The fast-growing Indonesian cryptocurrency exchange Bittime says its native token Palapa or PLPA is ready for prime time after being listed on Pionex, a global trading platform known for its user-friendly trading bots.
The debut is a big milestone for Bittime, as Pionex becomes the third major exchange to list its native token, following last month’s appearance on Indonesia’s biggest exchange by trading volume, Indodax. For PLPA, the listing on Pionex marks the first time the token has been made available to global traders, dramatically expanding its addressable market to millions of crypto fans.
Bittime has been growing fast in its domestic market. The platform launched in early 2022 and is known for its huge selection of more than 380 cryptocurrencies, including major tokens like BTC, ETH and XRP, as well as dozens of more obscure tokens and memecoins. It also acts as a launchpad for new tokens, and has proven to be extremely popular with Asia-based crypto projects.
Bittime launched PLPA in December last year as its native platform and governance token, and it has plenty of utility for traders on the platform. Token holders benefit from free withdrawals and discounted trading fees of between 5% and 10%, and they can also stake in natively through Bittime’s staking portal to earn APY of around 7%. The token is distributed to the platform’s community via its rewards program, and provides holders with voting rights on all governance matters.
In addition, holding PLPA is the only way to participate in Bittime’s Launchpool program, which paves the way for early access to new token listings and an endless stream of airdrop campaigns and other reward programs that aim to increase engagement.
Solid Gains So Far
There are reasons to think PLPA has a lot of growth potential, assuming the crypto markets don’t enter bear territory anytime soon. After launching on Indodax last month, demand for the token went through the roof and it was up more than 540% at one stage. Although its value has settled back down since then, it’s still up just over 220% in the last month, according to data from Coinmarketcap.
Given that Pionex’s $5.94 billion daily trading volume dwarfs Indodax’s $36.1 million daily trading volume, it’s clear that PLPA has suddenly found itself in front of a much larger audience. With a market capitalization of less than $1 million, it may represent an interesting opportunity for investors looking for low-cap coins with solid utility. Pionex itself said in a statement that it’s proud to become the first global exchange platform to list PLPA, adding that it’s “optimistic” over its future prospects.
One of Indonesia’s top crypto YouTubers, PaceCrypto, also gave PLPA a nod of approval, and likened it to the much bigger Toko or TKO, which is the native token of the Tokocrypto exchange, Indonesia’s second-biggest trading platform by daily volume. He pointed out that TKO currently boasts a total market cap of just over $19 million, roughly 40-times that of PLPA. “What I like about platform tokens is that we can get bonuses and privileges if we have them,” he added.
Like many other cryptocurrencies, PLPA is designed to be deflationary, with Bittime implementing regular buybacks and burns to reduce the circulating supply.
Bittime Chief Executive Ryan Lymn said that if the company’s platform continues to grow its market share, it bodes very well for PLPA’s future appreciation. “This program aims to reduce the circulating supply and has the potential to increase the value of Palapa over time,” he explained.
