Chingari, an on-chain social application, has announced its first-ever token burn of 2.6 million GARI tokens. It’s believed that this move represents 0.25% of the total GARI token supply.
According to an official release, the revenue generated from boost and badge sales has funded this token burn, and Chingari plans to continue with 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 each month and involve burning revenue earned from the previous month’s boost and badge sales. The on-chain application also aims to add more revenue streams for token burn if required. Sources suggest that these burns will ensure the permanent deletion of coins 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 economics that will drive long-term success and benefits for our community and ecosystem,” Sumit Ghosh, co-founder and CEO, Chingari, said.