The app with over 32 million monthly users is made public via Solana-based IDO
Retail social media application Chingari, well known as Indian “TikTok killer,” shares the details of its upcoming initial decentralized exchange offering. Here is why this IDO may be a huge event.
The GARI token will be published on SolRazr
According to a press release shared with U.Today, the Chingari social media app is poised to become India’s first social network with a native utility cryptocurrency token.
GARI token will be released on the largest Solana-based fundraising platform, SolRazr, on Dec. 15, 2021. The token is set to unite four groups of Chingari participants—namely, content creators, viewers, advertisers and developers.
Chingari CEO and Co-Founder Sumit Ghosh points out that SolRazr’s IDO process will be convenient for participants with different levels of crypto and blockchain expertise:
We chose SolRazr to launch our IDO token sale as the platform is also built on Solana, and we are confident that it is the best platform to ensure a fair process and complete transparency.
As covered by U.Today previously, on October 11, 2021, the Chingari app secured $ 19,000,000 from a leading VC group including Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Valor Equity Partners, Kraken Ventures and so on. to.
Novel instrument of motivation for Web3 social media users
GARI token will be the backbone element of Chingari’s tokenomics. It will serve as a motivation instrument for new and existing creators, helping them to publish engaging videos.
At the same time, GARI will be a familiar shortcut tool for crypto newbies that should help them in their first steps in blockchain and decentralization.
As of Q4, 2021, the application has 32 million+ active monthly users and roughly 80 million downloads. Besides video hosting, the platform boasts a song library, hyper-realistic AR filters and interfaces in 20 languages.
