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Stars Arena (SocialFi) that attracting interests by crypto enthusiasts and investors continues to grow! Here are the details.
Stars Arena, operating on the Avalanche network and known as a decentralized social media (DeSo) or another popular name, SocialFi application, is experiencing a noticeable growth and impact recently. This platform, launched at the end of September, runs on a blockchain specially designed for the Avalanche ecosystem taking inspiration from similar applications.
You Might be Interested: What is Stars Arena?
Stars Arena, which has caused an increase of more than 186% in activities on the Avalanche C-Chain network in the last two days, has led to an increase of more than 8% in the value of the local AVAX token with this rise. The platform recorded impressive growth on the Avalanche C-Chain, which is specially designed to run smart contracts.
The Transaction Volume Has Reached $3.26 Million In Stars Arena (SocialFi)
According to the latest published data, there are currently more than 10,000 unique active wallets on the platform. According to DappRadar‘s data, the total transaction volume on the platform in the last two days exceeded $3.26 million. Besides, it has done a little over 462,000 transactions.
The DefiLlama data, used to measure Stars Arena’s impact in the DeFi field, shows that the total locked value (TVL) of the platform has exceeded 1 million dollars. However, this figure is still lower when compared to the TVL of 44.27 million dollars of similar platforms.
The platform has adopted a model that allows users to integrate their X (Twitter) accounts. While users use the AVAX to purchase other users’ “tickets”, these transactions bring a small fee cut to the platform.
Stars Arena offers users a unique experience where buying tickets provides access to private chats. Unlike similar applications, the growth and impact of Stars Arena are making a significant contribution to the Avalanche ecosystem.
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