Avalanche pumps like Friend.tech Fork Stars Arena caught fire

The price of Avalanche (AVAX) has increased following a surge in demand for a new social app built on the blockchain.

According to CoinGecko data, AVAX was at $10.70 at the time of writing, a 24-hour increase of 8.3%. This makes the asset one of the best performing cryptocurrencies from the previous day.

And last week, he shot nearly 17% through seven days to win.

Why: Stars Arena is Friend.tech's social platform competitor built on the Avalanche Contract Chain (C-Chain).

Launched last month, Stars Arena is a fork (basically a copy) of Friend.tech and has users looking for an alternative to Freden.tech, which exploded in popularity following its launch in August.

And people are interested in it: Last day transactions increased by 40% to 218,000, according to Dapradar data. And the volume has increased by 248% in 24 hours, now touching 3.86 million dollars in transactions.

Stars Arena, like Friend.tech, is a social token driven platform. This means it allows users to create and monetize online communities.

The idea is that influencers and online creators can monetize their fan base by sharing exclusive offers and content.

With Stars Arena, users can link their Twitter account to the platform and then trade other members' profile tokens.

To do this, they need an Avalanche address linked to their profile to transfer funds from the platform – hence the surge in blockchain activity and the jump in AVAX's price.

But the application has some problems. Earlier this week, there was an exploit and hackers made off with $2,000. The app's official Twitter account warned that the exploit had been “fixed” but that users were “at war”.

“We are being targeted by malicious actors who want to steal your money,” he said. But the representation of the anonymous developer and founder of the wallet security project “Fubar” was not convinced. “You've taken a fully functional base contract and somehow added new attack vectors to your unverified fork,” they responded.

Friend.tech, which is based on the Ethereum layer-2 network Base, was also hit by an exploit this week: a hacker leaked the accounts of four users and lost $385,000 in Ethereum.

The decentralized social app craze exploded in August when celebrities like NBA star Grayson Allen showed interest in Friend.tech's platform. It then died within weeks of its launch but has since revived in popularity.