In the world of decentralized applications [dApp], a new competitor of Friend.tech has emerged. Introducing Stars Arena, a rising SocialFi star app that has set the Avalanche C-Chain network ablaze with an unprecedented surge in daily transactions on the network, spiking by over 186% in just two days. Following the electrifying turn of events, the native AVAX token experienced a remarkable uptick, soaring by more than 8% within the last 24 hours, reaching over $10, according to data derived from Snowtrace.
The uproar over the decentralized social media [DeSo] application has been compared to the frenzy created by Friend.tech, which triggered Coinbase’s BASE to surpass rival Layer 2 blockchains in transactions. Launched in late September 2022, Stars Arena has now surpassed friend.tech in daily transaction count and currently holds the 2 spots in TVL with a notable $1.2 million. While friend.tech is the chart-topper with a TVL of $47 million, the significant growth trajectory of Stars Arena highlights its nascent stage and the expansive potential awaiting it.
Stars Arena, much like Friend.tech, enables users to connect their X [Twitter] accounts to the platform. Users have the option to use AVAX tokens for purchasing tickets, offering tips to their preferred creators, and constructing a personalized portfolio displaying their backing for various creators. Within this framework, creators have the opportunity to monetize their skills by selling shares, fondly referred to as “tickets,” to their audience. Each ticket provides access to a creator’s exclusive chatroom, where holders can interact in a more intimate environment alongside fellow ticket owners.
Friend.tech: Stars Arena’s Upcoming Revenue Models
Stars Arena joins the ranks of burgeoning social finance platforms like Alpha on the Bitcoin network, Friendzy on Solana, and PostTech on Arbitrum. With regard to future plans, Stars Arena is exploring subscriptions and revenue-sharing features according to creators’ preferences. This includes setting the duration and price for subscriptions and choosing a percentage of that price to distribute to their shareholders.
As Stars Arena continues to captivate users and drive unprecedented activity on the Avalanche C-Chain, the crypto community eagerly watches, anticipating further innovations and developments in the dynamic world of decentralized social finance.