Most cryptocurrencies have recovered from a week-long loss, but some have managed to fight headwinds and rise. One of them is an Indian token called GARI. It soared nearly 40% on Tuesday after announcing a new token mining mechanism.
Following this announcement, GARI tokens rose 36.2% from $ 0.613 to $ 0.835 on June 14. In addition, the token was able to maintain this new price level, which was $ 0.8289 at the time of writing.
GARI is a native token of the Gari Network and utilizes the Solana blockchain. This network is part of Chingari, a short video social media platform that content creators can monetize by tokenizing their videos.
Launched in October 2021, the GARI token was listed on various internationally renowned crypto exchanges on January 18, 2022, demonstrating the democratization of the content creator economy.
The latest surge was fueled by the launch of the Gari Mining Program. This program allows users and creators to earn GARI tokens by viewing, rating, sharing and interacting with content on the platform. According to the official press release, the mining program is a combination of the “Create-2-Earn”, “Watch-2-Earn”, and “Engage-2-earn” models.
The platform has established a daily reward pool of 50,000 GARI distributed to users and creators for interaction with the platform. Part of this pool (5,000 GARI) will be reserved for new logins. Overall, the platform aims to pay an annual reward of $ 12 million or Rs 93.
Today, Chingari has 400 million rupees of monthly users on its platform, making it one of the fastest growing on-chain social media platforms in the world. It is also the first move in the field of providing cryptocurrencies to users and creators.
“This program ensures a fair competition for big and humble creators. This allows app creators and users to earn GARI tokens, which can be redeemed for money. Creators aren’t at the mercy of brand collaboration. They’re the only source of revenue. The program provides creators and users with 93 chlores ($ 12 million) annually, “Chingari co-founder and CEO. Summit Ghosh says.
Revenue on the platform can be enhanced by purchasing an NFT called the GARI badge from the Chingari app. By doing so, the user can increase the gain up to 10 times. The magnification depends on the level of the badge. There are five set levels: Basic (2x), Bronze (3x), Silver (4x), Gold (5x) and Diamond (10x), each associated with a unique multiplier.
Chingali became popular after India banned China’s short video app TikTok. CoinQuora reports that the Chingari app has a total user base of 130 million and supports more than 15 languages. It’s also one of the 20 most downloaded apps in the world, with 600,000 wallets holding GARI tokens within three months of its launch.
“This growth rate is expected to attract 1 million active wallet users over the next three months. In terms of number of holders, GARI tokens have risen to the top 3 projects in Solana Blockchain,” Chingari’s official press release. Please read. ..
At the time of this writing, GARI tokens were trading at $ 0.8289. This is very close to the peak price. Its market capitalization was $ 37.98 million and there was a circular supply of 45.8 million tokens.