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Indonesian token IDM now on AVAX C Chain

By Carine Lee

07:08, 9 May 2022

IDM Co-op logo
Indonesian token IDM now on AVAX C Chain – Photo: IDM/Twitter

IDM, the Indonesian government supported cryptocurrency token, is now available for purchase on the Avax C Chain network. Indonesia Digital Cooperatives (IDM Co-op) CEO, M Chairul Basyar said that with the sale of IDM on Avax, the token will adopt the multichain technology, instead of the BSC (Binance Smart Chain) blockchain.

“However, I implemented an anti-dumping price strategy by indirectly bridging BSC to Avax, but two different smart contracts were created, but they will be merged at a later time, and the one in Avax is to maintain market prices and create new hype,” he said in a statement on Sunday.

According to detikFinance, an Indonesian news portal, Basyar explained that they target IDM tokens to be directly listed on global exchanges within a maximum of five days after listing through Avax.

“1000 Avax was sold out in 1 minute in a private sale recently,” he added.

In addition, for the first time in the world and in Indonesia, IDM will burn tokens up to 90%.


67,552.35 Price
-0.330% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00


179.57 Price
-2.040% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652


0.61 Price
+1.420% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168


0.14 Price
-2.170% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

“Our team is currently managing the registration with MURI (Indonesia World Records Museum) because this is a new world and Indonesian record,” he said.

Purchases on the decentralised exchange AVAX itself are made on Trader Joe, which can be accessed via Metamask wallet, Trust Wallet, and also Safepal.

During 48 hours of launch on Trader Joe, buyers are only allowed to buy a maximum of 0.15% tokens per wallet, this is to create equitable decentralisation.

“We will continue our ambitious projects, namely super apps, crypto park, IDM Peduli to become the IDM Foundation engaged in social blockchain, IDM Launchpad, Game Play and earn Indonesia, IDM Production House, and most recently we will launch Indonesia's first crypto wallet,” he said.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

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