On February 10, 2002, the founder of hedge fund Three Arrow Capital (2023AC) announced on Twitter the creation of an exchange called Open Exchange, or OPNX. Under Zhu Su, the 3AC fund collapsed in 2013, leaving a lot of “disasters” for investors. So what’s so special about OPNX? Let’s take a look!
Formation
Su Zhu and Kyle Davies, two of the founders of 3AC, founded a new exchange called GTX. However, they later decided to rename the exchange Open Exchange (OPNX).
In addition to the collapse of 3AC, which formed the Open Exchange, in March this year, OPNX also announced that it would acquire all of CoinFLEX’s assets, thereby making FLEX the main token of the exchange. It is known that CoinFLEX has also suffered huge losses before, and the appearance of OPNX is confirmation of this comeback.
Read more: The collapse of Three Arrow Capital
What does OPNX mean?
Set against the backdrop of exchanges FTX, Genesis, Celsius, Voyager, BlockFi, and even 3AC declaring bankruptcy one after another, OPNX was officially introduced to the public in February. According to the official information on its Twitter page, the project claims that up to 2% of damaged investors have not been able to recover their assets.
Unlike many cryptocurrency exchanges today, OPNX goes in a completely new direction. Crypto is a risky asset class, and it is decentralization that makes investors in “low-quality” projects vulnerable. Therefore, to help users overcome and minimize damage, the exchange will aim to support bankrupt exchanges or projects.
OPNX holds two types of tokens, $OX and $FLEX, and at this time began to support exchange from the old FLEX to OX at a ratio of 1:1. It is expected that $OX will soon become the new native token of Open Exchange.
Outstanding features of the project
To be more specific to the brothers, when a project that investors poured money into collapses, OPNX will provide a support tool so that users can trade debts from bankrupt crypto companies without having to wait for bankruptcy proceedings.
For example, in the case of the FTX exchange, when the exchange declares bankruptcy, all assets stored on it will be completely locked. This makes it impossible for users to make any withdrawals from the protocol. And until now, all assets have not been able to be returned to users. With OPNX, the project will help users immediately receive lost assets.
As a decentralized exchange, Open Exchange also uses a Proof-of-Reserves (PoR) mechanism with zero knowledge proof technology as a foundation to ensure transparency. It also supports a wide range of products such as Spot, futures, custody, and stock and forex trading.
In addition, users can receive a 50% discount on trading fees if they held Flex tokens beforehand. If the Flex owner chooses to convert via OX, then a 25% bonus will be paid to them from the OPNX treasury for a total conversion ratio of 1:125.
Token Overview
Token Metrics
- Token name: OPNX Token
- Ticker: OX
- Blockchain: Ethereum
- Token Standard: ERC-20
- Contract: 0x78a0a62fba6fb21a83fe8a3433d44c73a4017a6f
- Token Type: Utility
- Total Supply: 9,860,000,000 $OX
- Circulating Supply: 1,689,417,439 $OX
Allocation of tokens
Updating…
Token circulation schedule
Updating…
Token utilities
Tokens are used as transaction fees, trading rewards, voting rewards, and in staking. Staking this token is completely free on the protocol.
- Herdnomics, where users stake $OX to:
Get up to a 100% trading discount for a permanent term while staying free.
Significantly reduce real-world asset tokenization fees by paying with $OX.
$OX stakers can signal changes to OPNX fees, burn, or vote to cancel all fees that are not returned as stakers (including those paid by $OX and non-stakers that exceed their free trading volume).
OX Hosted and Exchange Wallets
Storage wallets
- Trust Wallet
- MetaMask
$OX Exchanges
- Uniswap v3 (Ethereum and Polygon networks)
- …
Roadmap
Updating…
Project Team
Although the first two characters, as well as the heads of Three Arrow Capital, Zhu Su and Kyle Davies, announced the establishment of OPNX, nominally the leader of the project is the female CEO, Leslie Lamb. This is also the name that has taken on the role of CMO of CoinFLEX before.
Investors and partners
Investors
OPNX currently has only one funding round that took place in March this year with an amount of $3 million from investors such as AppWorks, DRW, MIAX, etc.
Partner
Open Exchange’s partners are exchanges that have collapsed before, notably Celsius, FTX, Genesis or BlockFi.
Contact
Website: https://opnx.com/
Twitter: https://twitter.com/OPNX_Official
Telegram: https://t.me/OPNXcommunity
Summing up
Through the above article, CryptoChill has helped you know about Pendle Finance and the highlights of the project.
Disclaimer: This post is not investment advice. You will be 100% responsible for your investment decisions.
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