While most cryptocurrencies have been recovering from week-long losses, some have managed to fight the headwind and rise. One of them is an Indian token called GARI, which soared nearly 40 percent on Tuesday after announcing a new token mining mechanism.
Following this announcement, the GARI token soared 36.2 percent from $0.613 to $0.835 on June 14. What is more, the token has managed to maintain this new price level, standing 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 Chingari short video social media platform, which allows content creators to monetize their videos by tokenizing them.
The GARI token was launched in October 2021 and listed on several internationally renowned crypto exchanges on January 18, 2022, marking the democratization of the economy of content creators.
The latest surge has been fueled by the launch of the Gari Mining Program, in which users and creators can earn GARI tokens by viewing, 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.
The platform has established a daily reward pool of 50,000 GARI that will be given to users and creators for their interactions with the platform. A portion of this pool, 5,000 GARI, will be reserved for new logins. In total, the platform is looking to dole out $12 million or Rs 93 crore in annual rewards.
Chingari currently has four crore monthly users on the platform, making it one of the fastest growing on-chain social media platforms in the world. It is also the first to move into the space to offer cryptocurrencies to its users and creators.
“This program will ensure a level playing field for creators great and humble. Now, creators and app users can earn GARI tokens, which can be traded on exchanges for money, and creators will not be at the mercy of collaborations from brand as its sole source of income. The program will offer Rs 93 crore ($12 million) to 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 winnings up to 10 times. The multiplier 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 supports more than 15 languages. It is also among the top 20 most downloaded apps worldwide, with 600,000 GARI token wallets within 3 months of launch.
“With this growth rate, we anticipate 1 million active wallet users in the next three months. In terms of number of holders, the GARI token has risen to the top three projects on the Solana Blockchain,” the press release reads. Chingari official. .
At the time of writing, the GARI token was trading at $0.8289, very close to its peak price. Its market capitalization stood at $37.98 million with a circulating supply of 45.8 million tokens.