Avalanche (AVAX) surged yesterday due to the launch of a new app, named Stars Arena, which is a fork of Friend.Tech built on top of Avalanche, whereas Friend.Tech is built on Base, the Ethereum layer-2 of Coinbase.
However, only a day after the launch, Stars Arena was already exploited. Although the vulnerability which allowed the attackers to drain funds would have been fixed, an exploit after only a day of existence is a red flag... Therefore, I will continue using Friend.Tech rather than its clone on Avalanche.
If you want to use Friend.Tech, you will need an invite code - you may try one of my codes:
You do not need invite codes for Stars Arena.
Both apps are what we call SocialFi apps. SocialFi is a new and exciting trend that combines social media and finance. It allows you to earn crypto, invest in assets, and trade with others using your social media accounts.
Friend.Tech and Stars Arena both let you trade tokens associated with social media influencers, which give you exclusive access to chat with them. It also allows you to become an influencer yourself and to sell your shares.
So, is SocialFi the next big thing in crypto? It's too early to say for sure, but it's definitely a trend to watch. Here are a few reasons why:
- Social media is huge, and people are spending more and more time on it.
- People want more control over their data and to be able to make money from their content and engagement.
- Web3 technology is enabling decentralized and transparent social media platforms.
Of course, there are also some risks associated with SocialFi. The market is still volatile and unproven, there's a lack of regulation, and the platforms are still under development.
But overall, SocialFi is a promising new trend with the potential to revolutionize the way we use social media.
Just be aware of the risks. The market is still volatile, and there are some scams out there. So do your research before you invest in any SocialFi platform.
