Avalanche Sees Record 577K Daily Txns Triggered by New Social Platform Stars Arena

Avalanche recently recorded nearly 577K transactions in a single day, marking the highest value since May, amid the emergence of Stars Arena, a new social platform.

Blockchain reporter Colin Wu first called attention to the development. Wu confirmed that Avalanche recorded 577,000 daily transactions on Oct. 4, fueled by a growing interest in Stars Arena, a blockchain-based social protocol taking inspiration from friend.tech.

On October 4, the number of transactions on the Avalanche chain reached 577,000, the highest in the past quarter. This was mainly due to the launch of Star Arena, a friend tech-like social software. In the past 24 hours, the number of transactions on Star Arena reached 454,000,…

— Wu Blockchain (@WuBlockchain) October 5, 2023

According to Wu, Stars Arena had recorded a massive 454,000 transactions over the last 24 hours. In addition, active addresses associated with the social application had surged to 12,000 within the same timeframe.

However, amid the growing interest in the platform, these figures have increased since the disclosure. Per current data provided by Artemis, Stars Arena now boasts 476,124 transactions over the past 24 hours, with an impressive 21% one-day increase.

In addition, active addresses have skyrocketed by 63.71% in the past day, reaching 12,139. Interestingly, Stars Arena has contributed to most of the gas usage on Avalanche, with $22,470 worth of gas.

Further data from Artemis substantiates Wu’s disclosure regarding the record transactions on Avalanche. Notably, daily transactions on Avalanche have increased since late September, soaring from 143.17K on Sept. 23 to 576.57K on Oct. 4.

Avalanche Daily Transactions

Daily active addresses on the Avalanche blockchain have also surged since the last week of September. These addresses rose to 41.77K on Oct. 4, marking the highest figure witnessed on the network since Aug. 31.

Avalanche Daily Active Addresses

Stars Arena’s Emergence

Stars Arena emerged in late September as a social hub where users can express their interests through content creation. Like other SocialFi platforms, it offers tokens (STAR) as rewards, which users can utilize for premium perks or trade on various exchanges.

Since its inception less than a month ago, Stars Arena, initially launched as StarShares on Avalanche, has been making waves, amassing a transaction volume exceeding $1.7 million as of Oct. 4.

DappRadar’s data highlights its position as the leader in unique active wallets on the Avalanche network, backed by $1.33 million in transaction volume and a substantial smart contracts balance of $1.06 million.

Stars Arena is the latest in a long line of a newly emerging class of blockchain-based protocols called SocialFi platforms. These protocols include the Solana-based Friendzy, friend.tech from Base and Arbitrum’s PostTech.