Avalanche recently recorded nearly 577,000 transactions in a single day, marking the highest value since May, amid the rise of Stars Arena, a new social platform.
Blockchain reporter Colin Wu was the first to draw attention to the development. Wu confirmed that Avalanche recorded 577,000 daily transactions on October 4, fueled by growing interest in Stars Arena, a blockchain-based social protocol that draws 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 last 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 whopping 454,000 transactions in the past 24 hours. Moreover, the number of active addresses linked to the social application had increased to 12,000 during the same period.
However, due to growing interest in the platform, these figures have increased since the disclosure. Per current dates brought to you by Artemis, Stars Arena now boasts 476,124 transactions in the last 24 hours, with an impressive 21% increase in one day.
Star Arena Stats
Additionally, active addresses have skyrocketed 63.71% to 12,139 over the past day. Interestingly, Stars Arena contributed to the majority of gas consumption on Avalanche, with $22,470 worth of gas.
Further data from Artemis substantiates Wu’s revelation regarding the record trades on Avalanche. Notably, daily transactions on Avalanche have increased since the end of September, from 143.17K on September 23 to 576.57K on October 4.
Avalanche daily transactions
Active addresses every day the Avalanche blockchain have also risen sharply since the last week of September. These addresses rose to 41.77K on October 4, which is the highest figure seen on the network since August 31.
Avalanche daily active addresses
The rise of Stars Arena
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 use for premium benefits or trade on various exchanges.
Since its inception less than a month ago, Stars Arena, initially launched as StarShares on Avalanche, has made waves, with transaction volume exceeding $1.7 million as of October 4.
DappRadars facts highlights its position as the leader in unique active wallets on the Avalanche network, supported by a transaction volume of $1.33 million 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 Solana-based Friendzy, friend.tech from Base and Arbitrum’s PostTech.