Chingari Implements GARI’s First Token Burn

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 monthly token burn will take place on the 1st day of each month with next burn scheduled on 1st June.

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:

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 Comes Next?

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.

1. 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
2. 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
3. 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:

• The Gateway to earning GARI tokens
• What is GARI Network Today?
• 5 Steps to Earn GARI Tokens Risk-Free WITHOUT Investing Your Money
• A Deep Dive into GARI and its Tokenomics