Benzinga - The social finance platforms industry is still in its early stages of seeing significant growth and rapid performance from a single app with a significant impact on usage statistics.
Social finance platforms include Stars Arena, Friend.tech, Alpha on the Bitcoin network, Friendzy on Solana and PostTech on Arbitrum.
What Happened: The blockchain-based social app Stars Arena, which launched in September 2023, has led to a more than 186% surge in daily transactions on Avalanche’s (CRYPTO: AVAX) C-Chain in the past two days.
Stars Arena saw a total trading volume exceeding $3.26 million and more than 462,000 transactions, based on DappRadar data reported by Coin Telegraph. The app boasted more than 10,000 unique active wallets.
Avalanche, a blockchain element designed for smart contracts, witnessed a surge of more than 8% in the past 24 hours in its native AVAX token. The network’s transactions are up almost 50% due to the surge in Stars Arena activity.
Stars Arena enables users to link their X accounts to the platform and utilize AVAX tokens to purchase tickets from other users, with a share of the transaction fees contributing to both the platform and the participating users.
While Friend.tech enables users access to a private chat, Star Arena offers access to a public feed. This will also allows users to follow others without the need for substantial expenditure.
Why Does It Matter: Pseudonymous user Wale.swoosh on X applauds Stars Arena for being superior to Friend.tech in numerous ways, especially its public feed feature.
But, issues such as very laggy chats and lack of transparency about the team backing the platform are also being highlighted by users.
Defi Llama data indicates Stars Arena's total value locked crossed $1 million, which is still lower compared to Friend.tech’s TVL of $44.27 million. A Dune report reflects Friend.tech still dominating the social platform landscape with 7.32 million monthly transactions and $38.6 million in weekly volume compared to 772 thousand monthly transactions and a weekly volume of $7.2 million for Stars Arena (listed under the name Starshares).
Between July and September, AVAX saw a plunge of 46%. With recent user activity and transaction volume seeing an upswing, recovery is likely in the short term.
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