SocialFi application Stars Arena was instrumental in increasing the number of transactions on the Avalanche C-chain network.
For now, the platform in question seems to have taken the first place in the number of daily active users, leaving behind other decentralized protocols in the Avalanche network.
Similar to Friend.tech, Stars Arena allows users to link their Twitter accounts and trade other users' profile tokens using AVAX. Users can deposit AVAX into their automatically created wallets.
However, considering that in the case of Friend.tech, many cryptocurrency influencers dump their own profile tokens to their followers and leave the platform, it is useful to be careful for this platform as well.
According to DeFiLlama data, the Total Value Locked (TVL) on Stars Arena currently stands at $1.03 million and has grown by 150% in the last 24 hours.
According to DappRadar, Stars Arena, originally named StarShares, has recorded a significant increase in daily active users, surpassing other decentralized applications (dapps) on the Avalanche network. The platform recorded interactions with more than 10,000 unique active wallets in the last 24 hours.
The launch of Stars Arena coincided with a significant increase in transactions on Avalanche. The numbers rose from 158,000 on September 20 to over 250,000 on October 3.
*This is not investment advice.