14 Dec 2021 · 2 min read

Chingari Unveils Upcoming December Initial DEX Offering On The SolRazr Launchpad

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

India’s leading video sharing app, Chingari, has revealed the date for its highly anticipated Initial DEX Offering (IDO) for the platform’s $GARI token on the SolRazr launchpad, a decentralized developer ecosystem and venture platform. According to the official statement, the IDO will begin tomorrow, December 15, and continue until December 18, 2021.

This IDO follows the success of Chingari’s previous public sale rounds - another milestone in Chingari’s eventful 2021 calendar. Last month, the platform’s $GARI token’s live sale on the Republic platform raised USD 12.3 million within 24 hours. Earlier this year, Chingari also raised another USD 19 million from a consortium of venture capital firms and individual investors.

As the demand for $GARI tokens continues to climb, the Chingari team expects to raise USD 16 million through the upcoming IDO. If successful, Chingari will etch its name in crypto history for the world’s largest-ever raise on a decentralized launchpad.

Tariq Wali, Chief Technology Officer at Chingari, notes, “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.”

Transforming Web3 Technology Into Mass Market Appeal

Chingari, founded in 2018, gives creators the ability to upload short videos and make a living with merchandise shops, subscribers, and innovative ways to interact with their fans. While several other video platforms have entered the Indian market ever since the government banned TikTok, Chingari has cemented itself as one of the most used apps in India.

As of date, the platform has amassed more than 90 million downloads and 32 million active users, overtaking prominent social media platforms like Snapchat and Facebook as well as other Indian short video apps like Sharechat, Moj, and MX TakaTak. It currently ranks second on the top social free apps leaderboard for India, just behind Instagram.

The platform is designed to reward content creators and viewers with several ways to generate $GARI tokens. Based on the Solana blockchain, an Ethereum-alternative built by Indian developers, the $GARI token acts as a social token that enables all creators on the Chingari platform to set up virtual eCommerce spaces. These spaces can be used to sell merchandise, create and sell NFTs, and encourage fans to fund their favorite artists.

Indian authorities are gradually warming up to the idea of cryptocurrencies. Hence, the upcoming IDO on SolRazr is likely to generate even more interest in the technology among its vast user base. All told, the event is expected to generate significant interest and awareness in the power of web 3.0 and the rising stock of decentralized autonomous organizations in today's digital economy.