The social app Stars Arena, inspired by Friend.Tech, spurred growth in transactions on the Avalanche network.
According to DappRadar, the number of unique active addresses in the ecosystem rose by 31.3% over the past 24 hours to 10,410. The transaction volume was nearly $2 million.
According to DeFi Llama, the total value locked in Stars Arena reached $1.05 million. At launch on September 27, the figure stood at $33,000.
Transactions on Avalanche jumped from 790,000 to 1.2 million in less than a week.
According to SnowTrace, a critical vulnerability was found in the Stars Arena protocol, enabling attackers to withdraw AVAX tokens from the project’s smart contracts.
Subsequently, developers said the exploit had been fixed.
THE EXPLOIT HAS BEEN FIXED.
BUT DON’T GET THIS WRONG WE ARE AT WAR.
We’re being targeted by malicious actors in the space that want to steal your money.
The little guy is under attack.
You are under attack.
Your right to platform diversity is under attack.
Don’t get it… pic.twitter.com/DmbMdf9cAq
— Stars Arena (@starsarenacom) October 5, 2023
The flaw lay in the getPrice() function, which allowed invoking the contract and transferring a small amount of coins to wallets. However, high fees on Avalance prevented hackers from withdrawing the cryptocurrency, as such a method would have required large expenditures and was barely profitable.
Stars Arena, formerly known as Stars Shares, almost entirely replicates the functionality of its competitor. Protocol users can link their X account and trade other participants’ tokens.
The app automatically creates a wallet into which users can deposit AVAX.
Against a backdrop of rising activity on the Avalanche network, the native token rose 3.5% over the day and was trading at $10.02, according to CoinGecko.
According to the Dune dashboard by CryptoKoryo, among SocialFi projects by all metrics, Friend.Tech leads. Over the week the project processed 744,642 transactions worth $37.96 million.
Second place is Stars Arena, followed by Post.Tech on Arbitrum.
As reported, the turnover in the Solana network — Friendzy — reached $920,000 a week after launch.
ForkLog previously reported a hundreds-fold increase in activity on Post.Tech in the Arbitrum L2 network.