Crypto-Based Chingari Makes Its First Burn of GARI Tokens
Chingari, an on-chain social app, has announced its first-ever token burn of 2.6 million GARI tokens. This move is believed to represent 0.25% of the total supply of GARI tokens.
According to an official statement, revenue generated from boost and badge sales funded this token burn, and Chingari plans to continue monthly token burns until the total supply of GARI tokens reaches 21 million.
Reportedly, Chingari’s monthly token burns will take place on the first day of every month and will involve burning the revenue generated from the previous month’s boost and badge sales. The blockchain app also aims to add more revenue streams for token burning if needed. Sources suggest that these burns will ensure the coins are permanently removed from their circulating supply. .
“I believe token burning is a common yet powerful crypto industry practice that reinforces our commitment to building a GARI ecosystem. We aim to remain committed to creating an economy that will drive success and long-term benefits for our community and ecosystem,” said Sumit Ghosh, Co-Founder and CEO of Chingari.
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