Explained: GARI’s massive price rise is a reflection of the creator economy’s future
Designed to further the creator economy by allowing influencers to own their platform and govern their engagement with fans, web3-based crypto solution $GARI has positioned itself as the token to watch out for by soaring over 100% in just one week. Here is everything you need to know about India’s latest cryptocurrency sensation:
What is GARI?
GARI, India’s first social cryptocurrency is the native token of video sharing platform Chingari on the Solana blockchain.
With over 35 million users, Chingari’s transition to decentralisation is supported by popular crypto VCs including Alameda research and Republic Capital.
Chingari envisions GARI as a medium for creators to monetize their content via its three features – watch-2-earn, engage-2-earn and play-2-earn.
Currently, the integration of GARI with Chingari has not been implemented yet. However, post the integration, GARI is expected to act both as a currency and a governance token for Chingari users.
Why is it in the news?
GARI’s potential to disrupt the creator economy and attract both influencers and viewers to Chingari meant that the token witnessed eye-catching volumes after its launch.
GARI went live on over 12 exchanges including HUObi Global, FTX, Gate.io, MEXC Global and OKEx. It traded tokens worth $100 million on its first day.
Since then, GARI has secured listing by multiple exchanges including a spot in the decentralised exchange Raydium.
It is the first Indian token to be listed on international exchanges. GARI was also noted as a trending coin on both CoinGecko and CoinMarketCap in January. The token is currently trading at $0.6, a massive increase from its value of $0.281 last week.
What the future holds for GARI?
In its 2022 Roadmap, Chingari and GARI have prominent milestones including smart contract development, exchange listings NFTs use-case, wallet integration and an airdrop campaign.
To harness the token’s full potential, it is crucial for GARI to integrate with the Chingari application. This is expected to happen in February 2022.
However, GARI isn’t willing to stop at this in 2022, the company has stated via a tweet:
“GARI is just getting started. After listing on 11 exchanges in a single day, next destination is Binance Coinbase & Kraken. GARI is going to Mars in 2022. Buckle up for the ride.”