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OPNX Releases Whitepaper for New Token ‘OX’
The cryptocurrency bankruptcy claims exchange, OPNX, founded by Su Zhu and Kyle Davies, has released a whitepaper for its new governance token, ‘OX.’ This announcement has caused a surge in the price of the exchange’s existing native token, FLEX. At present, FLEX is traded at $1.14, which is a 19% increase from $0.96 a day before and a 50.6% surge from $0.75 a week ago, according to CoinMarketCap. Although CoinGecko registers FLEX’s current price at $1.09, this is still a 7.9% surge, signaling growing demand.
OX Tokenomics
The new OX token will provide OPNX users with fee discounts, staking opportunities, and governance rights. FLEX users can exchange their tokens for OX at a 1:100 ratio. Those who voluntarily lock their OX for three months can earn an additional 25% in tokens. Unlike traditional exchange token models that incentivize short-term holding for fees or have high minimum volume and holding bands that benefit whales, OX will adopt a ‘Stake to Trade for Free’ rebate model. Users who lock up a greater proportion of the total OX supply than their total proportion of OPNX trading volume can trade without fees on the platform.
OPNX’s Struggles
OPNX was established to provide a liquid market for bankruptcy claims on several cryptocurrency companies that collapsed in 2022. The founders, Zhu and Davies, themselves were behind the defunct crypto hedge fund, Three Arrows Capital (3AC), which collapsed following the meltdown of Terra last year. FLEX tokens, the exchange’s current native tokens, were inherited from CoinFLEX, founded by co-founder Mark Lamb. Lamb’s exchange froze withdrawals and went through a restructuring phase last year after a bad loan deal with Roger Ver. However, the exchange faces challenges and risks being categorized as security, given the Securities and Exchange Commission’s increased scrutiny of such tokens.
