The Aptos blockchain and Indian social media platform Chingari have joined forces, yielding an impressive 900% surge in new user growth within a month of the integration according to the on-chain data. This overwhelming response from users nearly translates to 90,000 on-chain onboarding daily.
Chingari’s decision to switch from Solana to Aptos followed the outages experienced in Solana’s network, as revealed by Sumit Ghosh, co-founder and CEO of Chingari. These glitches resulted in various scheduling challenges for transactions. This pushed away the possibility of instant transactions, leaving room for potentially failed transactions.
This integration not only allowed Aptos to exponentially increase their user base but enabled instantaneous on-chain features such as virtual gifts. The incorporation also led to the inception of a new wallet on Chingari, which allows users to earn tokens through active engagement and content creation. Users can use these tokens for various purposes ranging from boosting content visibility to tipping content creators and purchasing NFTs and virtual gifts.
Additionally, Chingari’s growing popularity is significantly accredited to India’s booming economy with a population of 1.4 billion and the intense fascination towards cryptocurrencies experienced within the country.
As it stands, Chingari is accountable for 80% of the overall daily active users on the Aptos blockchain and 50% of all the gas fees paid on the network. This reflects a striking 500% increment from the preceding month. Besides, the number of transactions shot up, reaching almost 2 million is just a single day.
However, despite the impressive developments, we can’t ignore the bumpy road Aptos had to traverse to get here. Aptos, unfortunately, had to grapple with persistent network outages and complications that made instant transactions nearly impossible for its users.
Further, blockchain platforms like Aptos do not exist in a bubble. As such, they do not hold a monopoly on attracting DApps seeking better on-chain performance. Other frameworks like Ethereum have lost DApps to ecosystems like Polkadot due to slow transaction speeds and exorbitant fees. Thus, improving the transactional performance of a network is not enough; maintaining affordability is equally crucial.
This upswing in user engagement may seem lucrative, but it is necessary to remain cautious. It’s important for practices like liquid staking, which allows users to profitably stake their tokens without sacrificing liquidity, to sometimes put them at the mercy of potential smart contract vulnerabilities, slashing risks, and volatile market prices. Therefore, it is paramount that users conduct their due diligence before jumping into the crypto wagon.
However, the journey towards blockchain development and cryptocurrency adoption continues to promise potential lucrative opportunities for startups and consumers alike. This is certainly a captivating time for blockchain enthusiasts. Despite the compelling highs and challenging lows, the future of blockchain technology remains promising.
Source: Cointelegraph
