Chingari’s much-vaunted cryptocurrency token GARI got here crashing right down to Earth earlier this month after a whale dumped tens of millions of {dollars} price of cash on a serious alternate, sending its value down greater than 80% in a matter of hours.

The GARI value crash led to howls of despair, with the web rapidly laying the blame on the ft of Chingari itself, some even accusing it of a so-called rug pull – a standard rip-off within the crypto trade the place builders pocket investor’s money and disappear into the wilderness. 

Whereas this sort of response is comprehensible for traders who might have misplaced hundreds of {dollars} in worth from their GARI holdings, such claims have little foundation in actuality. Chingari stays by far and away probably the most profitable Indian-built social media app in historical past, with ambitions to develop globally. 

Chingari boasts an energetic consumer base of greater than 40 million customers, with over 70 million account sign-ups. It’s a worthwhile enterprise, too, with the corporate forecasting income of greater than $100 million by the top of the 12 months. Not surprisingly, it has develop into India’s fastest-growing social media platform, to not point out the most downloaded app in India on Google Play. 

Chingari is a socio-infotainment app centered on enabling anybody and everybody to create a monetizable viewers by way of social media, positioning itself as a springboard for influencers. In that respect, the app is greater than only a social media platform, with eCommerce integration, educational courses, and even an in-app cinema. It gives a full ecosystem that customers can reap the benefits of to monetize their viewers. That is the place its GARI cryptocurrency is anticipated to play a pivotal function.

The corporate created the Solana-based GARI token final 12 months. In June, it lastly launched its long-awaited GARI Mining program, giving customers a technique to earn rewards by creating content material, sharing it, liking movies, and so forth. With the debut of GARI, Chingari instantly purchased its 40 million robust consumer base on the chain to empower a brand new era of crypto fanatics. In addition to being dished out to customers as rewards daily, GARI tokens can be utilized to buy user-created NFTs or pay for one-on-one chats with well-known influencers on the platform. Customers may pay with GARI to entry in-app motion pictures by way of its built-in cinema. 

Chingari stands out from dozens of comparable apps due to its emphasis on constructing a user-driven group. Slightly than taking a big slice of the promoting income generated by its influencers, because the likes of TikTok and YouTube do, Chingari solely takes a small proportion, sharing the remainder with the content material creators accountable for producing it.

The unimaginable performance of Chinagari’s GARI-based financial system is designed to offer influencers with a technique to earn a complete dwelling on the platform with out counting on third-party sponsorships. Not stunning then, Chingari has recorded a string of stable achievements in latest months. Not way back, GARI grew to become the third most popular Solana token in energetic wallets and grew to more than 800,000 on the final rely. Since launching its GARI Mining program, Chingari has distributed over $1 million in rewards to its group. 

Chingari’s transfer to embrace crypto was impressed, little doubt, pushed by the large curiosity within the trade amongst Indians. In accordance with a report from market researcher Finder final 12 months, India was ranked the third-highest nation in Asia concerning cryptocurrency possession. Greater than 30% of people surveyed said that they owned digital belongings. Furthermore, Indian blockchain startups attracted more than $638 million in funding in 2021. 

Given the unimaginable urge for food for crypto amongst Indians, Chingari appears to be like to be capitalizing on this development at simply the correct time. With its various vary of options, a millions-strong consumer base, and GARI infrastructure now in place, Chingari appears to be like properly set to play a central function within the rising creator financial system, whatever the minor hiccups it’d expertise alongside the best way.