Transactions on Avalanche and AVAX price rose after the launch of the new socialFi app.
Stars Arena, a new social media platform built on the network, is boosting the Avalanche blockchain.
transactions on the Avalanche network surged to 585,000 on Oct. 2, the highest level since May, according to data from DeFiLlama.
Coingecko reported that the Avalanche token, AVAX, had a significant increase in the past 24 hours at 11am New York time, the biggest increase in all layer 1 chains.
The surge in activity has been mainly due to Stars Arena, a social media app based on blockchain. The game is similar to friend.tech, with users buying each other's shares to access private chats.
Friend.tech has erupted in the crypto industry about two months ago and has amassed more than 235,000 ETH in trading volume and more than 300,000 unique traders, according to data from Dune Analytics.
Friend.tech's popularity has generated confidence that the so-called SocialFi sector will drive increased crypto adoption, a narrative that the successful launch of Stars Arena will continue to bolster.
Stars Arena's value rose from less than $35,000 only a week prior to being locked, according to DeFiLlama. The Stars Arena TVL still trails friend.tech's $46M, which stands at $46M, according to DeFiLlama.
The rise of Stars Arena comes as a series of SIM swap attacks drained tens of thousands of dollars out of users' accounts on Friend.tech. The security breach on the platform has raised concerns about the safety of users' money.
Stars Arena is not free from attacks, as the platform was hacked on Thursday. The team announced in a slightly rambling post on Twitter/X that the exploit had been fixed.