The SolRazr platform is all set to host Chingari’s $GARI token sale tomorrow in what is expected to be the largest-ever Initial DEX Offering in the history of launchpads. Chingari is reportedly planning to list 40 million tokens for sale at the price of $0.4 per token, starting at 2 PM UTC on Dec 15.
SolRazr said users will not be required to register for a whitelist prior to participating in the IDO, eliminating a major bottleneck.
Chingari’s $GARI token is expected to be at the heart of the app’s ecosystem, creating unique economic opportunities for the platform’s users. The Chingari app is one of the fastest-growing social media platforms in India today, ranking as the country’s top 5 popular social apps according to SimilarWeb. It only emerged in Nov. 2018 to fill the vacuum left by a ban on TikTok for fun, short video sharing apps, but has already accumulated a massive base of more than 32 million daily active users.
As Chingari explains, the $GARI tokens are expected to be in big demand as they will be indispensable to the four major stakeholders on its platform – the content creators, viewers, advertisers and developers.
SolRazr co-founder Sreekanth Kalapur said $GARI’s debut will be the biggest IDO on any launchpad in the crypto space so far. “$GARI will help creators on Chingari create their e-commerce ecosystem through physical merchandise, NFTs, and raising funds from their fans directly,” he added.
Beyond serving as the main currency of Chingari’s ecosystem, $GARI will also enable users to develop NFT projects and reward their favorite artists
“It will allow content creators on the Chingari app to create their own ecommerce area, which will include actual items, develop NFT projects, and help consumers fund their favorite artists,” explained Chingari CEO Sumit Ghosh.
Chingari will also develop a reward-based system on its app that’s intended to incentivize its creator ecosystem, and said $GARI will play a key role in this process.
Chingari brand ambassador Salman Khan, a Bollywood superstar and avid proponent of cryptocurrency, said creators will be key to shaping the future of mobile entertainment. He believes the reward program will motivate Chingari influences to create far more engaging videos.
“It’s going to be an interesting journey hereon,” Khan promised.
Chingari previously raised $12.3 million last month from the first public sale of $GARI on Republic.
