Chingari, an Indian short-video app comparable to TikTok, announced that its native token, $GARI, surpassed $100 million in trading volume on its very first day of launch, according to a company press release obtained by Coin Journal.
The milestone was reached shortly after the token went live on six major exchanges: KuCoin, Huobi Global, FTX, OKEx, Gate.io and MEXC Global.
Rapid growth across South Asia
GARI was listed on more than 10 exchanges simultaneously when it debuted on January 18, 2021, setting a precedent for multi-exchange launches.
The Chingari app, available on the App Store and Google Play, has seen rising popularity not only in India but throughout South Asia.
An impressive token debut
Bollywood star and Chingari brand ambassador Salman Khan unveiled the GARI token to millions, three years after the app was first created.
Two months later, the token was launched publicly through an oversubscribed initial DEX offering on Solana’s SolRazr launchpad. The sale raised $4 million in just a few minutes.
Notable investors
Prominent backers of GARI include Alameda Research, Republic, Solana Capital, Galaxy Digital and Kraken Ventures. Much of the app’s success is attributed to its censorship-resistant approach and creator incentive model.
This latest milestone highlights Chingari’s and $GARI’s potential to transform the short-video and social media landscape.
Future objectives
Chingari aims to challenge major platforms such as TikTok, YouTube and Instagram. India’s restrictions on Facebook and TikTok could accelerate Chingari’s adoption. Following this successful token launch, the Chingari app plans to integrate $GARI, opening new opportunities for its more than 30 million users.
Leveraging Solana’s advantages
GARI is built on the Solana blockchain, which enables fast, efficient and low-cost transactions. Users can easily tip their favorite creators, and $GARI can be used to reward people for creating, sharing and watching videos within the app.
NFTs on the platform
To give fans additional ways to support and interact with their favorite creators, Chingari allows users to mint NFTs directly on the platform. These NFTs can take the form of short videos, offering a new digital collectible format for creators and audiences alike.