Bittime Prepares 5 Million Palapa Tokens For Airdrop

Photo: Doc. Bittime

JAKARTA - Bittime, a crypto asset investment platform that is officially registered in Indonesia has prepared 5 million Palapa tokens (PLPA) for airdrop campaigns to the community and the public ahead of the launching which is targeted for June 2024.

Bittime CEO Ryan Lymn said that his party was already committed to allocating Palapa tokens as rewards to the community and the public. He stated that this was done so that the public could feel the enthusiasm of the Palapa and Bittime ecosystems.

The total supply of Palapa tokens is as much as 10 billion PLPA. Later as much as 5% or equivalent to 500 million Palapa tokens will be allocated for community rewards through various events such as airdrops and other campaign activities," said Ryan, Monday, April 22.

Ryan explained that the closest marketing activity is Palapa's airdrop token. Airdrop is a crypto asset distribution method for some people, communities, or the public that is given free of charge by following some activities.

The closest one, there will be an interesting series of activities from Bittime and Palapa to the public. By participating in this series of activities, the public can get a total of 5 million Palapa tokens for free through the airdrop," he explained.

Palapa was built as a platform utility token which is an important functional module to empower the entire Bittime ecosystem. Palapa token circulation will play a role in various key scenarios of ecosystem progress in Bittime.

"Some of the Palapa token functions in the Bittime ecosystem will include discounting transaction fees based on the number of PLPA owned, to free withdrawal quotas and deposits," Ryan added.

As is known, the Palapa token has been officially registered by the Commodity Futures Trading Supervisory Agency (CoFTRA). Where the Palapa token has been included in the list of 545 crypto assets that can currently be traded.

The registration of Palapa tokens is part of the issuance of CoFTRA Regulation (PerBa) Number 02 of 2024 concerning Determination of the List of Crypto Assets Traded in the Physical Crypto Asset Market. In PerBa, there is an increase in the number of lists of 501 crypto assets that were previously tradeable.

The entry of Palapa tokens into the CoFTRA's legal crypto asset list means that this crypto asset has met the legal aspect in Indonesia. Where it has gone through a strict due diligence process based on the Analytical Hierarchy Process (AHP) assessment method.

Palapa was built using the Ethereum blockchain with ERC-20 standards. As is well known, Ethereum provides a strong and secure platform for the release and management of tokens by ensuring transparency and interoperability in the wider blockchain ecosystem.

Utilization of standard ERC-20 allows Palapa tokens to be easily integrated with various digital wallets, exchanges, and decentralized applications (DApps) that support ERC-20 tokens. This competence increases Palapa's accessibility and liquidity, allowing users to store, trade and interact with their tokens easily.

Furthermore, Palapa tokens use a buyback and burn mechanism to increase value for token holders. When the Palapa project generates profits, up to 20% of token supplies can be repurchased from the market and permanently burned. The amount of burn actually depends on the quarterly gain, with a maximum limit of 20% of token supply.

This is done to reduce the supply of tokens, so that they can increase their scarcity and value over time. This mechanism harmonizes project profitability with the interests of token holders, creates deflation effects and potential price appreciation.