While most cryptocurrencies have been reeling from week-long losses, some have managed to fight the headwind and surge upwards. One of them is an Indian token called GARI, that skyrocketed by nearly 40 percent on Tuesday after it announced a new token mining mechanism.
Following this announcement, the GARI token shot up by 36.2 percent, going from $0.613 to $0.835 on 14th June. What’s more is that the token has managed to sustain this new price level, sitting at $0.8289 at the time of writing.
GARI is the native token of the Gari Network, powered by the Solana blockchain. The network is part of the short-video social media platform Chingari, which allows content creators to monetise their videos by tokenising them.
The GARI token was launched in October 2021 and was listed on various renowned crypto exchanges internationally on January 18, 2022, marking the democratisation of the content creator economy.
The latest upsurge has been fuelled by the launch of the Gari Mining Program, wherein users and creators can earn GARI tokens by watching, liking, 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.
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The platform has established a daily reward pool of 50,000 GARI that will be handed out to users and creators for their interactions with the platform. A portion of this pool — 5,000 GARI — will be set aside for new logins. In all, the platform is looking to dole out $12 million or Rs 93 crores in annual rewards.
Currently, Chingari has four crore monthly users on the platform, making it one of the world’s fastest-growing on-chain social media platforms. It is also the first mover in the space to offer cryptocurrency to its users and creators.
“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 Rs 93 crore ($12 million) to the creators and users annually,” said Sumit Ghosh, Co-Founder and CEO of Chingari.
Earnings on the platforms can be enhanced by purchasing NFTs called GARI Badges from the Chingari App. By doing so, users can multiply their gains up to 10x. The multiplying factor depends on the level of the badge. There are 5 set levels with unique multipliers associated with each – Basic (2x), Bronze (3x), Silver (4x), Gold (5x) and Diamond (10x).
Chingari rose to popularity after India banned the Chinese short video app TikTok. CoinQuora reports that the Chingari app has a total user base of 130 million and caters to more than 15 languages. It is also among the 20 most downloaded apps worldwide, with 600,000 wallets holding the GARI token within 3 months of its launch.
“With this rate of growth, we anticipate 1 million active wallet users in the next three months. In terms of the number of holders, the GARI token has risen to the top three projects on the Solana Blockchain,” read the official Chingari press release.
At the time of writing, the GARI token was trading at $0.8289 — very close to its peak price. Its market capitalisation stood at $37.98 million with a circulating supply of 45.8 million tokens
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