Altcoin
How Stars Arena propelled Avalanche northwards
Transactions on Avalanche jumped nearly 50% since the start of the week, spurred by the recently launched SocialFi application Stars Arena.
- Avalanche’s daily transaction count hit 1.2 million in the last 24 hours, the highest in four months.
- Stars Arena was the highest ranked dApp on the Avalanche network in terms of users and transactions.
Avalanche [AVAX] experienced a dramatic surge in its network activity in recent days, with most key performance indicators swinging to the north.
Read AVAX’s Price Prediction 2023-24
Spike in on-chain transactions
According to Avalanche Explorer, transactions across all subnets jumped nearly 50% since the start of the week. In fact, the daily count on 4 October hit 1.2 million, the highest in four months. With a jump in transactions, the gas usage also spiked
Source: Avalanche Explorer
Popular on-chain analyst Patrick Scott attributed Avalanche’s increased network traffic to the recently launched decentralized social app Stars Arena. Indeed, his assertions were corroborated by data fetched from DappRadar.
Super ‘Stars’ in the making?
Since its launch at the tail end of September, the protocol has seen a parabolic increase in transaction count and volume. Stars Arena processed over 248,000 transactions in the last 24 hours, a 9X jump since its launch date, and more than tripled in the last two days.
Source: DappRadar
Stars Arena was also the highest ranked dApp on the Avalanche network in terms of daily active users. The number of active wallets on the protocol ballooned to 10,390 in the last 24 hours, compared to just about 2,730 on 2 October.
The massive demand for Stars Arena comes amidst the growing popularity of SocialFi applications, set in motion by the launch of pioneer Friend.tech on layer-2 network Base. Friend.tech has been one of the key drivers of Base’s expansion and popularity in recent weeks.
Nearly identical to its predecessor, Stars Arena allows users to buy and sell shares of popular X profiles and profit from their social value. The shares could be purchased by using Avalanche’s native token AVAX.
The influencers take a cut of the trading fees, with the remaining getting distributed between the platform and the users.
How much are 1, 10, and 100 AVAXs worth today?
AVAX goes north
As AVAX was the utility token on Stars Arena, the asset derived significant value from the latter’s ascent. At the time of writing, AVAX was valued at $10.23, up 4.73% in the last 24 hours, data from CoinMarketCap showed.
On a weekly timeframe, the coin looked even better, having soaked double digit gains of 12%.
