- Chingari, India’s leading short video sharing app, has scheduled the $GARI token IDO for Dec. 15-18.
- The platform is the first of its kind in the country to introduce monetization strategies through a native cryptocurrency token.
India’s top video-sharing app, Chingari, will be launching the initial DEX offering (IDO) of its native token $GARI between Dec. 15-18. The event will take place on the Solana-based SolRazr launchpad, in what is expected to be a world record-breaking IDO. SolRazr is a decentralized developer ecosystem and venture platform whose launchpad debuted in October.
Last month, Chingari raised $12.3 million within 24 hours of launching the $GARI token live sale on the Republic platform. Before that, the platform had raised $19 million in a token round attended by 30 venture capitalists and individual investors.
Chingari upcoming $GARI token IDO
With the success of previous token sales, Chingari is expecting great demand for the $GARI token during the IDO. The platform looks forward to raising $16 million, making it the largest raise in the history of decentralized launchpads.
The $GARI token was introduced in October, during a public event hosted by its brand ambassador, Bollywood film star Salman Khan. This made it the first social media network in India to issue its cryptocurrency token.
$GARI is based on the Solana blockchain – an Ethereum alternative created by Indian developers as the future of DeFi and Web 3.0. Solana was the blockchain of choice owing to its faster transaction speeds and lower gas fees. Chingari developed the token to boost the e-commerce abilities of content creators on its platform. As a social token, it can be utilized in selling merchandise, creating non-fungible tokens (NFTs), facilitating artists’ funding by fans, and monetizing creators’ content. Additionally, users will use the token to create or watch content on Chingari. $GARI also vests decision-making powers in the hands of Chingari users, increasing the adoption of content monetization strategies in India.
The Chingari app was founded in 2018 by Sumit Ghosh, Deepak Salvi, Aditya Kothari, and Biswatma Nayak. It lets users upload and download short videos, other than sharing and commenting on them. Filtering videos, gaming, shopping for merchandise, and sending messages are among other functionalities of the app.
Since its launch, Chingari has been trending as India’s leading short video sharing app and one of the fastest-growing social media platforms in the country. The site boasts over 85 million downloads and over 32 million active users. The upcoming IDO is expected to generate further interest in cryptocurrencies in Chingari’s large user base. Subsequently, this is expected to bolster awareness of the capabilities of Web 3.0 and decentralized autonomous organizations (DAOs) in the present digital economy.
Tariq Wali, Chief Technology Officer at Chingari said;
The internet was the closest innovation to what’s happening in the crypto world now – the society moving to a world powered by cryptographic truth through the advancement of web 3.0. Paradigm shifts like this happen once in centuries,
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