Chingari – is it the next tiktok?
- Chingari’s GARI token launches this week
- Chingari will pave the way for many decentralized applications
- But is that it? What is the real opportunity here?
- Chingari is the ultimate stress test for the Solana Blockchain
In an interview with Ran, Messaris founder Ryan Selkis explained how 2022 would ignite the trend of decentralized social networks. But who is going to bring social media into crypto? And how will crypto accommodate the masses within this new trend?
In the top free apps of Google Play Store, five of the top 10 are social media apps. The top free app itself is a social media app, TikTok.
But all these apps belong to the old world and we, the Banter fam, are excited about Web 3.0. Enter Chingari, a decentralized social media platform on the Solana blockchain.
Chingari’s token, $GARI, is set to fuel e-commerce in the Chingari ecosystem. It also provides a platform for aspiring talents to showcase their content. Essentially, Chingari is building the blocks of a larger creator economy, so that no creator is left behind. On platforms like Instagram and YouTube, creators are earning mainly through ad revenue. For example, in Q3 2021, YouTube’s advertising revenue amounted to US$7.2 billion.
This is where decentralized social platforms gain traction. Decentralization allows the creators to take ownership of their content.
Blockchain Insider has hailed Chingari as the world’s biggest IDO. (The IDO was on SolRazr on 15 December 2021.)
Blockchain Insider says the app has more than 32 million monthly active users and has 85 million downloads! This is huge! For a fact, the Ethereum network has an average of one million transactions in a day. And Chingari brings an equal amount of users into crypto.
Also, most of these new users might be entirely new to crypto. Thus Chingari can, all on its little (not!) lonesome, bring back retail interest. It could even kickstart the second phase of this bull market.
Plus, it’s likely to improve the social volume around crypto, as there will be a good amount of content on crypto on the Chingari app. Besides, Chingari has a Twitter following of 154K, despite being just three months old.
These impressive stats point to the widespread community support the app currently has. In India, the second-most populous country in the world (after China), the government banned TikTok. In response, Indian teenagers are curious about a new social platform to replace it, and Chinmgari could just be it.
Arguably, the “Indian TikTok” can bring Web 2.0 users to more advanced Web 3.0. Chingari is launching on multiple exchanges tomorrow (18 January). As per Top7 ICO, GARI will be listed on Huobi, KuCoin, Gate, OKEx, and MEXC.
But is that it? What is the real opportunity here?
While many of the crypto community may FOMO into $GARI the first day, Crypto Banter is watching this through a different set of lenses. It is a great opportunity for Solana to prove itself and assure the world of its scalability.
Solana has experienced congestion before. Recently Solana experienced congestion which reduced the speed to 1000 transactions per second. And previously, Solana struggled to process transactions on SolChicks IDO. Even the MonkeyBall NFT drop caused a time-out for the Layer-1 giant, which has a US$44 billion market cap.
With current Chingari downloads exceeding 80 million, we can expect at least 50 million users to join the $GARI ecosystem in the initial weeks.
To put these numbers into perspective, crypto’s top valued game, Axie Infinity, claims it has 2.8 million daily users. On the Ronin chain, Axie has a little over 130K holders of the $AXS token. So if Solana successfully manages to sustain itself in the middle of the volume spike, it will be a remarkable victory for the network.
But as the great Spiderman quote goes, with great power comes great responsibility. Perhaps it is time for Solana to assume responsibility and showcase to the crypto world that it can handle the volume and transactions. It becomes not only a matter of scalability but also reliability.
Solana has experienced several congestion issues in the past. But it also explains the amount of user activity on the blockchain. While Solana is fixing its scalability, Chingari presents a fantastic opportunity to battle test the network.
If Solana can manage the expected volume, it opens doors for many more developers and founders as the go-to network! But if it could not, it is a good buying opportunity for the Banter family.
Moreover, Chingari sits at the intersection between blockchain, social media, and crypto payments. It will act as a proof-of-concept for many more decentralized social media applications to follow. If successful, this could initiate a mega wave of new applications too.
It might stand as the toughest stress test yet for the Solana blockchain, which is why we consider it as one of the most important token launches of 2022!
However, make sure that you are not guided by FOMO. Find a comfortable buy zone, if you believe in the Social Token trend. If decentralized social platforms form the next narrative in crypto, it could be rewarding to get in early.