coincodex.com
Key highlights:
- India-based short video sharing platform Chingari is getting ready to launch the GARI token
- The project is looking to raise $16 million through an IDO on SolRazr
- GARI is designed to provide an incentive structure for creators on Chingari, and give them a say in how the platform should be developed
Chingari is aiming to raise the largest IDO ever on SolRazr
Chingari, a platform for sharing short videos that’s gaining popularity in the Indian market, will be holding an IDO (Initial Dex Offering) for its GARI token on SolRazr. Chingari expects to raise $16 million in the IDO, which is notable because IDOs are typically known for much smaller raises.
Chingari’s IDO on SolRazr will be conducted between December 15 and December 18. The allocation for the IDO is 40 million GARI tokens, which represents 4% of the total token supply. In the IDO, GARI tokens will be sold at $0.4 apiece. SolRazr will conduct the IDO through two pools, one that’s reserved for stakers of the platform’s SOLR token, and another that’s open to all eligible participants. Users will need to verify their identity before they can participate in the GARI token sale on SolRazr.
The Chingari project has already raised a significant amount of capital. The upcoming IDO will follow a $12.3 million token sale that Chingari held on the Republic platform, and a $19 million token round that included venture capital firms and individual investors.
This demand from investors is probably tied to the growth displayed by the Chingari app. According to data from SimilarWeb, Chingari is the second-ranked social app in India in terms of its app store ranking, and 17th when it comes to usage. Data from the Google Play store shows that the app has been installed over 50 million times.
The platform’s GARI token will be deployed on the Solana blockchain, meaning that users will be able to enjoy fast transactions and low fees. The GARI token is designed to provide an incentive structure for Chingari app users, who will be able to earn GARI for creating engaging content. According to Chingari, the GARI token will also have a governance component, which will give holders the ability to influence the future development of Chingari. The platform also plans to use GARI tokens to power ecommerce features that will make it possible for creators to sell merchandise.
Chingari CTO Tariq Wali commented on the innovation that’s currently happening in the cryptocurrency sector, and called it a paradigm shift:
“The internet was the closest innovation to what's happening in the crypto world now - the society moving to a world powered by cryptographic truth through the advancement of web 3.0. Paradigm shifts like this happen once in centuries.”