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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%.

    DOGE/USD

    0.38 Price
    +2.410% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.0012872

    ETH/USD

    3,345.96 Price
    +8.780% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 6.00

    BTC/USD

    97,841.35 Price
    +3.860% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 106.00

    XRP/USD

    1.19 Price
    +7.540% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.01168

    “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.

    Related topics

    #Cryptocurrency

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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.
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    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.
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