New social media dApp gives Avalanche Coin (AVAX) a boost

The decentralized social media application Stars Arena is increasing activity on the Avalanche blockchain network. And with it, the price of AVAX is rising: 11 percent in seven days, including 4 percent in the past 24 hours.

According to data from blockchain explorer Snowtrace, transactions on the Avalanche blockchain C-Chain have increased significantly recently. From 195,000 transactions per day on Oct. 1 to 576,000 daily transactions yesterday, Oct. 4.

The Stars Arena application has also grown rapidly. The platform has 10,000 active wallets and a trading volume of five million US dollars. Yesterday, the application also counted 250,000 transactions in a single day. According to data from DefiLlama, Stars Arena today broke the $1 million Total Value Locked (TVL) mark.

Competitor to Friend.tech?

Like Friend.tech, Stars Arena users can link their X accounts (formerly Twitter) to the platform. For a fee (in AVAX), they get access to private chat groups and exclusive content. Unlike Friend.tech, there is also a public feed.

Decentralized social finance platforms such as Stars Arena are currently experiencing strong growth. However, they are still at the beginning of their development. Despite the rise of similar dApps, Friend.tech is the undisputed market leader with a monthly trading volume of more than $293 million.