However, Sumit Ghosh, CEO & Co-Founder, Chingari, believes that the project is stable after the sharp corrections. “Every Crypto winter has given a winner and this time it will be GARI,” he said in an interview with ETmarkets.com. Read the edited excerpts:
The Gari token has been in the doldrums lately. It has fallen some 80-odd per cent in the last few days only, hurting the investors badly. What has been the root cause of the sudden fall of the token?
Simply put, the current price movement was just a black swan event. Prices first fell as a result of a large sell order of 2 million tokens, which our market maker, GSR, was unable to handle. A market order can often accommodate 600,000 worth of orders, but no one anticipated a sell order of 2 million tokens
For comparison, the volume was just around 300,000 on the prevailing night of this incident. This order pulled the price of GARI to $0.14, which sparked further liquidations and sell-offs that resulted in a price crash. However, it is now stable at $0.10.
Do you think that you will be able to recover from the tough times or is it India’s own Terra (LUNA) in making? Are you putting in the effort to win back the confidence of your investors and users?
We are absolutely sure of the fact that we will soon recover from these challenging times. Some of the best projects in the past have also witnessed price correction in the past including Binance and Polygon (MATIC). Price correction as a result of overall bearish sentiment is merely another market occurrence.
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When other coins and tokens were plummeting over the first few months of the crypto winter, ours remained stable. In fact, it increased by 40 per cent following the introduction of the GARI Mining programme, which rewards users and creators for using the Chingari app. Every Crypto winter has given a winner and this time it will be GARI.
We already have clarified the reason behind the crash to our investors and users. Thankfully, the community has shown its support since the inception of this project. Besides, our team has always been transparent to the investors, and community by sticking to our mission and objectives. We would like to reiterate that this is just a one-off event, we will come back stronger.
There was quite a ‘blame game’ on Twitter where you accused KuCoin of not providing liquidity. Please elaborate the same. What were the allegations and reasons which led to the heated exchange on Twitter? Do you still believe that KuCoin created some nuisance for you?
Calling it a blame game sounds unfair for both parties. In the midst of sudden price correction, the community wanted a full picture. We simply apprised our followers of the situation. As we mentioned earlier, it was just one big order which triggered a domino effect in which Kucoin in anyways was not involved.
How has the traction of the Chingari App been? Has the user interest taken a hit like the investors’ interest? What about your mining program to incentivise the users? Are you still moving ahead with it?
We reiterate that our fundamentals are strong and just a hiccup in our journey to onboard 1 billion on-chain users. Since this event, more than 10,000 wallet signers have activated their GARI wallet users on a daily basis. We have already surpassed 800,000 active wallet users on our platform which is a testimony to the constant support we are receiving from the creators and users.
Just look at the numbers, which speak for us. We have about 5 million daily active users and monthly users top 40 million mark. Our total download stands at 163 million, putting us among the top 20 most downloaded apps worldwide on Google Play and daily more than 200 million videos are watched on app. GARI is among the top 3 projects on the Solana blockchain now.
The GARI mining program is being appreciated and supported by all the community members. It incentivises the creators and users simply just to use the app. Our engagement rate has jumped multiple times since the launch of the Mining programme.
The Chingari or Gari token is closely associated with Salman Khan. How is the actor associated with the Network? It is rumoured that he is one of the early backers of the network. What are your comments on it?
Salman Khan is a global brand ambassador and investor in Chingari and this news is very much in the public domain.
What is the road ahead for you after the entire debacle? What are your plans and timeline to move ahead with them and what should investors and users expect from Gari Network in the coming days?
We are continuing to build the product with the state of the art technology including Artificial intelligence (AI), Machine Learning (ML) and Blockchain. We were focussing on the product
Even though our token price was around $0.85 and now it is $0.10, we agree that in the current bearish market, GARI token price may not be reflective of the world-class product we are building. But we are confident that in future it surely will. In the coming days, we will be launching the video NFT (vNFT) marketplace where creators can make an NFT of their videos and can trade it on this platform. The idea is to further
the creators on our platform who are seeking content creation as a full-time job.
Read More:GARI will be winner of this crypto winter; video NFT marketplace to come soon: Sumit