Avalanche (AVAX) price rose 10% this week to hit $10 as influencers race to join the newly launched SocialFi platform Stars Arena. Can the recent spike in network activity drive AVAX price into a prolonged bull rally?
On September 27, Stars Arena, a Friend.Tech rival SocialFi platform launched on the Avalanche blockchain. Key on-chain indicators reveal that this has triggered a noticeable uptick in AVAX network traction.
Stars Arena TVL Has Hit $1 Million Within First Week
Stars Arena, Avalanche’s answer to Friend.Tech, has been well-received by the global SocialFi community. On-chain data compiled by DeFiLlama shows some staggering growth in the week-old platform’s capital inflows.
The chart below illustrates how Stars Arenas’ Total Value Locked (TVL) grew from $33,000 to $1.17 million between September 27 and October 2. This implies that capital flowing into the Avalanche’s own monetized SocialFi platform has grown by 3,400% within its first-week post-launch.
Stars Arena has now overtaken the likes of Post.Tech to become the second-largest SocialFi by TVL.
Total Value Locked is the dollar value of all assets or cryptocurrency tokens currently deposited on a DeFi protocol. Typically, when the TVL on a specific protocol rises exponentially, it means existing users are increasing their investment, and new participants are entering the ecosystem.
In evidence, various social media influencers, including Onl
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Author: Ibrahim Ajibade
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