NFT giant OpenSea has laid off approximately a fifth of its employees
The decision came as a result of the crypto winter and the low NFT trading volume
OpenSea CEO says the workforce cuts could help the company withstand a five year long bear market
Workforce cut comes amid plunging NFT sales
OpenSea, the world’s largest non-fungible token (NFT) marketplace in terms of trading volume, is laying off a fifth of its workforce, according to the company’s CEO Devin Finzer. In a statement shared on Twitter, initially posted on the company’s Slack, Finzer said that employees that have been let go will receive generous severance packages and other benefits.
Finzer said that the decision to reduce the team’s size was a “difficult” one, but a necessary one to take to prepare the business for “the possibility of a prolonged bear market.” The CEO added that the workforce cuts put the company in a position to withstand a five year long crypto winter as long as trading volume stays the same.
Today is a hard day for OpenSea, as we’re letting go of ~20% of our team. Here’s the note I shared with our team earlier this morning: pic.twitter.com/E5k6gIegH7
According to a report from The Block, the OpenSea team consists of 230 employees, down from about 290 before the layoffs. The exact number of employees that had been let go has not been publicly disclosed.
OpenSea trading volume saw a sharp decline in recent months. The company facilitated $695 million in total trading volume on Ethereum in June, per Dune Analytics. To put the figure into perspective, the total Ethereum trading volume reached $4.86 billion in January, OpenSea’s best month to date.
NFT sales on Polygon saw a similar percentage decrease as on Ethereum. June’s Polygon NFT trading volume was $8.9 million, down from $79 million just five months prior.
In a statement to the OpenSea team, Finzer said that the crypto downturn represents a “huge opportunity” for an “explosion in innovation and utility across NFTs.” The CEO concluded his remarks with the following thought:
“When the global economy is uncertain, our mission to build the foundation for new, peer-to-peer economies feels more urgent and important than ever. Winter is our time to build.”
REALM, a mobile-based play-to-own metaverse platform, has received a $10 million commitment from global investment group LDA Capital to bolster innovation on its platform, advance metaverse capabilities, and improve the overall user experience on its platform. Announced this week, the funding will also help REALM to expand its creator tools, make the platform hardware agnostic, increase the number of virtual experiences (realms), and position itself as a leading brand in the space.
“We are excited to be partnering with LDA as they really understand REALM´s vision of reducing the barriers to enter the metaverse for brands and players”
Matthew Larby, Founder and CEO of REALM said during the recently concluded NFT.NYC event in late June.
With the global metaverse market expected to grow to $1.5 trillion by 2029, the latest commitment funding will help REALM build its base as a market leader in metaverse creations. The platform aims to play a key role in changing the way NFTs are showcased and personalized, bringing a new way of customizing and monetizing the space, giving users an enhanced experience.
Simply, REALM provides a mobile-first play-to-own metaverse where any player can create their own microverse and socialize with other players while making a real positive change in the world. The platform leverages blockchain technology to allow individuals to build their own digital “realms” with no proficiency in coding needed. A third of the profits made on REALM are distributed as rewards to players, token holders, and creators, while another third of the profits is donated to impact causes, via partners like Eden Reforestation and Plastic Bank.
“Our hybrid fiat & crypto metaverse unlocks the power of the blockchain, without the need for wallets, bridges or any environmental impact from ledger technologies,” Larby added. “With LDA’s commitment, we will be able to create an infinitely scalable metaverse that equally supports our community, brands and creators, while positively impacting the wider society.”
LDA Capital is a global alternative investment group that focuses on cross-border transactions globally. The company has invested in multiple startups and companies enhancing transactions around the world. As per a team statement, the company has collectively executed over 250 transactions in both the public and private middle markets across 43 countries with aggregate transaction values of over US$11 billion.
The latest funding commitment in REALM aims at advancing the development of virtual worlds and games, bringing LDA Capital closer to achieving its financial inclusion goals. Speaking on the latest funding commitment to REALM, Warren Baker, Managing Partner, LDA Capital, said:
“REALM will bring the blockchain to mainstream consumers and allow them to really engage and interact inside the Metaverse, whether it is purchasing real estate in the form of NFTs, participating in events, or building their own microverse with simple tools. REALM is not only accelerating the entertainment industry, but also a new economy as a whole.”
Alpaca Finance, the largest leveraged yield farming (LYF) lending protocol, has integrated Open DeFi Notification Protocol on both BNB Chain and Fantom
The Open DeFi Notification Protocol is a community-led initiative to provide users with decentralized and free mobile notifications for on-chain events
After successfully integrating the app, adding its widget to its UI, and creating educational content for users, Alpaca has made the Notification app popular within its community, supporting over 1,000 active notifications at the moment
By providing 24/7 real-time notifications for DeFi users, the protocol helps them to manage risks and optimize their DeFi trading strategies
Problem
It is now common knowledge in the crypto world that lending protocols have become the biggest powerhouses in the DeFi space. Projects like Aave, Alpaca Finance, Compound, MakerDAO, etc., have billions of dollars in TVL (Total Value Locked).
The rising popularity of DeFi lending protocols is majorly due to the fact that they offer different investment products. Leveraged Yield Farming (LYF) by Alpaca Finance is one good example.
In spite of all the goodies they offer, taking a loan from lending protocols has attendant risks. The risk of liquidation is the most prominent. The fact that the crypto market is extremely volatile makes risk or liquidation super-important. It becomes pertinent that every user should enjoy continuous monitoring of a loan’s health factor.
As it stands, Alpaca Finance is the largest lending protocol supporting leveraged yield farming on BNB Chain and Fantom. It currently has over $500 million in TVL. Users of the protocol can access undercollateralized loans for LYF positions, using them to boost their asset base and increase potential yields.
To help users keep a tab on their investment activities, Alpaca calculates the safety buffer. This value tells users how close they are to potential liquidation – once it gets to zero, the user gets liquidated.
Thanks to the transparent nature of decentralized finance, every data is recorded on the ledger and made easily accessible. The biggest problem users face is notifications. There has never been a dependable mobile notification service for DeFi users – not until now.
Solution
The Open DeFi Notification Protocol was created to solve the problem above. It is an open initiative to offer decentralized and free mobile notifications to DeFi users, covering every on-chain event. It is powered by the Orbs Network.
True to its name, the Open DeFi Notification Protocol is fully open. Any user can contribute a new notification by implementing a simple JaveScript web3 class that extracts the notification from on-chain data.
Alpaca Finance recently joined the growing list of lending protocols to integrate the Notification Protocol. It started with the BNB Chain and followed almost immediately with Fantom too. With this protocol, Alpaca Finance users can set up what is called a “position health” notification. This set notification will issue an alert anytime the safety buffer drops below a specified threshold.
By setting up position health notifications, Alpaca users will enjoy 24/7 monitoring of their position health. They will be able to take instantaneous actions once they are notified of a low safety buffer. They may add collateral, for instance, to boost the safety buffer and manage the risk of liquidation properly.
To make life easier for their users, Alpaca Finance has implemented the Notification Widget on their Portfolio Page UI. This significantly improves app accessibility for users. Actually, the entire process of downloading the app and setting up an alert is super easy and fast. The video below shows just how easy and user-friendly it can be:
To make sure that users benefit from this update, Alpaca Finance has spent time and effort announcing the tool to its community. It included some educational content that explains the benefits of the Notification app, especially its efficiency in mitigating liquidation risks. The effort and commitment were instrumental in bringing about the wide adoption of the app within the community.
Results
Within the Alpaca Finance community, there are approximately 1,000 active notifications. This is considered a successful rollout of the Notification app and is attributable to the steps taken by the Alpaca team after integrating the app.
Current data shows that Alpaca Finance is the most active protocol in the Open DeFi Notification Protocol. It is ahead of all lending protocols and every other project available on the app.
Conclusion
When it comes to money matters, real-time notifications are critical. For DeFi users, the attendant risks make notifications super-useful and helpful. The Open DeFi Notification Protocol ensures that users never miss a single important alert, enabling them to make time-sensitive moves to protect their investments.
Integrating Open DeFi Notification Protocol is very easy. All it takes is 30 minutes on Github, and any DeFi project will start providing time-sensitive, free mobile notifications to all users. It can cover all kinds of on-chain events, including near liquidation, price swings, stop loss, accumulated pending rewards, contract upgrades, new governance mode, etc.
From the Alpaca Finance scenario, we can imagine how useful the Open DeFi Notification Protocol can be to the entire DeFi sector. By successfully integrating the protocol on both BNB Chain and Fantom, adding the app’s widget to its UI, and providing educational content to users, Alpaca Finance has been able to equip users with a powerful tool to manage risks and boost yield potentials.
Of course, any DeFi project can take the same basic steps taken by Alpaca Finance to provide its users with useful alerts. They can also take further steps to reach more users as the Open DeFi Notification Protocol can play a huge role in managing risks and optimizing DeFi trading strategies.
Popular trading app Robinhood has listed UNI, the native token of the Uniswap decentralized exchange (DEX)
The price of UNI increased over 15% after the news broke and hit a two-month high of $7.19
The listing of UNI follows a series of crypto-centric moves made by Robinhood in recent months
UNI joins Robinhood’s growing selection of crypto assets
Trading platform Robinhood announced the listing of a new cryptocurrency on Thursday. Users of the popular trading app can now trade Uniswap’s native governance and utility UNI token. The Robinhood team shared the news via Twitter.
UNI can be used to participate in the governance process and for fee payments on Uniswap, one of the largest decentralized trading protocols. Uniswap employs the automated market maker (AMM) model, which essentially allows traders to tap into liquidity pools to trade without a centralized intermediary. According to data curated by CoinGecko, the decentralized exchange (DEX) facilitated $1.16 billion in trading volume over the past 24h hours across its v3, v2, and Polygon versions.
The addition of UNI saw the total number of supported digital currencies on Robinhood swell to thirteen. The selection of coins available for trading on the app includes exclusively large market cap assets such as Bitcoin, Ethereum, Dogecoin, and Solana, to name a few.
The price of UNI increased from roughly $6 to above $7 after the listing announcement and hit a two-month high.
Earlier this month, the company launched zero-fee cryptocurrency transfers, allowing users to send and receive Bitcoin and other supported currencies directly from the app.
On top of crypto-centric features, Robinhood added support for Solana, Polygon, and Compound in April. At the same time, the exchange listed popular memecoin Shiba Inu, after the Change.org petition to list SHIB surpassed 500,000 users.
The development on the crypto front has reportedly piqued the interest of the FTX crypto exchange. According to a recent Bloomberg report, FTX has internally been having discussions about a potential acquisition of Robinhood. The report’s credibility is bolstered by the fact that FTX CEO Sam Bankman Fried bought a 7.6% stake in Robinhood in May for over $600 million.
Popular crypto wallet Crypterium has rebranded to Choise.com and declared its intent to connect the worlds of centralised and decentralised finance. Its new mandate will see Choise.com evolve into a MetaFi ecosystem that gives users exposure to the best elements of CeFi and DeFi.
Since its launch in 2017, the company has grown rapidly, expanding its ecosystem with new products and services. In the process, Crypterium has evolved into much more than a mere cryptocurrency wallet.
The rebrand marks the greatest milestone in the project’s history. Choise.com represents a massive leap forward, transforming Crypterium into an innovative digital asset ecosystem that will give its users greater choice and financial freedom than ever before.
Choise.com’s maiden mission is to create the industry’s first MetaFi ecosystem. By combining centralised and decentralised finance products and services, its platform gives users the choice to earn more on their coins through yield farming, DEXs, liquidity pools, and lending protocols. The new-look platform promises an intuitive user experience, state-of-the-art security and customer support, and a single marketplace to suit the needs of everyone from newcomers to veterans.
“When I launched Crypterium back in 2017, one of the main challenges was to connect traditional banking with the then-new and unexplored blockchain technology. At the time, our goal was to create a neobank for crypto and make digital assets simpler for users. As we have developed alongside the cryptocurrency market, our mission has broadened. Now, we do not only want to simplify access to crypto but also to provide users with new ways to earn more. To achieve that, we are building the Choise.com MetaFi ecosystem that seamlessly connects CeFi and DeFi across multiple blockchains, protocols, wallets, and liquidity pools with the same convenience as our clients have already been enjoying on Crypterium,” – Vladimir Gorbunov, Founder and CEO of Choise.com, shared more about the company’s vision in a founder’s letter.
Choise.com will aggregate crypto solutions under one roof, making it possible for newbies and pros to generate revenue on their digital assets. Its battle-tested CeFi services provide a convenient way for clients to store, exchange, invest, and spend their digital assets with the Crypterium Debit Card, bank transfers, and seamless fiat on- and off-ramps.
This will be complemented by the Charism protocol that gives users access to decentralised finance tools, protocols, and dApps to generate revenue above current market rates without facing the complexity of DeFi. Users can also leverage CHO, Choise.com’s native token, to maximise their profits with yield farming and staking by receiving additional APY from intelligent wealth management and CHO airdrops.
Furthermore, Choise.com’s crypto price insurance product allows customers to fix a guaranteed minimum price when purchasing digital assets (currently, the service is only available for BTC and ETH). This way, if the price of a given cryptocurrency appears to be less than the insurance price at expiry, the user’s losses will be covered by the insurance.
At the same time, users can leverage dual-currency interest accounts to earn high returns through an income-generation yield strategy. After purchasing the short-term investment product with BTC or ETH, Choise.com will assess how the settlement price (the price of BTC or ETH at the time of the settlement) compares with the linked price at expiry. If the prior is higher than the latter, the user receives his return in the investment currency (BTC or ETH). On the other hand, when the settlement price is lower than the linked price, the platform will distribute yield in the USDC stablecoin.
About Choise.com
Choise.com is the first-ever MetaFi ecosystem that combines the best of the CeFi and DeFi worlds under a single, user-friendly platform. Choise.com is the evolution of Crypterium, serving over 700,000 registered users and with a €230 million turnover in 2021. With the recent rebrand, the company seeks to offer its clients the most profitable and exciting opportunities to earn crypto via centralised and decentralised finance solutions alike.
Learn more: https://choise.com/
San Francisco, United States, 15th July, 2022, Chainwire
Ankr, one of the world’s leading Web3 infrastructure providers, is delighted to introduce Ankr Network 2.0, described in the new whitepaper as a “Decentralized marketplace for Web3 infrastructure.” The upgrade brings a full suite of decentralized products and services that serve as the critical infrastructure behind Web3 growth.
There have long been concerns that Web3 is not as decentralized as its boosters claim as the majority of its server (node) infrastructure for underlying blockchains is hosted by centralized companies and data centers. Ankr 2.0 solves this crucial problem with new decentralized web services – a protocol that allows independent node operators to connect developers and dApps to blockchains and earn rewards while they do it.
“Ankr 2.0 is the missing link for Web3 to become decentralized once and for all. Allowing blockchains to work with multiple infrastructure providers on a single network has always been the dream, both for speed, reliability, and decentralization. Now with the Ankr Network, that’s all possible. It’s a major move forward for the industry to keep innovating towards an infrastructure that can handle mass adoption in the years to come,” said Greg Gopman, the Chief Marketing Officer at Ankr.
The new Ankr Network has been over a year in making as Ankr transitioned its centralized infrastructure business to a decentralized protocol, creating the first-of-its-kind node infrastructure protocol for the industry to collaborate on. The fully decentralized Ankr Network brings the following upgrades for the benefit of all stakeholders:
Independent node providers to run full nodes
Independent node providers can serve traffic and earn rewards on the Ankr Network. Organizations that already run full nodes for their own projects can also connect to the Ankr Network to earn rewards when their project isn’t using them. Independent nodes join Ankr’s existing global network to serve all blockchain request methods, including the Advanced APIs that streamline and simplify data querying.
Developers connect to a decentralized RPC layer
As independent node providers power Ankr Network, this means that the developers, dApps, wallets, and all other projects using the service now have a decentralized means of connecting to blockchains. All of these parties pay-as-they-go when making requests to blockchains (around 7.2 billion per day total), and this income is split between node providers and the community of stakers that helps secure the full nodes.
Greater utility for the ANKR token & first ever instance of staking to full nodes
On the new decentralized Ankr Network, the ANKR token plays a central role in all operations:
Developers pay for access to on-chain data (RPC requests) in ANKR
Independent node providers serve blockchain requests to earn ANKR
Stakers contribute ANKR to nodes to secure the network and share in the rewards
Anyone can stake to full nodes on Ankr Network and earn rewards for all RPC traffic served. By creating a decentralized infrastructure marketplace and economy, Ankr Network will scale to accommodate the ever-increasing amount of Web3 usage and allow more stakeholders to benefit from its growth.
Ankr DAO to democratize services
Ankr Network will begin to transition operations to a new DAO framework to promote consensus-based decision making. The Ankr DAO will initially democratize the decision-making process in three core areas:
Deciding where to allocate funds from the Ankr Treasury to incentivize protocol growth and rewards.
Determining pricing and revenue splits for various systems touching the protocol like Node Providers and Staking.
Choosing which blockchains to onboard next to Ankr’s industry-leading RPC services.
About Ankr
Ankr has built out the largest global node network in the industry, creating the foundation for the future of Web3. It currently serves around 250 billion blockchain requests a month across 50 different chains and runs RPC services for 17 blockchain partners, making it the largest RPC provider in the industry. Ankr also offers a suite of tools that empower dApp developers to build Web3 apps quickly and easily.
Polygon has been selected as one of the six companies for this year’s Disney Accelerator
The Accelerator program is focused on growing innovative companies through Disney’s guidance
This year’s program is putting a spotlight on AR, NFTs, and AI technologies
This year’s Accelerator program will focus on immersive experiences powered by AR, NFTs, and AI
Multinational entertainment and media conglomerate the Walt Disney Co. announced on Wednesday a group of six companies that have been selected for the 2022 Disney Accelerator. Ethereum Layer 2 developer Polygon is the only blockchain-native company to have made the list.
According to the official statement, the accelerator program focuses on innovative technologies and is designed to help bolster the growth of innovative businesses from around the world. The 2022’s edition of the annual program will be focused on “immersive experiences”, ranging from augmented reality (AR) to non-fungible tokens (NFTs) and artificial intelligence (AI) solutions.
“For nearly a century, Disney has been at the forefront of leveraging technology to build the entertainment experiences of the future,” noted Disney Accelerator’s General Manager Bonnie Rosen in a statement. He went on to add:
“The Disney Accelerator is thrilled to be part of that legacy, and with our newest class of companies, we look forward to furthering our commitment to innovation and continuing to bring magical experiences to Disney audiences and guests for the next 100 years.”
The Accelerator program is slated to begin this week and will conclude in the fall with a Demo Day at Disney’s corporate headquarters in Burbank, California.
The Polygon team shared the news with its community on Twitter, saying that their “imaginations are already on fire” in anticipation of working with Disney.
Raise your hand if you remember your first Disney experience like it was yesterday 🙋🏻♀️ #disneyfeels
We are excited to announce that Polygon has been chosen to be a part of the Disney Accelerator program 🎉https://t.co/hk6gZziy8X
At the tail end of 2021, Disney secured a patent for an AR product that will, according to the filing, combine virtual reality elements with “a map of a geometry of a real-world venue.” A month before the entertainment giant received approval for the patent by the USPTO, the company’s CEO Bob Chapek talked about Disney’s metaverse plans during the Q4 earnings call. “We’ll be able to connect the physical and digital worlds even more closely, allowing for storytelling, without boundaries in our own Disney Metaverse,” said Chapek at the time.
The price of Poylgon’s native MATIC token surged by over 14% on the news of Polygon and Disney collaboration and hit a new cycle high of $0.654 on Thursday.
CeFi firm Celsius has filed for bankruptcy under Chapter 11 provision
The company currently has $167 million in cash on hand, which should provide “ample liquidity during the restructuring process
The news comes roughly a month after the company responded to the acceleration of outflows by halting withdrawals
The bankruptcy filing comes a month after Celsius freezer withdrawals due to liquidity problems
Liqduity-strapped cryptocurrency lender Celsius has filed for bankruptcy under Chapter 11 with the New York-based Bankruptcy Court. According to the press release published on Wednesday, the company is seeking to restructure and stabilize its business operations to maximize value for all stakeholders. Celsius has between $1 billion and $10 billion in assets, accordion to the filing.
The Celsius team shared the news with the broader community on Twitter;
Moments ago, @CelsiusNetwork filed voluntary petitions for Chapter 11 protection and announced that the company initiated a financial restructuring. https://t.co/vf5wsT6TMp
The news comes roughly a month after the company initially paused withdrawals to protect itself against outsized outflows sparked by the cryptocurrency downturn and the Terra ecosystem collapse.
“Today’s filing follows the difficult but necessary decision by Celsius last month to pause withdrawals, swaps, and transfers on its platform to stabilize its business and protect its customers,” Members of the Special Committee of the Board of Directors said in a joint statement. “Without a pause, the acceleration of withdrawals would have allowed certain customers … to be paid in full while leaving others behind,” the Board added.
Celsius paid off a substantial amount of debt in recent weeks to a number of DeFi lending and borrowing protocols, including $41 million worth of DAI to Maker and $20 million worth of USDC to Aave. By repaying a part of its debt, Celsius was able to unlock as much as $440 million worth of WBTC it used as collateral when borrowing DAI.
Earlier this week, Celsius hired Kirkland & Ellis LLP as its new legal counsel, which led many to believe that the company’s bankruptcy filing is imminent. The Chicago-based law firm is also providing its legal services to Voyager Digital, a cryptocurrency trading platform that filed for bankruptcy last week.
According to the press release, Celsius is currently in possession of $167 million in cash on hand, which should provide “ample liquidity” during the company’s restructuring.
The platform’s native CEL token lost over 10% on the news of the bankruptcy filing and is currently changing hands at $0.8195, almost 90% removed from its all-time high of $8.01 it reached last June.
Chingari’s wallet now has 800k active users, just five months after it was integrated into the Chingari app
800k active wallet users in five months is an important milestone for Chingari and the GARI network, which have seen several other successes in the recent past
Chingari is the largest short video-sharing platform in India and had surpassed Facebook and Twitter as the number 1 ranked Android social media app in the country
Even though GARI’s price has been dropping in the past few days, there are indications of a potential trend reversal
Less than six months after the launch of the GARI token, Chingari Wallet Signers reached the 800,000 mark. This is another impressive milestone for the GARI Network and the Chingari App, which is often referred to as India’s Tik Tok.
Announcing the good news via Twitter on July 13th, the GARI Network stated that it has reached 800,000 wallet signers just five months after the Gari Wallet was integrated into the Chingari app. Considering what the network offers and its popularity in India, this is not surprising.
How well do you know Chingari and the GARI Network? Considering what is happening on the market right now, how reliable is Chingari and how safe can GARI investment be? We will attempt to summarize the most important things you should know about Chingari as well as its journey so far.
What Is GARI?
GARI, which is officially called Gari Network, is the native social token of the Chingari app, a short video social media platform based on blockchain. Chingari was created in 2018 as a short-video sharing app. It was obviously inspired by Tik Tok but has grown to become the largest short video-sharing app in India.
The Chingari app and the entire GARI ecosystem are changing the way Indians and other users create and consume video content, especially in India. It allows creators to monetize their content and also allows consumers to invest in the network. NFTs are also supported on the Gari Network.
While Chingari runs as a mobile app on phones, the GARI token runs on the Solana blockchain as an SPL token. Users can create, publish, share, and monetize content via the app. The GARI token has multiple use cases. It can be used for in-app purchases, influencer marketing, live streams, exclusive content, audio rooms, and more. As the governance token of the decentralized autonomous community (DAO), GARI gives governance rights to holders so that they can vote on proposals to shape the future of the network.
Chingari App and GARI – The Road So Far
While GARI Wallet was integrated into the Chingari app about five months ago, the app and the network have come a long way. As mentioned earlier, the app was released in 2018. Here, we will give you a rundown of how the Chingari has fared since its inception.
Funding
Chingari was able to attract substantial funding early enough. The team has been able to raise money on several occasions. The GARI token was launched following a series of successful funding rounds, including a $16 million IDO on SolRazr. The team also reported that the GARI token raised $40 million within 24 hours of its live sale.
App Store #1 in India
Even before launching its token, Chingari reached the number 1 Android app store ranking among social media apps in India, surpassing Facebook and Twitter. This was achieved in December 2021, months after Bollywood superstar, Salman Khan, joined as an ambassador.
High Volume after Listing
Chingari had achieved major successes before its token was launched. The success rubbed off on the GARI token once it was launched. When it debuted on major exchanges like KuCoin, FTT, and OKX, GARI topped $100 million in trading volume within 24 hours.
Gari Token Mining Program
Chingari achieved the status of India’s fastest growing Web3 social app pretty easily. To acknowledge and reward its users, Chingari announced a $12 million GARI mining program in June 2022. Eligible users just had to create, like, and share videos to earn from the mining program.
High-Value Partnerships
The Chingari team has been able to attract meaningful partnerships that have helped to change the fortunes of the app and the entire ecosystem. It partnered with Fashion TV to launch NFTs, lifestyle-oriented metaverse, as well as Fashion TV tokens. Chingari also partnered with KuCoin for its Creator Contest. KuCoin served as the title sponsor and has since been working to facilitate the trading of GARI.
800,000 Chingari Wallet Signers in Five Months
The Chingari Wallet was integrated into the Chingari app in February 2022. Just five months afterward, it has already attracted 800,000 signers.
Sharing the news via a Tweet, the team said they were “ecstatic” about getting up to 800,000 active wallet users, adding that they are “on course to onboard 1 billion on-chain users.”
We are absolutely ecstatic to announce that the #GARI wallet signers have now reached 8⃣0⃣0⃣0⃣0⃣0⃣ in just 5️⃣ months of GARI wallet integration within @Chingari_IN app.
We are on course to onboard 1 billion on-chain users.
— GARI – World's Biggest Web3 Social Community🔥 (@TheGariNetwork) July 13, 2022
An Important Milestone in Trying Times
Having 800,000 active wallet users is worth celebrating. After all, it is a remarkable milestone for a project that aims to change the way people create and consume video content. However, this good news is coming at a time GARI token is taking a huge beating.
In the past seven days, the value of GARI has dropped significantly. Despite the recent downturn, the price of the GARI token could see a substantial rally according to our algorithmically generated price prediction charts.
