Chingari has implemented GARI’s first token burn, a total of 2,598,970.38 (2.6 Million approx) GARI tokens were burned starting with revenue earned till now from Boost and Badges sale. A quarterly token burn will take place on the 1st day of block of 3 months with next burn scheduled on 1st August.
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 First GARI Burn
Revenue from Boost — 659,326.55 GARI
Revenue from Badges — 1,939,643.83 GARI
Number of GARI tokens burned: 2,598,970.38
Approx. value in USD: ~$134,289
Transaction IDs for GARI Tokens burn:
Tx 1 : Booster Badges Revenue Burn Tx
Tx 2 : Revenue from Profile and Video Boost Burn Tx
After the first burn, total GARI supply stands around 997,400,772.79 (997 million). 0.25% 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.
- Boost videos and posts with GARI tokens for discounts.
- Stake GARI tokens to earn 10% annual interest.
- Use GARI to book flights and hotels on Travala.com.
- Purchase booster badge with GARI for a lifetime of 2x earnings.
What Comes Next?
The revenue earned by Chingari from Boost and Badges up to this point was burned entirely. Going forward, a quarterly token burn will take place on the first day of block of 3 months (quarterly) starting from August, with revenue earned from the previous quarter Boost and Badges being burned. Time to time Chingari will introduce additional burns from more revenue sources until the supply reaches 21M (the total supply of Bitcoin). This measure reduces the total supply of tokens in circulation and increases the value of each token held by community members.
What Benefits Does the GARI Token Burn Offer?
By reducing the total supply of tokens in circulation, GARI’s token burn can increase the value of its token, which can attract more users and investors to the project. Additionally, the reduced inflation can create a more stable and sustainable community, leading to long-term success for the GARI project.
Now, let’s take a look at some case studies to see how other networks have implemented token burning and the benefits they have reaped.
- Dextools : Dextool has been burning around 1% of the supply per month, the tokens are coming solely from revenue. There are multiple sources of revenue out of which, revenue from two major sources are being burned completely in one case and partially in another case. Token is up ~250% in the last 4 months. Check out Burn Dashboard
- Ethereum : Ethereum launched EIP-1559 in Aug 2021 and shortly after it became net deflationary supporting Ethereum community against arguments of infinite supply. Unlike Previous bear markets, Ethereum’s performance against BTC has remained stable due to emissions control. Check out Burn Dashboard
- BNB : Binance Launched in mid 2017, has been doing quarterly buyback and burning tokens, there have been 23 events where binance has burned BNB tokens which has been positive for the token. In total ~45M BNB tokens have been burned valued at ~$6B.
The implementation of a regular token burn is an important step towards building a sustainable community. By reducing the total supply of tokens in circulation, the project can increase its value, attract more users and investors, and create a more stable ecosystem. Chingari’s commitment to sustainability and transparency ensures that the project remains a valuable asset for its community members.
We will provide regular updates to the community on the progress of the token burn. Stay tuned!
Useful resources you may want to refer to:
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You’ll find all the official links within this link — https://linktr.ee/garinetwork
