Stars Arena Launch on Avalanche Sparks Surge in AVAX Price and Network Activity
Crypto News – Decentralized social media platforms have gained substantial traction in recent times, with a growing interest among crypto market enthusiasts. In this context, the introduction of the decentralized social media (DeSo) app, Stars Arena, on Avalanche’s C-Chain network has led to a notable upswing in both network activity and the price of AVAX, Avalanche’s native token. The platform has also seen an influx of social media influencers.
The Impact of Stars Arena on the Avalanche Network
The recent unveiling of Stars Arena, a DeSo application on Avalanche’s C-Chain network, has resulted in a significant uptick in network activity and the value of AVAX. Taking inspiration from Friend.tech, Stars Arena has garnered substantial attention since its late September launch.
On October 4, the Avalanche chain witnessed a staggering 577,000 transactions, marking the highest activity level seen in the last quarter. This surge can be primarily attributed to the launch of Star Arena. Over the last 24 hours, Star Arena itself has seen an impressive 454,000 transactions and has garnered 12,000 active addresses.
One notable feature of Stars Arena is that users can link their X accounts and utilize AVAX tokens to purchase “tickets” from other users, granting access to private chats. Distinguishing itself from Friend.tech, Stars Arena incorporates a public feed, enhancing accessibility for users. However, users have reported certain bugs and a lack of information regarding the application’s team.
Despite these challenges, Stars Arena aligns with the growing trend of social finance platforms within the crypto world. Similar platforms like Alpha on the Bitcoin network, Friendzy on Solana, and PostTech on Arbitrum have also emerged. However, despite the recent surge of interest in Stars Arena, Friend.tech remains a dominant market leader.
The launch of Stars Arena on Avalanche’s blockchain has left a substantial impact on AVAX’s price and network activity. Market participants have responded positively to the news of Stars Arena, as evidenced by the surge in its price.
Furthermore, numerous influencers have joined the platform, underscoring its burgeoning adoption. Particularly noteworthy is the fact that since most services on the platform are denominated in AVAX tokens, global adoption is expected to drive demand for AVAX.
As of the time of writing on October 5, the price of Avalanche had surged by 4.78% to reach $10.19. Simultaneously, the trading volume experienced a notable uptick of 43.61% to reach $199.12 million. Additionally, the market cap of the cryptocurrency witnessed a 4.91% increase, reaching $3.60 billion. Over the past 24 hours, the cryptocurrency touched a high of $10.30.
%s Comment