World's fastest growing social on-chain Indian app Chingari launches the First-Ever GARI Token Burn
Chingari, the world's fastest-growing on-chain social service, has announced the burning of 2.6 million GARI tokens in its first token burn. This significant move represents 0.25% of the entire GARI token supply, demonstrating Chingari's dedication to building a healthy and thriving token ecosystem for its consumers.
This token burn was funded by income produced from boost and badge sales, and Chingari intends to continue with monthly token burns until the total quantity of GARI tokens hits 21 million. With a total supply of approximately 997 million GARI tokens, this is a lofty goal, but one that Chingari is determined to meet.
Chingari's monthly token burns will take place on the first of every month, and will involve burning income from the previous month's Boost and Badge purchases. The on-chain app also intends to introduce other revenue streams for token burn if necessary. These burns will ensure that currencies are permanently removed from circulation, a procedure known as token burn.
Sumit Ghosh, CEO & Co-Founder, Chingari, communique, “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.”