GARI Token Soars After Chingari Announces Collaboration with Aptos
Chingari, the video social network akin to TikTok, is set to integrate with the Aptos blockchain following a recent investment.
On February 8, it was announced that the decentralized Indian video social network Chingari will partner with Aptos for its blockchain infrastructure.
Taking a giant leap towards onboarding the FIRST billion on-chain users, @Chingari_IN has chosen @Aptos_Network as its preferred L1 #blockchain🚀
— Chingari - Largest Web3 Social App 🔥 (@Chingari_IN) February 8, 2023
This will usher in a new level of efficiency & security for Chingari app😍
Here's a TLDR on the significance of this partnership pic.twitter.com/ftVTnyz6Q6
According to The Block, the announcement is part of an investment agreement between Aptos and Chingari, although neither party has yet confirmed or clarified the details.
Initially launched in 2018 on Solana, Chingari—dubbed the "Web3 version of TikTok"—boasts 5 million daily users and over 200 million videos.
Crunchbase reports that Chingari has raised over $88 million from major players including Kraken, Republic Crypto, and Galaxy Digital. In an interview with Forbes, Chingari’s CEO and founder Sumit Ghosh revealed plans to expand hiring amidst a broader web3 industry pullback.
The platform is expected to transition to a multichain setup starting in Q2 of this year. The announcement of its integration with Aptos is a significant milestone for the social network. However, Chingari will continue to support its Solana users.
Sumit Ghosh noted that this partnership will serve as a stepping stone for the app's future expansion, enhance transaction capabilities, and improve platform security.
Following the news of the collaboration, GARI token saw a dramatic spike, reaching a peak of $0.80 within minutes of the announcement. As of the time of writing, the token is trading around $0.072, according to TradingView.
GARI Token Price Movements, Screenshot from TradingView on February 9, 2023
As reported by Coin68, decentralized social networks aim to empower content creators and remove barriers imposed by centralized control. This goal is becoming increasingly evident, especially following Elon Musk's controversial acquisition of Twitter and his subsequent decisions.
Decentralized social networks like Lens Protocol and Damus are drawing significant user interest, reflecting a growing trend towards web3 social platforms.
