Key Takeaways
- Chingari’s wallet now has 800k active users, just five months after it was integrated into the Chingari app
- 800k active wallet users in five months is an important milestone for Chingari and the GARI network, which have seen several other successes in the recent past
- Chingari is the largest short video-sharing platform in India and had surpassed Facebook and Twitter as the number 1 ranked Android social media app in the country
- Even though GARI’s price has been dropping in the past few days, there are indications of a potential trend reversal
Less than six months after the launch of the GARI token, Chingari Wallet Signers reached the 800,000 mark. This is another impressive milestone for the GARI Network and the Chingari App, which is often referred to as India’s Tik Tok.
Announcing the good news via Twitter on July 13th, the GARI Network stated that it has reached 800,000 wallet signers just five months after the Gari Wallet was integrated into the Chingari app. Considering what the network offers and its popularity in India, this is not surprising.
How well do you know Chingari and the GARI Network? Considering what is happening on the market right now, how reliable is Chingari and how safe can GARI investment be? We will attempt to summarize the most important things you should know about Chingari as well as its journey so far.
What Is GARI?
GARI, which is officially called Gari Network, is the native social token of the Chingari app, a short video social media platform based on blockchain. Chingari was created in 2018 as a short-video sharing app. It was obviously inspired by Tik Tok but has grown to become the largest short video-sharing app in India.
The Chingari app and the entire GARI ecosystem are changing the way Indians and other users create and consume video content, especially in India. It allows creators to monetize their content and also allows consumers to invest in the network. NFTs are also supported on the Gari Network.
While Chingari runs as a mobile app on phones, the GARI token runs on the Solana blockchain as an SPL token. Users can create, publish, share, and monetize content via the app. The GARI token has multiple use cases. It can be used for in-app purchases, influencer marketing, live streams, exclusive content, audio rooms, and more. As the governance token of the decentralized autonomous community (DAO), GARI gives governance rights to holders so that they can vote on proposals to shape the future of the network.
Chingari App and GARI – The Road So Far
While GARI Wallet was integrated into the Chingari app about five months ago, the app and the network have come a long way. As mentioned earlier, the app was released in 2018. Here, we will give you a rundown of how the Chingari has fared since its inception.
Funding
Chingari was able to attract substantial funding early enough. The team has been able to raise money on several occasions. The GARI token was launched following a series of successful funding rounds, including a $16 million IDO on SolRazr. The team also reported that the GARI token raised $40 million within 24 hours of its live sale.
App Store #1 in India
Even before launching its token, Chingari reached the number 1 Android app store ranking among social media apps in India, surpassing Facebook and Twitter. This was achieved in December 2021, months after Bollywood superstar, Salman Khan, joined as an ambassador.
High Volume after Listing
Chingari had achieved major successes before its token was launched. The success rubbed off on the GARI token once it was launched. When it debuted on major exchanges like KuCoin, FTT, and OKX, GARI topped $100 million in trading volume within 24 hours.
Gari Token Mining Program
Chingari achieved the status of India’s fastest growing Web3 social app pretty easily. To acknowledge and reward its users, Chingari announced a $12 million GARI mining program in June 2022. Eligible users just had to create, like, and share videos to earn from the mining program.
High-Value Partnerships
The Chingari team has been able to attract meaningful partnerships that have helped to change the fortunes of the app and the entire ecosystem. It partnered with Fashion TV to launch NFTs, lifestyle-oriented metaverse, as well as Fashion TV tokens. Chingari also partnered with KuCoin for its Creator Contest. KuCoin served as the title sponsor and has since been working to facilitate the trading of GARI.
800,000 Chingari Wallet Signers in Five Months
The Chingari Wallet was integrated into the Chingari app in February 2022. Just five months afterward, it has already attracted 800,000 signers.
Sharing the news via a Tweet, the team said they were “ecstatic” about getting up to 800,000 active wallet users, adding that they are “on course to onboard 1 billion on-chain users.”
An Important Milestone in Trying Times
Having 800,000 active wallet users is worth celebrating. After all, it is a remarkable milestone for a project that aims to change the way people create and consume video content. However, this good news is coming at a time GARI token is taking a huge beating.
In the past seven days, the value of GARI has dropped significantly. Despite the recent downturn, the price of the GARI token could see a substantial rally according to our algorithmically generated price prediction charts.
