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.
GARI token to be released on SolRazr
According to a press release shared with U.Today, social media application Chingari is ready to become the first Indian 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 emphasizes that the process of SolRazr's IDO will be convenient for participants with various levels of expertise in crypto and blockchain:
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 Oct. 11, 2021, the Chingari app secured $19,000,000 from a clutch of high-profile VCs, including Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Valor Equity Partners, Kraken Ventures and so on.
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 short-form tool for crypto newbies projected to support them in their first baby 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.