Chingari, an Indian short video creation app analogical to TikTok, announced that its native token $GARI had passed $100 million in trading volume on the very first day of its launch, Coinews learned from a press release.
The milestone was crossed soon after the launch on six top exchanges: KuCoin, Huobi Global, FTX, OKEx, Gate.io, and MEXC Global.
App with rapid growth throughout South Asia
GARI was listed on more than 10 exchanges at the same time when it debuted on January 18, 2021, setting a precedent in that respect.
The Chingari app, which is available from the App Store and Google Play, has experienced a spike in popularity not only in India, but also throughout South Asia.
Token off to impressive start
Legendary Bollywood actor and Chingari brand ambassador Salman Khan launched the GARI token in front of millions three years after the app was created.
Two months later, it was introduced publicly in an oversubscribed initial DEX offering on Solana’s SolRazr launchpad. The token raised $4 million in just several minutes.
A list of investors
Major investors in GARI include Alameda Research, Republic, Solana Capital, Galaxy Digital, and Kraken Ventures. The app’s success is mainly owed to its censorship-free platform and incentives for creators.
The latest milestone is an indication of Chingari’s and $GARI’s potential to revolutionize the video sharing industry.
Chingari aims to topple giants such as TikTok, YouTube, and Instagram. The ban on Facebook and TikTok in India will certainly help it achieve this goal. After its success, the Chingari app will integrate the token, giving over 30 million app users access to a new world.
Harnessing the benefits of Solana
GARI is built on Solana, which is why it guarantees instant, effective, and low-cost transactions. Users can tip their favorite creators easily. You can also use GARI to reward participants for creating, sharing, and watching videos on the app.
NFTs on the platform
To provide a way for fans to buy merchandise from or interact with their favorite content creators, users can create NFTs on the platform as well. They will be in the form of short videos.
The post Chingari token, promoted by Salman Khan, passes $100M on first trading day appeared first on Coinews.