Chingari has implemented GARI’s first token burn in April, 2023, with a total of 2,598,970.38 (2.6 Million approx) GARI tokens were burned starting with revenue earned till April 2023 from Boost and Badges sale. Subsequently, a quarterly token burn has been taking place since then, and as of December 24, 2023, it has been updated to a weekly burn.
An additional pool of revenue from diamond purchases using GARI has been introduced for burning on 1st August, 2023, and the revenues from diamond purchases will be burned henceforth.
Chingari will keep burning a portion of the revenue over a period of time till the supply reaches 21 million (the maximum total supply of Bitcoin).
Here are the details of GARI Burn (updated on 30th October’2024)
Revenue from Boost — 743,161 GARI
Revenue from Badges — 1,945,987 GARI
Revenue from Diamond Purchases with GARI —20,915,120 GARI
Revenue from GARI Bot Burned — 450,855 GARI
Total Number of GARI tokens burned: 24,055,122 GARI
Refer to the total Supply on-chain which gives an overview on total supply as deducted by burnt GARI 👇
After the latest burn, total GARI supply stands around 975,943,541.63 (975.94 Million). 2.40% of the total supply has been burned till now.
Why is Chingari Burning Tokens?
GARI token burn serves as a proactive approach to managing its token supply. By reducing the overall supply of tokens in circulation, GARI can lower inflation, increase the value of its token, and create a more sustainable community. This commitment to sustainability ensures that GARI remains a valuable asset for its holders.
What benefits come with holding GARI?
- GARI can be used to purchase unique video NFTs on Chingari.
- Stake GARI tokens to earn 10% annual interest.
- Use GARI to book flights and hotels on Travala.com.
- Purchase Diamonds on Chingari and use it for gifting your favourite creators, talk with your favourite creators, etc,.
- Play Quizzes on Chingari Rooms.
What Comes Next?
The revenue earned by Chingari from Boost and Badges up to this point has been entirely burned. Moving forward, a weekly token burn will occur every Monday, utilizing the revenue earned from the previous week’s Diamond Purchases by users using GARI. Additionally, Chingari will introduce periodic burns from various revenue sources until the total supply reaches 21 million (equivalent to the total supply of Bitcoin). This strategic measure aims to reduce the total token supply in circulation, enhancing the value of each token held by community members.
What is Boost and Booster Badge?
To enhance profile visibility within the app, Chingari provides a paid feature known as “Boost.” This feature can be accessed by paying with GARI tokens. Boost can increase the likelihood of receiving more views, likes, followers, and comments on your profile.
A booster badge is an NFT within the Chingari app. One can buy either a creator booster badge or user booster badge to multiply their daily GARI earnings under the GARI Mining program.
With the upgrades, both the above features have been discontinued. However, the main source of GARI revenues, which comes from diamond purchases by users, is gaining good traction and is yielding positive results, making it feasible to proceed with the GARI Burn.
Checkout our first blog on GARI Burn to learn What Benefits Does the GARI Token Burn Offer? 👇
We will provide regular updates to the community on the progress of the token burn. Stay tuned!
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You’ll find all the official links within this link — https://linktr.ee/garinetwork
