Key takeaways:
- Chingari’s native GARI social token OKEx public sale will commence on January 18 at 04:00 UTC, with GARI trading pairs going live shortly after the sale concludes
- Only OKEx users holding OKB in their exchange accounts from selected South Asian regions will be able to participate in the sale
- The team aims to raise $1 million in the IEO of 5 million GARI at an initial price of $0.2
- Chingari is one of the fastest-growing social media platforms in India, boasting 32 million daily active users and over 85 million downloads
Chingari, the quickest growing short-video sharing platform in India with more than 32 million daily active users, has announced an exclusive initial exchange offering (IEO) of its native GARI token on OKEx, the world’s second-largest cryptocurrency exchange in terms of trading volume.
GARI token sale begins on January 18 at 04:00 UTC, trading pairs to go live on the same day
Chingari launched its social GARI token last October in collaboration with Bollywood movie star and Chingari brand ambassador Salman Khan. Just two months later, GARI set the record for the largest initial DEX offering of its kind, with a $16 million IDO on the SolRazr decentralized launchpad.
Now, the team and the rapidly growing Chingari userbase are eagerly anticipating the launch of GARI on OKEx’s Jumpstart platform. The team behind India’s rapidly growing social media app aims to raise $1 million in the public sale of 5 million GARI at an initial token sale price of $0.2. The sale will be limited to OKEx users from India, Pakistan, Nepal, Bhutan, Sri Lanka, and the Maldives, who hold OKB in their exchange accounts.
Chingari CEO Sumit Ghosh commented on the GARI IEO and subsequent OKEx listing:
“Chingari is bringing the web3 revolution to the creator economy with its $GARI token. $GARI will enable 30 million monthly active users of the Chingari Short video app to get on-chain. For the first time in the history of blockchain, an app will onboard millions of users on-chain from the day of its launch. The Chingari and $GARI teams and the entire community are super excited about its launch and listing on OKEx!”
Participants will be able to obtain a maximum of 7,500 GARI with their OKB holdings during the sale, which will begin on January 18 at 04:00 UTC and is slated to last six hours. Shortly after the IEO concludes, GARI trading pairs are scheduled to go live on OKEx on the same day at 13:00 UTC.
The integration of Web 3.0 technologies, which introduces innovative monetization models for the platform’s content creators and unlocks new ways of interaction between artists and their fans, sets Chingari apart from the vast majority of traditional social media platforms. As the app’s native currency, GARI social token lies at the heart of the platform and ensures the needs of the rapidly growing community are fully met. Solana blockchain architecture allows GARI to reach a high transactional throughput while retaining low transaction costs, which provides ample opportunity for NFT trading and can easily facilitate the GARI user rewards program.
OKEx Asia CEO Netero Dai said in a statement that the OKEx team “are delighted to partner with Chingari” and that the partnership between the two companies will help “empower the Chingari App community with revolutionary blockchain technology which will simplify content monetization for creative users of the app.”
Last December, Chingari reached a major milestone when it became the most popular media app on Google Play India, beating out social media giants Facebook, Instagram, and Snapchat for the top spot.
