India’s fastest-growing short video sharing platform, Chingari, recently announced the Initial DEX Offering (IDO) of its native $GARI token. The highly anticipated IDO is now live on the Solana-based SolRazr launchpad.
Dubbed the largest IDO of its kind on a launchpad across all blockchains, the $GARI token sale kicked off today, December 15th, and will continue until December 18th, 2021. This IDO follows Chingari’s recent live token sale on the Republic platform, where the Chingari team raised $12.3 million within 24 hours of listing – a new record in itself.
Previous token sales have accelerated the demand and enthusiasm for the $GARI token, considered the first “social crypto token” in India. The $GARI token was officially launched at a private event hosted by Bollywood megastar and Chingari brand ambassador Salman Khan.
At the same time, the Chingari app has established itself as one of the fastest-growing social apps in India, racing ahead of prominent apps like Facebook, Reddit, and other homegrown short video apps like MX TakaTak, Moj, Josh, and several others. Per recent stats, the Chingari app has been downloaded over 90 million times and currently boasts of more than 32 million active users.
Positive about the $GARI token IDO, Chingari CEO and Co-Founder Sumit Ghosh notes,
“The $GARI crypto token is developed on the Solana blockchain network. It will allow content creators on the Chingari app to create their own eCommerce area, which will include actual items, develop NFT projects, and help consumers fund their favourite artists. We chose SolRazr to launch our IDO token sale as the platform is also built on Solana, and we are confident that it is the best platform to ensure a fair process and complete transparency.”
The Chingari team hasn’t implemented a whitelisting process for the $GARI token sale, meaning the offering will follow the traditional first-come, first-serve basis. Starting today, users can connect their private wallets like Phantom Wallet and Sollet Wallet to purchase the tokens. However, note that KYC is mandatory to participate in the IDO, and users must pay a small amount of Solana (SOL) to cover the gas fee for the transactions.
The $GARI IDO on SolRazr has two different pools to choose from, one is the “Open Community Pool” with 30 million $GARI tokens, and the other is the “SolRazr Community Pool” with 10 million $GARI tokens. The minimum contribution is $100, and the maximum limit is $500,000. Additionally, the Chingari team is also offering different staking tiers and rewards.
On hosting the largest-ever IDO on any launchpad, Vijay Kalangi, Co-Founder of SolRazr, remarks,
“We are excited to launch the $GARI token on SolRazr. This will be the biggest IDO on any launchpad in the crypto sphere. We made sure that the process to buy $GARI is smooth and frictionless. Users don't have to apply for the whitelist to win the lottery. They can go straight to the IDO process.”