- Stars Arena, a SocialFi dApp on Avalanche, grew faster than Friend.tech in terms of transaction volume.
- Avalanche excels in DeFi ventures in Real World Assets, while AVAX saw significant growth.
The introduction of Friend.tech has revitalized the dApp ecosystem and generated significant interest in SocialFi. The dApp dominated the market and drove massive activity to the Base protocol.
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But in the past 24 hours, there has been a remarkable shift. Stars Arena, a SocialFi dApp on Avalanche[AVAX]emerged as a dominant player, surpassing Friend.tech in transaction volume.
The Star Arena is central
This dApp simplified user experiences by eliminating the need to finance upfront with crypto. Additionally, it offered content creators a 7% fee structure, making it attractive to those looking for a platform that is easy to use and profitable.
These factors have fueled Stars Arena’s growth and contributed to its remarkable rise on the Avalanche Network.
.@starsarenacom turned around https://t.co/iJ8upG0LUg in transactions over the past 24 hours. 🔺 pic.twitter.com/vrfjCcbrD7
— Emperor Osmo🧪 (@Flowslikeosmo) October 19, 2023
Although Stars Arena thrived, it posed no threat to Base Protocol’s overall activity. Despite its performance, Stars Arena could not match Base’s numbers.
At the time of writing, Avalanche had about 29,689 active users, while Base had about 113,000. In terms of transaction activity, data from Artemis showed that Base outperformed Avalanche, underscoring the staying power of the Base protocol.
Source: Artemis
However, in the decentralized finance (DeFi) sector, Avalanche had the upper hand. The total value of the protocol (TVL) was a significant $499 million.
Additionally, Avalanche led the way in decentralized exchange (DEX) volumes, surpassing the Base protocol. This DeFi superiority boded well for Avalanche, indicating the potential for growth and dominance in DeFi applications.
Source: Artemis
Avalanche’s venture Real World Assets (RWA) is poised to be another catalyst for the protocol’s success. The technology and solutions developed by Avalanche aim to facilitate the integration of traditional financial assets into the crypto space.
In July, the Avalanche Foundation unveiled the “Avalanche Vista” program, setting aside up to $50 million to purchase tokenized assets minted on the Avalanche blockchain.
This move underscored Avalanche’s commitment to expanding its footprint in the crypto space and enabling tokenization of assets in the real world.
Realistic or not, here is AVAX’s market cap in BTC terms
In addition to DeFi and dApps, the performance of AVAX, Avalanche’s native token, showed significant growth. The price rose significantly in recent days, reaching $49,535.
AVAX trading volume also saw a significant increase during this period, indicating increased interest and activity around the token.
Source: Santiment
