The social protocol Stars Arena on the Avalanche ecosystem announced on X platform that Arena is preparing to take real financing measures. The founding team from the early days to today has officially identified a company that is ready to enter the seed round of financing, which is a long road. We are working with Avalaunch to provide guidance on the financing process and provide suggestions for building a sustainable economy, while rewarding users and creators in the process of Arena's development. Arena welcomes their support as we take steps to establish ourselves as one of the most influential native cryptocurrency applications.

DeFiLlama data shows that on October 23, the fund outflow of SocialFi application friend.tech was $5.81 million, the largest single-day outflow since the protocol was launched. Based on current data, Friend.tech has already outflowed $3.21 million today, possibly setting the second largest single-day fund outflow. Previously, the platform's most valuable user Vombatus sold his 176 keys (worth about $1.5 million), and Vombatus' key price dropped from around 8.3 ETH to 1.671 ETH. The total locked value (TVL) of friend.tech is currently slightly lower than $40 million.

Binance Labs has expressed in a post that it sees potential in SocialFi for driving Web3 into the mainstream and has carried out a subsequent investment in CyberConnect, and will hold an AMA to further explore the opportunities for social integration within the entire ecosystem.

Web3 social app Tip Coin announced on X platform that it has reserved 35% of the airdrop share for TipChat users. Earlier news, Tip Coin will launch TipChat on October 23.

friend.tech has launched a bug bounty program, with rewards allocated based on the severity of the disclosed defects and the assets at risk. The highest reward is up to 1 million USDC. Risks are divided into four levels: Critical: Issues that could affect many users and have serious reputation, legal, or financial consequences.

According to Sentio data, the transaction volume on the Tomo chain of the Linea social ecosystem protocol has reached 121,000, with approximately 3,760 independent transaction addresses. The protocol fee has reached 353,000 US dollars, and 353,000 US dollars in revenue has been distributed to creators. In addition, the current Tomo TVL is 1,000 ETH, equivalent to approximately 1.58 million US dollars.

According to Lineascan data, the Tomo TVL simulation project on the Linea ecosystem friend.tech has broken through 1000 ETH and is now reporting 1003 ETH.

John Wu, the president of Ava Labs, has made some predictions for the crypto industry in 2024. He believes that a SocialFi DApp called Stars Arena, which launched on the AVAX blockchain in September, will figure out the business model and become successful. Wu also predicts that the SEC will approve a spot Bitcoin ETF, which could lead to a lot of inflow. Ava Labs plans to roll out real-world assets, some of which will be announced in November, and Wu believes these developments will be game-changing for the Avalanche ecosystem.

According to DefiLlama data on October 19th, Stars Arena's TVL decreased by over 600,000 AVAX (over $500,000) compared to the previous day, a decrease of 35%. October 18th, after Stars Arena resumed trading, the current TVL reached $2.04 million according to on-chain data.

According to on-chain data on October 18th, after the resumption of trading, the TVL of Stars Arena has reached $2.04 million.As previously reported, on October 18th, the FT imitation platform Stars Arena based on the A etwork resumed trading.