Avalanche-based Social Finance Stars Arena Relaunches with Trading Functionality on Pause
In the ever-evolving landscape of Web3 and decentralized finance, Stars Arena, an on-chain social finance app built on the Avalanche blockchain, has made headlines with its recent relaunch, albeit with a temporary pause on trading functionality. The platform, which is an iteration of FriendTech, enables users to purchase tokens granting access to individual chat rooms. However, this relaunch comes in the wake of a devastating hack on October 7, which resulted in the loss of approximately $2.9 million worth of AVAX tokens.
The news of the relaunch was first communicated via a Stars Arena post. The announcement read, “The Arena will re-open on Sunday with a pause on trading functionality. There will be a separate announcement on trading being resumed, shortly after the relaunch,” posted by the SocialFi protocol on their X.com channel.
The Arena will re-open on Sunday with a pause on trading functionality.
There will be a separate announcement on trading being resumed, shortly after the relaunch.
We’re excited to welcome you back.
— Stars Arena (@starsarenacom) October 13, 2023
While the app has indeed gone live, trading functionality remains suspended for the time being. The decision to pause trading is rooted in a commitment to security and transparency. According to Stars Arena, trading will only recommence once a full audit has been completed and made publicly available, and the contract has been open-sourced for community review.
This cautious approach is understandable given the recent security breach that befell Stars Arena. The October 7 hack led to the loss of all funds locked in its smart contract, resulting in a significant financial loss. Such incidents are not uncommon in the world of cryptocurrencies and DeFi platforms, highlighting the need for continuous vigilance and robust security measures.
As for the Stars Arena platform, it operates on the Avalanche blockchain, a network known for its speed and scalability. The app’s core function revolves around the purchase of tokens that provide access to individual chat rooms. This novel approach blends social interaction with financial utility, creating a unique and engaging experience for its users.
In the aftermath of the security breach, Stars Arena is determined to rebuild trust within its community. By conducting a comprehensive audit and open-sourcing their contract for public scrutiny, they aim to address the vulnerabilities that were exploited during the hack.
The pause in trading functionality underscores the commitment of Stars Arena to safeguard the interests of its users and protect their investments. While this measure may cause temporary inconvenience for traders, it is a necessary step to ensure the platform’s long-term stability and security.
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