Stars Arena, a prominent project on the Avalanche blockchain, has unveiled a comprehensive contract upgrade and migration.
This move, designed to enhance user safety, involves transferring the total value locked (TVL) in the existing contract to a new smart contract as users resume trading.
Notably, the old contract will be rendered obsolete post-migration, and users are strongly cautioned against any interaction with it.
Stars Arena is a social finance platform on the Avalanche blockchain that allows users to buy shares of Twitter (X) personalities and participate in public discussion threads.
However, the platform has experienced security breaches, including a recent exploit that resulted in the loss of a significant amount of AVAX tokens.
The exploit drained the platform of nearly all locked funds, leaving it with minimal funds. The platform has advised users to refrain from depositing funds and is working on a solution to recover the lost funds.
Avalanche (AVAX) is an open-source platform designed for building decentralized applications (dApps) in an interoperable, decentralized, and highly scalable ecosystem.
Launched in 2020 by Ava Labs, Avalanche aims to address the blockchain trilemma of scalability, security, and decentralization.
Apart from the upgrade, the Stars Arena team is also introducing reward point applications to augment user engagement.
All of these follow its recent shift, transitioning from the original team to a new leadership headed by CEO Jason Desimone.
The entire former team has been disbanded, assuring users of a fresh and independent direction for the project’s future development.
To fortify security, Paladin Blockchain Security is conducting a thorough audit of the contract, addressing vulnerabilities.
The initial phase of the migration has been successfully executed, and preparations are in progress for subsequent phases.
Although Stars Arena is currently back online with limited functionality, users can anticipate further improvements and enhanced features as the migration progresses.
