Bankruptcy Claims Exchange OPNX Issues New Governance Token, FLEX Rises 16%

FLEX holders can convert their tokens for OX at a ratio of 1:100.

AccessTimeIconJun 1, 2023 at 9:11 a.m. UTC
Updated Jun 2, 2023 at 4:31 p.m. UTC

Bankruptcy claims exchange OPNX has issued a new governance token dubbed "Open Exchange token" (OX), which is designed to reduce trading fees on the platform.

The platform's existing native token, FLEX, surged by 16% after it was revealed in the whitepaper that FLEX can be converted for OX at a ratio of 1:100.

OX is an ERC-20 token with a maximum supply of 9.86 billion. At press time around 100 people have either minted or bought the asset, according to etherscan.

OPNX was off to a rough start after going live in April. The exchange was co-founded by CoinFLEX executives and Kyle Davies and Su Zhu, the two people behind defunct hedge fund Three Arrows Capital (3AC). 3AC left a massive hole in the crypto ecosystem after it went bust last year.

Trading volume and subsequent liquidity on the platform failed to inspire in the first weeks as it stumbled out of the blocks. Buoyed by the release of OX, however, OPNX surged to a record high of $17 million in trading volume over the past 24 hours.

Similar to exchange tokens like FTT and BNB, which essentially act as a prepayment of trading fees, OX holders will receive incremental discounts relative to how much trading volume they execute on the platform.

The OX token was trading at $0.0115 with a market cap of $7.7 million, based on a calculation using circulating supply figure on the flexstatistics website.

Edited by Parikshit Mishra.


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Oliver Knight

Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.