Key takeaways:
- The most rapidly growing short video app Chingari is launching IDO of its native social token GARI on SolRazr on December 15
- The company aims to raise $16 million in the upcoming token sale, which would be the largest sale of its kind to date
- Chingari boasts an impressive community of 32 million active users who produce a whopping 156 million content views per day on the platform
Chingari, one of India’s leading social platforms, is launching the initial DEX offering (IDO) of its native GARI token on the SolRazr decentralized launchpad on December 15. The rapidly growing short-video sharing platform expects to raise a record-breaking $16 million in the upcoming public sale.
GARI IDO will run from December 15 to December 18 on SolRazr
Chingari is India’s quickest growing social media platform, sporting 32 million active users, 85 million downloads, and an impressive 156 million content views per day. It is no surprise that the company has set sights high for its upcoming IDO – Chingari aims to raise $16 million during the three-day-long public sale and become the world’s largest-ever raise for such a project in history.
Chingari’s ambitions are definitely high but far from being unreasonable – they are rooted in the company’s past success. The social media platform raised a whopping $19 million from 30 institutional investors and numerous individual investors in October for the development of its Solana-powered GARI token. Additionally, the company raised a whopping $12.3 million during the GARI token sale on the crowd-equity platform Republic in early November.
Managing Partner at Republic Capital Andrew Durgee believes Chingari is turning the vision of crypto social tokens into a reality:
“At Republic, we believe social tokens are an essential piece of the crypto community and creator economy. Chingari shares this vision and has taken innovative steps to bring that vision to life. Their creators and users will now be able to more truly monetize their own engagements and experiences.”
Chingari’s brand ambassador and the host of the GARI token launch event in October was no other than Bollywood movie star Salman Khan. The film actor, painter, and avid humanitarian with more than 43 million Twitter followers is championing the Chingari-led content creation revolution.
Tariq Wali, Chief Technology Officer at Chingari, talks about the revolutionary prospects of the web 3.0 era, which the company is at the forefront of:
“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.”
GARI is built on the highly efficient Solana blockchain, allows users to interact with their favorite artists
Chingari is revolutionizing content monetization with the social media token GARI, which allows content creators to create their individual e-commerce spaces, and gives fans the opportunity to interact with and support their favorite artists.
Solana blockchain is a logical choice for the heavy workload GARI tokens are designed to take on. Ranging from non-fungible token (NFT) items to various monetization options, GARI is at the core of the rapidly emerging creator economy. Solana’s proof-of-stake (PoS) consensus mechanism coupled with a unique proof-of-history (PoH) timestamping algorithm allows the NFT-focused blockchain to achieve a maximum throughput of 65,000 transactions per second while retaining very market low transaction fees.
GARI is currently fulfilling a governance role in the Chingari ecosystem, with plans of powering token-gated content and creator pools in the future. GARI token owners can also look forward to using their digital GARI funds for tipping purposes, in-video sales, and much more.
GARI IDO will launch on Solana Launchpad platform SolRazr on December 15 at an initial token price of $0.40 with 40 million tokens up for sale.
