Business News Report
October 05, 2023

Stars Arena Disrupts SocialFi on Avalanche’s C-Chain, Challenges Friend.tech While Fueling AVAX

stars arena

Decentralized social media platform Stars Arena, inspired by Friend.tech, is gaining rapid traction on Avalanche’s C-Chain network, shaking up the decentralized social (DeSo) space. With a public feed, user-friendly interface, and impressive transaction growth, it’s posing a real challenge to the established Friend.tech, leading to a surge in AVAX token value.

Unlike Friend.tech, which faced criticism for its lack of broad social engagement and accessibility issues for influencers, Stars Arena offers a public feed, making posts visible to all users without payment.

“On Stars Arena, there is a public feed, so people don’t have to pay to see your posts. That was the main problem with FriendTech — it was not accessible to large parts of some Influencers’ audience,” wrote X user JoeJerry777. “The onboarding process is also easier than FT and the interface works better, unlike FriendTech which lags and looks boring.”

In just two weeks, Stars Arena has witnessed substantial growth, boasting over 10,000 unique active wallets, $3.26 million in total trading volume, and more than 462,000 transactions. The platform has even crossed the $1 million total value locked (TVL) milestone, though it still trails behind Friend.tech, which commands a massive $44.27 million in TVL.

Stars Arena’s AVAX-Powered Rise in the DeSo Era

Users can connect their Twitter accounts to Stars Arena, trade profile tokens with AVAX tokens, and access private chats. Despite its rapid growth, users have reported some bugs, such as laggy chats, and expressed concerns about the lack of information regarding the platform’s management team.

As Stars Arena challenges Friend.tech’s dominance, the AVAX token has seen an 8% price increase in the last 24 hours. This surge in popularity highlights the potential impact a single DeSo application can have on usage statistics within the cryptocurrency industry.

However, not all users are enthusiastic about the DeSo trend, with some expressing indifference due to screen time concerns. Nevertheless, Stars Arena’s fast and easy onboarding process compared to Friend.tech has attracted even the skeptics.

What is SocialFi?

SocialFi represents a transformative convergence of Web3 technology and social media, offering a solution for the evolving landscape of digital socialization. It combines the principles of social media with DeFi, allowing users, content creators, and influencers to control and own their user-generated content on these platforms.

DeSo, the foundational blockchain layer designed for the construction of SocialFi apps, asserts its superior scalability compared to many of the current layer-1 chains. Engineered specifically for SocialFi applications, DeSo employs techniques such as indexing, block size control, warp synchronization, and sharding to tackle the scalability challenge.

At its core, SocialFi employs NFTs for digital ownership and DAOs for governance. This approach seeks to break away from the centralized control and censorship prevalent in Web2-era social media, giving users greater financial incentives, security, and data sovereignty.

By distributing data across a network of nodes and utilizing blockchain technology, SocialFi aims to enhance security and transparency while providing users with a share of advertising revenue. Despite facing challenges like scalability and interoperability, Web3’s decentralized, censorship-resistant, privacy-focused, interoperable, and immutable nature promises a profound shift in how we engage with the internet. 

Pseudonymous X user Wale.swoosh described Stars Arena as “superior to Friend.tech in a lot of ways,” with its public feed feature allowing users to be more social than they would on the Base-based DeSo app.

Stars Arena’s rapid rise on Avalanche’s C-Chain is reshaping the DeSo landscape, providing a formidable alternative to Friend.tech. With its accessible public feed, user-friendly interface, and impressive transaction growth, it challenges Friend.tech’s established dominance. This shift has even contributed to an 8% increase in AVAX token value, highlighting the tangible impact of DeSo applications. While some remain cautious about DeSo trends, Stars Arena’s quick onboarding process and user-centric approach continue to attract a diverse user base, emphasizing the platform’s potential to reshape decentralized social media.

SocialFi platforms are poised to revolutionize the digital landscape, offering users a more equitable and decentralized alternative to traditional social media giants. As these platforms continue to develop, they hold the potential to reshape the future of online socialization and content creation.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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