Huobi Global, one of the world’s top digital asset exchanges, launched its eleventh Primelist event today, giving its members early access to the SocialFi project Gari Network and its token GARI after its official listing. Users are rewarded for creating content on Gari Network’s social media platform. Primelist members may queue for numbered tickets or hold Huobi Tokens for three days to enter a drawing for a GARI token allocation.

Gari Network plans to utilize the proceeds from the IPO to support future expansion and ensure that it has enough resources to reward content providers. The startup is based on the idea of SocialFi, which is a mix of social media, web3.0, and finance that pays individuals for their social impact by tokenizing it.

Traditional social media platforms have the problem of monopolizing content generation, making it harder for new content providers to develop and prosper.

To solve this problem, Gari Network introduced Chingari, a short-form video software that allows users to produce and share films while earning GARI tokens. With over 85 million users, Chingari is India’s fastest-growing video app. Its transparent tipping tools keep video watchers interested, and its decentralized governance system gives users a say in how the site is administered.

Huobi’s attempts to assist initiatives that potentially disrupt sectors are reflected in the eleventh Primelist event. Users who wait for numbered tickets or possess Huobi Tokens for three days will be eligible for an allotment of the GARI offering at the launch price starting at 19:30 (HKT time) on January 18, 2022. Other users who did not participate in Primelist may buy GARI tokens following the listing on Huobi Global.

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