Forbes India 15th Anniversary Special

Chingari announces token burn to build GARI ecosystem

The social media platform has descended into the crypto space with its very first token burn with a long-term strategy for its community

Shashank Bhardwaj
Published: May 5, 2023 06:57:18 PM IST

Chingari announces token burn to build GARI ecosystemImage: Shutterstock

GARI, the native token of the social media platform Chingari, has come into the spotlight recently, with the firm going ahead with its first token burn. Opting to fund the token burn from its boost and badge sales revenue, Chingari has set a goal of maintaining the supply of 21 million GARI tokens through monthly token burns.

Initially, the token burn will consist of 2.6 million GARI tokens which will represent 0.25% of the total supply of the tokens. Chingari has set eyes on creating a robust token ecosystem for its users, which could thrive in the long term.

“Token burning is a common yet powerful crypto industry practice that reinforces our commitment to building a sustainable GARI ecosystem. We remain committed to creating effective economics that will drive long-term success and benefits for our community and ecosystem,” said the CEO and co-founder of Chingari, Sumit Ghosh.

The platform has decided to conduct the token burns on the first day of every month, which in turn will be funded by the previous month’s sales of boost and badge.

It has kept its options open for introducing additional funding streams for the token burns should the need arise. The regular token burns will ensure that some coins are permanently deleted from the supply.

Claiming to be the world’s fastest growing on-chain social application, Chingari reportedly has above 175 million users, with daily active users amounting to 5 million. Its videos are circulated in over 15 languages, and it holds 175 million downloads on app stores.

Its native token GARI, built on the Solana blockchain, has ensured the monetisation of videos for creators on Chingari. Currently, there are 2.6 million GARI token holders in the blockchain.

The GARI network’s roadmap mentions the recent launch of audio drops and the GARI NFT drop. Upcoming events include the staking of GARI NFTs and the mining of tokens for wallet holders.

Chingari is also supposed to expand to new markets in the United States, the UAE, and Turkey within May.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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