In a striking display of rapid growth, Stars Arena has catapulted from its initial status as a fledgling decentralized social finance application to a formidable player in the space. Launched in late September under its original name, Starshares, the platform operates on Avalanche’s Contract Chain (C-Chain) and is fully compatible with Ethereum Virtual Machines (EVM).
According to DappRadar, Stars Arena clocked in over 215,000 transactions in just one day, marking a significant leap from its modest beginnings of 16,000 daily transactions at launch. On that same day, the transaction volume on the platform soared past $1.7 million, further solidifying its growing influence. Additionally, the platform has successfully attracted a user base of more than 14,000 active wallets.
Despite its meteoric rise, Stars Arena has yet to overtake Friend.Tech, the current juggernaut in the decentralized social finance arena. A Dune Analytics report indicates that Friend.Tech continues to dominate with 7.25 million monthly transactions and a weekly volume of $33.4 million, dwarfing Stars Arena’s 691.8 thousand monthly transactions and $6.4 million in weekly volume.
Meanwhile, DeFiLlama data reveals an eye-popping 3,400% increase in Stars Arena’s TVL, which skyrocketed from $33,000 to $1.17 million within just one week. This exponential growth has catapulted Stars Arena to the position of the second-largest SocialFi platform by TVL.
The platform’s features enable users to link their Twitter accounts and trade profile tokens facilitated by the Avalanche network’s native AVAX token. Stars Arena has also announced upcoming features, including private chats, pay-to-view posts, and audio/video integrations.
The ripple effects of Stars Arena’s ascendancy have been felt across the Avalanche network. Data from Coingecko revealed that the AVAX token’s value climbed from $9.21 to $10.08 in a mere week. Adding to this momentum, the Avalanche network recorded 376,000 AVAX-denominated transactions on October 3, underscoring a nearly 50% increase in network activity attributed to Stars Arena’s burgeoning popularity.
