The GARI IDO on SolRazr had the community pool of $4 million filled out within 15 minutes of its launch.
Chingari Attempts to Replace TikTok in India
Chingari, the short video social media platform, announced on Dec. 19 that the platform is the top-ranked social media app in India on the Google Playstore.
This achievement for Chingari came shortly after the platform closed its initial DEX offering on SolRazr’s Launchpad on Dec. 16 at 14:00 UTC. SolRazr revealed that the SOLR community pool of $4 million was completely filled out in 15 minutes, an indicator of the high demand for their platform’s native token, GARI. Phase 2 of the sale also concluded on Dec. 18, where a total of $2.04 million was raised. In total, a total of $6.04 million was raised in the IDO.
“While we expected the second pool to also fill, maybe we overestimated the demand from a single IDO platform. In any case, this is the largest raise in any IDO platform, and it will go down in history as one. As disclosed earlier, we ran into some critical issues in the smart contract code, and hence the audit reports didn’t come up as expected, which delays our TGE and listing to Jan,” mentioned the official Medium blog that elaborated on the second weekly update of the GARI project.
As previously reported by Solana.News, SolRazr’s launchpad hosted Chingari’s IDO on Dec.15. The platform has picked up over $33 million in funding from various firms like AngelList, LogX Ventures, iSeed, Village Global, and OnMobile. Chingari is attempting to replace TikTok in the Indian market, which was banned by the government last year on Jun 29. The platform has roped in one of the biggest Bollywood stars, Salman Khan, to launch video NFTs on the marketplace.
What is SolRazr?
SolRazr is the Solana ecosystem’s first decentralized developer ecosystem. The protocol’s main offering is a launchpad, an accelerator, tradable allocation, cross-chain pools, and developer tools. The native utility token of the protocol, SOLR, gives holders access to special features and benefits in the ecosystem. The token currently trades for $1.58 with a market capitalization of $157.64 million, according to data from CoinMarketCap.
Source: Solana News
