OPNX, short for Open Exchange, has come a long way from its troubled beginnings. After going live on Tuesday, the crypto exchange – founded by coin FLEX and veterans of the now-defunct Three Arrows Capital (3AC) hedge fund – issued a new governance token or ‘Open Exchange token‘ (OX) designed to reduce trading fees on the platform.
FLEX Token Surges 16%: Exchange Rate with OX Revealed
FLEX, the old native token, surged 16% and can be exchanged for OX at a ratio of 1:100 at X. OX is an ERC-20 token with a maximum supply cap of 9.86 billion. At press time, around 100 people purchased the asset, according to Etherscan.
The platform, however, had a bumpy start. Despite initially launching with spot and futures trading for major tokens like BTC, ETH, DOGE, and USDC, trading volume and liquidity on the platform failed to live up to expectations. As a result, this was worsened by 3AC’s bankruptcy, which left a massive hole in the crypto ecosystem.
OPNX Achieves Record High: $17 Million in 24-Hour Trading Volume
Buoyed by OX’s release, OPNX soared to a record high of $17 million in 24-hour trading volume. Like FTT and BNB, OX holders will receive volume-based discounts on trading fees. Currently, the OX token is trading at $0.0115 with a market cap of $7.7 million.
In fact, the lack of market makers and customer demand have contributed to the liquidity issues on the platform. OPNX actively markets to engage more users and boost platform participation.
Enhancing User Experience and Efficiency: OPNX’s Approach
The real potential of OPNX really lies in the tokenized bankruptcy claim feature. The exchange aims to enhance user experience and efficiency by allowing the conversion of various crypto-related claims.
Early results indicate that OX’s launch is a positive step for OPNX in the crypto ecosystem. By continuing to innovate, OPNX may yet become one of the most prominent crypto exchanges in the industry.
Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.