A new decentralized social media platform called Stars Arena has attracted a lot of attention from crypto enthusiasts and influencers. The platform, which is inspired by Friend.Tech, allows users to buy and sell “tickets” of other users, giving them access to exclusive chat rooms and content. Stars Arena is built on the Avalanche blockchain, a fast and scalable smart contract platform that competes with Ethereum.
According to data from DappRadar, Stars Arena has seen more than 10,000 unique active wallets on the platform, with over 1 million trades worth $50 million in the past two days. The platform has also increased the total number of daily transactions on the Avalanche C-chain by more than 186% in the same period. The C-chain is the component of Avalanche that supports smart contracts and interoperability with other blockchains.
The surge of activity on Stars Arena and Avalanche has also boosted the price of AVAX, the native token of Avalanche. AVAX has gained more than 8% in the last 24 hours, reaching a new all-time high of $86.33. AVAX is currently the ninth-largest cryptocurrency by market capitalization, with a value of over $19 billion.
Stars Arena differs from Friend.Tech in some aspects, such as having a public feed where users can follow others without buying their tickets. Some users have praised Stars Arena for being more social and interactive than Friend.Tech, while others have pointed out some bugs and glitches on the platform. There is also little information about the team behind Stars Arena, which raises some questions about its credibility and security.
Stars Arena is one of the many social finance platforms that have emerged recently, such as Alpha on Bitcoin, Friendzy on Solana, and PostTech on Arbitrum. These platforms aim to create new ways for creators and influencers to monetize their social networks and engage with their fans. However, they also face challenges such as regulation, competition, and user adoption.