In the past year, Chingari, as a dark horse in the SocialFi field, has shown an impressive growth trajectory. According to the data in the figure, Chingari has experienced significant fluctuations and growth in the number of unique active users (UAW), transaction volume, and number of transactions since May 2023. Especially at the beginning of 2024, Chingari’s user activity and transaction volume experienced several substantial increases, showing its strong performance in the market.
According to Coin98 Analytics statistics, in the past 30 days, Chingari ranked seventh in the number of independent active addresses, with the number of independent active addresses reaching 777K, indicating that its position in SocialFi applications has gradually stabilized. This achievement not only reflects Chingari’s breakthroughs in technology and products, but also highlights its precise grasp of user needs and market trends.
Whether it is in the Web2 or Web3 world, social applications have long been a necessity for users. Chingari has also gradually attracted the attention and participation of a large number of users with its unique operating model and innovative functions. Next, we will provide an in-depth analysis of Chingari’s operating strategy and the challenges it faces in the SocialFi field.
Chingari is a popular short video social application , since its launch in 2020, it has quickly made a name for itself in the Indian market. Similar to China’s Douyin, Chingari allows users to earn rewards for shooting and sharing short video content. With its innovative features and reward mechanism, Chingari has attracted a large number of users and formed a huge community with more than 175 million current users.
Chingari’s vision is to become the best short video sharing platform for users, and is committed to providing opportunities for talented people to show themselves. Users can showcase themselves to the world by capturing and sharing perfect videos. Currently, Chingari has over 50 million users, 160 million views, and has been downloaded over 130 million times. The platform is available in multiple languages, making this popular new platform accessible to more people, and focuses on protecting user data and security to ensure users can use it with peace of mind.
Chingari not only provides a platform to showcase talents, but also motivates users to participate in content creation in a variety of ways. Users can earn GARI tokens by watching, sharing and creating video content. These tokens can be used to unlock special content from creators or purchase voice or video call experiences with creators. Users can also earn additional rewards by staking idle assets in their wallets. This mechanism of "create and earn" and "participate and earn" has greatly stimulated users' enthusiasm for participation and promoted the activity of the platform.
In just a few years, Chingari has achieved remarkable results. In 2021, Chingari closed $19 million in funding and was named India’s No. 1 social networking app in the Indian government’s App Innovation Challenge. In May 2022, Chingari completed a $15 million Series A expansion round of financing, providing a solid foundation for further development. In the future, Chingari plans to launch an integrated beta version and field test blockchain to further enrich the user experience and promote the continued development of the platform.
Through these efforts, Chingari is constantly reinventing social media platforms to provide users with better experiences and more opportunities. Chingari's success is not only a breakthrough in technology and products, but also a precise grasp of user needs and market trends. Next, we will provide an in-depth analysis of Chingari’s operational strategy and the challenges it faces in the SocialFi field.
On February 23, 2024, as the leading short video sharing platform in the Web3 field, Chingari announced the integration of Kana Labs Paymaster service to provide sponsorship transactions and cover gas costs. This initiative aims to further optimize user experience, lower the threshold for user participation, and promote the widespread application of the platform. Since its establishment in 2018, Chingari has been committed to empowering creators through NFT technology and providing content ownership management. It now has nearly 5 million daily active users and 200 million daily video views.
Paymaster is a blockchain infrastructure that allows companies or third-party entities to store tokens for use in sponsored transactions. This means that any dApp that integrates Paymaster technology can provide its users with a seamless transaction experience, and users no longer need to worry about complex gas fees. Paymaster accounts store various tokens used to pay transaction fees, allowing these dApps to bear the gas costs of transactions, thereby simplifying the user's operation process.
Kana Labs’ Paymaster service is widely recognized for its efficiency and reliability, and is recommended by Aptos Labs as the top choice for dApp integrations. Chingari chose to cooperate with Kana Labs not only because of its advantages in the multi-chain ecosystem, but also because of Kana Labs’ outstanding performance in cross-chain solutions and smart wallets. By integrating the Kana Labs Paymaster service, Chingari can effectively reduce users’ transaction costs and improve the platform’s scalability and user satisfaction.
Chingari was originally built on the Solana network and has been migrated to the Aptos network to take advantage of its higher scaling performance and lower gas costs. This multi-chain strategy ensures that Chingari remains at the forefront of technological innovation and user experience. Since mid-February 2024, Chingari has sponsored more than 800,000 transactions through the Kana Labs Paymaster service. This integration not only enhances the platform's decentralized transaction management capabilities, but also enables users to enjoy a more convenient Web3 experience.
In the future, as Kana Labs continues to expand its services in the multi-chain ecosystem, Chingari will be able to achieve greater market penetration and technology integration on a global scale. Through this cooperation, Chingari not only improves its competitiveness, but also sets a new benchmark for the development of decentralized social media. This move by Chingari indicates that decentralized social platforms will usher in more innovations and changes in the future.
Users who are familiar with Web3 social media know that Chingari, as a leading short video sharing platform, has already established itself in Web3 It has significant influence both inside and outside the circle. Specifically, Chingari has blossomed in many aspects and made the market shine:
First of all, in terms of user incentives, Chingari has greatly improved user participation through a series of reward mechanisms. For example, on May 10, 2024, Chingari announced the “Refer and Earn Leaderboard Competition” on the X platform with a prize pool of up to 100,000 $GARI. This activity encourages users to recommend new users and stay active. For each successful referral, the recommender will receive 100 $GARI and the recommended person will receive 50 $GARI. This initiative not only promotes user growth but also enhances community interaction.
In terms of platform operations, Chingari adopts a strategy of regularly burning GARI tokens to control the token supply and increase its scarcity. On May 13, 2024, Chingari announced the successful burning of 500,000 GARI, worth approximately $11,000, which reduced the total supply by 1.61%. This burning mechanism effectively increases the value of tokens and enhances users’ confidence in the long-term development of the platform.
In addition, Chingari has also launched a number of advanced trading tools to enhance users’ trading experience. On May 30, 2024, the platform launched the DEX aggregation function, providing better trading options through Raydium and Meteor. At the same time, users can leverage limit orders and automated investment strategies using dollar-cost averaging (DCA) to gain greater control over their trading and investment plans. By staking GARI tokens, users can not only obtain voting rights, but also participate in platform governance and vote on proposals, which enhances users' sense of participation in platform decision-making.
In order to further improve user experience and platform functions, Chingari plans to launch the function of using Drift.trade and Raydium liquidity for perpetual contract trading on July 5, 2024. In addition, users can use GARI or SOL tokens as collateral to borrow other cryptocurrencies before July 30, 2024, releasing more liquidity and improving asset utilization efficiency.
In general, Chingari has not only successfully expanded its user base and platform functional diversity through these strategies and functional innovations, but also demonstrated its forward-looking layout and innovative spirit in the field of Web3 social media. However, although these initiatives show strong growth potential, future market changes and user demand are still full of uncertainty. It remains to be seen whether Chingari can continue to maintain its leading position in the fierce competition.
The above is the detailed content of Why Chingari deserves attention: The number of social platform users exceeds 100 million, and multiple innovations lead the market. For more information, please follow other related articles on the PHP Chinese website!
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