Transactions on Avalanche jumped nearly 50% since the start of the week, spurred by the recently launched SocialFi application Stars Arena.
experienced a dramatic surge in its network activity in recent days, with most key performance indicators swinging to the north.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 spikedattributed Avalanche’s increased network traffic to the recently launched decentralized social app Stars Arena.
The massive demand for Stars Arena comes amidst the growing popularity of SocialFi applications, set in motion by the launch of pioneerNearly 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.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 fromAniket is a full-time journalist at AMB Crypto.
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