On the first day of trade, Chingari, an Indian-based short video-making app, revealed that its native token, GARI, has reached the $100 million mark in trading volume. The “Indian Tiktok” reached the milestone just hours after being launched on Huobi Global, Kucoin, OKEx, FTX, MEXC Global, and Gate.io, among others.
BTXEC, CoinW, BitMart, Zebpay, Hotbit, Bitbns, and LATOKEN are among the 12 biggest centralized crypto exchanges that presently list the GARI coin. During its first listing on January 18, 2021, GARI became the first of its sort to be listed on more than 10 exchanges at the same time.
The Chingari app, which is accessible on iOS and Android app stores, was launched in 2018 and has quickly received attention in India and South Asia, paving the way for the shift to decentralized social media platforms. The GARI token was unveiled three years later to great hoopla, with Salman Khan, the iconic Bollywood actor-turned-brand ambassador, revealing the token in front of millions of Indians last October.
The GARI token was introduced to the public only about two months after its creation in an oversubscribed initial decentralized exchange (DEX) offering, IDO, on Solana’s SolRazr launchpad, raising $4 million dollars in a matter of minutes. Republic, Galaxy Digital, Alameda Research, Solana Capital, and Kraken Ventures are among GARI’s major investors.
Later, as Chingari surged to the top of India’s social media app rankings, media exposure and market for the token skyrocketed to great heights. While the country’s prohibition on Facebook and Tiktok aided Chingari’s rise to fame as a leading social media app, the app’s success is mostly due to its creator benefits and censorship-free network to all its users. The app was named “India’s #1 application on Google Play Store” in 2021, with more than 32 million active monthly users and more than 100 million downloads.
The recent achievement demonstrates Chingari’s and GARI’s ability to transform the video-sharing market, with the goal of defeating Web2 large tech behemoths like Tiktok, Youtube, and Instagram. Furthermore, such high volumes demonstrate traders’ and investors’ excitement about what is yet to come on Chingari’s platform.
Despite this success, the GARI token will be merged into the Chingari app, giving the game’s 30 million users access to a whole new world. The token, which is based on Solana, allows users to tip their favorite creators and artists instantly, efficiently, and affordably. Participants who make, post, and watch videos on the app will also be rewarded with GARI.
Ultimately, the token strives to allow artists to create, share, buy, and sell on the Chingari e-commerce arena, due to its strong community. On the platform, users can also make NFTs (short films) that allow users to buy products from or communicate with their favourite content providers..
Chingari, which launched in 2018, is a platform for creators that allows them to upload short films and earn money through merchandise shops, subscriptions, and unique ways to communicate with their followers. Chingari has been branded the “TikTok of India,” and it has more than filled the void left by the banning of TikTok and a number of other social media applications in India. The app has exploded in popularity after it was updated in June 2020 to better fit with their crypto and creator focus. The number of active users on Chingari has grown at an exponential rate, reaching milestones of 100,000, 1 million, 10 million, and finally 100 million.
GARI, the Chingari app’s native token, debuted in October 2021, with a creator-centric strategy and additional incentives to encourage content creation. The token became the first cryptocurrency to be listed on all six major centralized crypto exchanges at the same time, including FTX, Huobi, and OKEx.