Bengaluru, 02 May, 2023: Chingari, the world’s fastest-growing on-chain social app, has announced its first-ever token burn of 2.6 million GARI tokens. This impressive move represents 0.25% of the total GARI token supply, a testament to Chingari’s commitment to creating a strong and thriving token ecosystem for its users.
The revenue generated from boost and badge sales has funded this token burn, and Chingari plans to continue with monthly token burns until the total supply of GARI tokens reaches 21 million. With a total supply of around 997 million GARI tokens, this is an ambitious target, but one that Chingari is determined to achieve.
Chingari’s monthly token burns will take place on the first day of each month and involve burning revenue earned from the previous month’s Boost and Badge sales. The on-chain app also aims to add more revenue streams for token burn if required. These burns will ensure the permanent deletion of coins from their circulating supply, a process known as token burn.
Sumit Ghosh, CEO & Co-Founder, Chingari, said “Token burning is a common yet powerful crypto industry practice that reinforces our commitment to building a sustainable GARI ecosystem. We remain committed to creating effective economics that will drive long-term success and benefits for our community and ecosystem.”
