Chingari’s $12M Worth GARI Token Mining Program Goes Live
2022.06.14 22:15
Chingari’s $12M Worth GARI Token Mining Program Goes Live
- Chingari becomes the first social media app in the world to offer crypto to its users.
- Users on Chingari can earn GARI tokens for in-app activities.
- The Mining Program is worth $12 million (current market price)
Chingari, an Indian decentralized short-video platform, announced the launch of their native cryptocurrency token GARI’s mining (earning) program worth $12 million. Through this program, they aim to empower their 40 million monthly average users (MAU) with create-to-earn, watch-to-earn, and engage-to-earn in-app activities.
As you are all aware we have started the #Garimining program, the in-app Chingari coin has been discontinued from the platform. Any of the holdings of Chingari coins with the users/creators will be converted into their corresponding values of the GARI token as decided later. pic.twitter.com/wHzgdvt7tc
— Chingari App (@Chingari_IN) June 12, 2022
Through this mining program, Chingari becomes the first social media platform in the world to offer crypto to its users in return for engagement. The GARI token will be distributed among the creators from a daily pool of 50,000 tokens, of which only 5,000 tokens will be dedicated to the daily login bonus.
Additionally, the earnings can be increased by the GARI Badges (NFTs) that users can buy in the Chingari App to multiply their daily GARI earning up to 10 times, depending on the badge level. In detail, there are five badge levels, including Basic, Bronze, Silver, Gold, and Diamond which offer 2x, 3x, 4x,5x, and 10x multipliers respectively.
While speaking at the launch of the GARI mining (earning) program, the CEO and Co-Founder of Chingari, Sumit Ghosh, mentioned how Chingari has democratized the creator’s economy with the GARI mining since its inception in 2018. Ghosh further explained:
This program will ensure a level playing field for big and humble creators. Now, creators and users on the app can earn the GARI tokens which can be traded on exchanges for money and creators will not be at the mercy of brand collaborations as their only source of income. The program will offer $ 12 million to the creators and users annually.
Chingari, the decentralized short video app has emerged as a popular entertainment app of late with over 130 million users across more than 15 languages. The app trends among the top 20 most downloaded apps globally. Similarly, the GARI token is also well received in the crypto community with almost 600,000 wallets holding the token within 3 months of its launch.
The GARI token is listed on platforms including CoinDCX, MEXC, FTX, KuCoin, BitMart, ZebPay, and Huobi. This token has also become one of the top 3 projects on Solana Blockchain because of its number of holders. Currently, it trades at $0.632101, with a 24-hour trading volume of $22,168,907 in the last 24 hrs.
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