- Chingari’s First-ever GARI burn of 2.6 million tokens
- Revenue from boost and badge sales funds the token burn
- Chingari aims to reach a total supply of 21 million GARI tokens with monthly token burns
India, 02 May 2023: Chingari, the world’s fastest-growing on-chain social app, has announced its first-ever token burn of 2.6 million GARI tokens. This impressive move represents 0.25% of the total GARI token supply, a testament to Chingari’s commitment to creating a strong and thriving token ecosystem for its users.
The revenue generated from boost and badge sales has funded this token burn, and Chingari plans to continue with monthly token burns until the total supply of GARI tokens reaches 21 million. With a total supply of around 997 million GARI tokens, this is an ambitious target, but one that Chingari is determined to achieve.
Chingari’s monthly token burns will take place on the first day of each month and involve burning revenue earned from the previous month’s Boost and Badge sales. The on-chain app also aims to add more revenue streams for token burn if required. These burns will ensure the permanent deletion of coins from their circulating supply, a process known as token burn.
Sumit Ghosh, CEO & Co-Founder, Chingari, said “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.”
Transaction IDs for GARI Tokens burn:
Tx 1: Booster Badges Revenue Burn Tx
Tx 2: Revenue from Profile and Video Boost Burn Tx
About Chingari: Chingari, powered by GARI is the world’s fastest-growing on-chain social app. Chingari’s eclectic platform entertains 175M+ users across, and witnesses videos in 15+ languages. Chingari has more than 5 million Daily Active Users (DAU) and 40 million Monthly Active Users (MAU). The app has been downloaded more than 175 million times across the App Store and is amongst the top 20 most downloaded apps worldwide on Google Play. Over 200 million videos are being watched on the app on a daily basis.
About GARI Social Token: GARI token is the World’s biggest social token. Chingari’s native token, GARI enables short-form video creators to monetize their content on the Blockchain. The GARI token has received great enthusiasm from the community with almost 2.6 million GARI holders in a record time of just a year from launch. GARI token is amongst the top 2 Projects on the Solana blockchain in terms of the number of holders.
***Tokens are in the form of Crypto products which are unregulated and can be highly risky as also an addictive proposition. There may be no regulatory recourse for any loss from such transactions. Gari Token is not legal tender. Subject to T&Cs.
