that of Friend.tech, which boasts a TVL of around $44.27 million. Notably, some users, like anonymous X user Wale.swoosh, have lauded Stars Arena as "better than Friend.tech in many ways." They particularly appreciate Stars Arena's public feed feature, which fosters a more social environment compared to the Base-based DeSo app.
Stars Arena is part of a growing trend of social finance platforms in the crypto space, joining the ranks of Alpha on the Bitcoin network, Friendzy on Solana, and PostTech on Arbitrum. However, despite the influx of DeSo-like apps, Friend.tech continues to dominate the market with a monthly transaction volume of over $293 million, outperforming its closest competitor, PostTech, by a substantial margin of more than $283 million.
