Taki, a blockchain-based social media platform that rewards users for engaging with quality content, announced a milestone to reach approximately 600,000 users on the product’s waitlist.
With the IEO launch of the $TAKI token, TAKI DAO raised US$360,000 from individuals around the world. This, along with the fact that trading started at 10 times the IEO price of $0.04, is a strong indicator of the enthusiasm of the community. Trading volume peaked at $58 million before stabilizing with three exchanges adding the token at the end of the IEO day.
Earlier this month, taki raised $3.45 million through 11 prominent global web3 investors, including Solana Ventures, CoinDCX, OKX Blockdream Ventures, Alameda Research, Formless Capital, Gemini Frontier Fund, and Coinbase Ventures.
While expressing his enthusiasm for the milestones achieved, Taki co-founder Sakina Arsiwala said, “Taki wants to empower creators and give them a platform to showcase their content and earn an income. With this IEO launch, users can better understand our vision and have more confidence in Taki’s future growth.
The success of Taki’s IEO is a testament to the growing interest in cryptocurrency and blockchain in India.
What is Taki?
Taki’s rapid growth and adoption can be attributed to its unique value proposition of establishing a one-of-a-kind crypto-economy.
Users can chat with their favorite content creators, create their own content, and earn TAKI tokens along the way.
Taki was founded to be easily accessible and serve as a gateway to Web3 while meeting the growing demand for alternative social media engagement channels, especially given the rise of censorship on centralized social media platforms.
With Taki, users not only have the freedom to engage with the content they love, but they also get cryptocurrency rewards for producing their own content.
Powered by the RLY and built on the Solana blockchain, Taki is accessible through a mobile app capable of some of the fastest transaction throughput on Web3.
Given the interest shown by the more than 600,000 users on its waiting list, Taki is already proving to be more than just an alternative, but a next-gen social media platform for everyone.
According to the platform’s co-founder, Arsiwala, “The platform is designed in such a way that anyone can use it, even those who are not familiar with crypto. This is where the $TAKI token will play its charm.
Arsiwala added that, “With the $TAKI token, creators, users, and crypto enthusiasts will be able to monetize their engagement and content on the platform.”
To web3 social networks
Over the years, there has been a growing move towards decentralization as users become more aware of the benefits of Web3 applications. At their core, Web3 products like Taki allow users to both have more control over the content they produce and also be rewarded for their engagement.
This stands in stark contrast to the current Web2 social media landscape, which is dominated by a handful of centralized platforms notorious for censoring content and stunting user growth.
The Taki team believes the time has come to change the way social media platforms work.
Taki is governed by a DAO (Decentralized Autonomous Organization), which ensures that decisions are made quickly and in a decentralized manner. This decreases the risks of centralized censorship.
According to the team, creators will see their content distributed instantly across multiple platforms, with rewards going straight to their wallet within minutes.
As Arsiwala noted, “Taki wants to empower creators and give them a platform to showcase their content and earn an income.”
Despite regulatory uncertainty regarding crypto by the Indian government, the Indian population remains one of the most crypto and blockchain savvy demographics in the world.
After the ICO boom of 2017, the Indian government refrained from calling crypto legal. Even so, the country has moved forward to introduce a 30% tax on cryptocurrency transactions, which could be a sign of good things to come for the entire crypto community in India.
Considering the growing demand for Web3 applications in the country, Taki is advancing in its mission to be a gateway for crypto enthusiasts in India and around the world.