Stars Arena Ramps Up Friend Tech Competitor Wars🔺

When you create something successful, the possibilities of competitors exponentially expands. Friend Tech created new levels for SocialFi & decentralised social media as a whole & since then we have seen several projects attempting to build a David, to dethrone the Goliath.

Since launching Friend Tech has undergone several changes and side-eye moment’s notably the warning for users who adopt Friend Tech competitors back in August. Whilst this warning arguably led to more competition launching, it’s important to cite, hype hasn’t always represented the longevity and potential competition has.

TL:DR📖

1. Stars Arena is a decentralized social finance platform that allows users to buy shares of influential personalities on Twitter (X)❌

2. Stars Arena has experienced a security breach, but has taken steps to recover the stolen funds and strengthen its security measures🚨

3. Stars Arena is a platform that offers a variety of features, such as tipping and public discussion threads, that set it apart from Friend Tech👀

As often the hype of protocol competition comes from the FOMO of the “OG” which in this case, is Friend Tech, its hard to gauge how successful that competition will be long term. We have seen a number of challenges Stars Arena has faced already with the exploit but the question is, WHY IS EVERYONE STILL TALKING ABOUT IT?

Stars Arena : The Background🗺️

Stars Arena, a cutting-edge social finance platform, has rapidly emerged on the Avalanche blockchain, challenging the norms of social media interaction. Launched on September 27, 2023, by the developer 'theBuilder' on X, this decentralized platform offers a unique blend of user engagement and financial opportunities. Much like friend.tech, Stars Arena enables users to buy shares (Tickets) of influential personalities on Twitter (X), transforming social influence into valuable financial assets. Unlike its counterpart, Stars Arena stands out with additional features such as tipping and public discussion threads.

To get started on Stars Arena, users can seamlessly sign up using their Twitter (X) accounts, granting them immediate access to the platform's vibrant community. However, caution is advised due to a significant security breach on October 6, urging users to conduct thorough research to ensure the platform's safety before depositing any tokens.

Key Features and Strategies🎲

Stars Arena leverages an innovative approach to social finance, gamifying user influence through shares (Tickets). These Tickets represent a user's relevance and can be traded as financial assets, with prices influenced by demand and popularity dynamics. Shareholders enjoy privileges such as direct messages and access to exclusive content.

The platform's features include a robust Airdrop program, allowing users to earn points through various interactions like creating posts, viewing threads, tipping, and referrals. Stars Arena also simplifies access for new users, eliminating the need for deposits or referral codes. The application operates on the Avalanche network, offering a user-friendly experience without complicated barriers.

Comparing Stars Arena with Friend.tech👀

Stars Arena's simplicity in access distinguishes it from friend.tech, which requires referral codes and minimum deposits. Both platforms share the goal of creating sovereign social media applications, utilizing a shared model of tokenizing users' presence and determining share prices based on demand and supply dynamics.

Despite the rapid growth, potential users should exercise caution. While these platforms revolutionize social media monetization, the management of user data and cryptocurrencies deposited remains a concern. Therefore, comprehensive understanding and risk-management strategies are imperative for users exploring these innovative applications.

In the evolving landscape of social finance, Stars Arena offers a glimpse into the future of decentralized social media, bridging the gap between user engagement and financial empowerment. As users navigate these platforms, informed decisions and vigilance are essential, ensuring a secure and rewarding experience in the world of decentralized social finance.

The Bounce Back🚨

In a turn of events, Stars Arena rebounded from a security breach on October 7, 2023.

In a tweet on October 11, 2023, the platform announced the recovery of approximately 90% of the stolen funds, amounting to 239,493 Avalanche (AVAX) tokens, equivalent to nearly $2.57 million based on the market value at the time.

This recovery followed a strategic settlement with the individual behind the exploit, involving the return of the compromised assets, minus a 10% bounty fee totaling 26,610 AVAX, along with an additional 1,000 AVAX lost during the exploit, constituting a 27,610 AVAX bounty.

The platform executed this recovery through two separate transactions, each comprising 119,246 AVAX. The recovered bounty, valued at almost $257,000, served as compensation for the exploit's perpetrator. Stars Arena demonstrated resilience and resourcefulness, swiftly addressing the security breach and implementing compensatory measures.

In response to these incidents, Stars Arena intensified its security efforts, unveiling a new smart contract to safeguard the retrieved funds before relaunching.

As part of its commitment to fortifying security, the platform is currently in the final stages of a comprehensive audit on the updated contract. While the exact nature of the exploit remains undisclosed, Stars Arena proactively secured additional funding and engaged a dedicated development team to conduct a thorough security audit.

Notably, this security breach was not Stars Arena's first encounter with such challenges. On October 5, a minor breach occurred, resulting in the theft of approximately $2,000 worth of assets. The platform identified a vulnerable price function in its smart contract as the root cause, allowing the exploiter to sell user shares without cost and receive AVAX in return. Stars Arena promptly patched this vulnerability, showcasing its commitment to swift response and proactive security measures.

Conclusion🧠

It’s important to note that there are several competitors that will emerge and none of them represent the depth of quality said narrative possesses. Those who missed Friend Tech will be bullish on Stars Arena & vice versa. The true message here is that not all protocols are tried and tested before you deploy your precious liquidity. While Stars Arena may bounce back and regain users, will it have the same impact on the Avax ecosystem as it once did?

Only time will tell…

As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies.

This should not be regarded as financial advice; feel free to familiarise yourself with our NFA disclaimer.

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