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FLEX Surges 19% After OPNX Exchange Issues New Governance Token
OPNX – the crypto bankruptcy debt exchange launched by Su Zhu and Kyle Davies released a white paper for its new governance token “OX” on Wednesday. Details surrounding the coin’s tokenomics caused the price of FLEX – the platform’s existing native token – to skyrocket on the day. OPNX, FLEX and OX Following the reveal, FLEX is trading for $1.14 at the time of writing, up 19% from $0.96 24 hours ago and $0.75 a week ago, according to CoinMarketCap. In contrast, CoinGecko gives a current price of…
FLEX Surges 19% After OPNX Exchange Issues New Governance Token
OPNX – the crypto bankruptcy debt exchange launched by SuZhu and Kyle Davies released a white paper for their new governance token “OX” on Wednesday.
Details surrounding the coin’s tokenomics caused the price of FLEX – the platform’s existing native token – to skyrocket on the day.
OPNX, FLEX and OX
Following the discoverAccording to CoinMarketCap, FLEX is trading for $1.14 at the time of writing, up 19% from $0.96 24 hours ago and $0.75 a week ago.
In contrast, CoinGecko reports a current price of just $1.09 for FLEX, which is still a daily increase of 7.9% and a clear sign of increasing demand.
FLEX will be convertible into new OX tokens at a 1:100 ratio, providing fee discounts, staking opportunities and governance rights on the OPNX exchange.
Alternatively, if FLEX buyers choose to voluntarily lock their OX for three months, they will receive 25% more tokens.
According to the exchange, OX will solve “major problems with traditional exchange token models.”
“Fixed discount models only incentivize short-term holding for fees – while high volume minimums/holding bands are only accessible to whales and require constant adjustment, leading to confusion,” the company explained.
In contrast, OX will use a “Stake To Trade For Free” rebate model, allowing anyone who locks OX tokens to trade freely on the platform. Specifically, for fee-free trading, users must lock a share of the total OX supply that is greater than their total share of OPNX trading volume.
The exchange will begin trading with a temporary bonus stake multiplier, allowing users to trade for free with a volume much larger than their relative stake size. “The earlier you are, the more you can benefit from this bonus,” the company wrote.
The disastrous beginnings of OPNX
OPNX wasopento create a liquid market for bankruptcy claims of numerous crypto companies that collapsed in 2022. Zhu and Davies themselves were behind the defunct crypto hedge fund Three Arrows Capital (3AC), which imploded last June following Terra's meltdown the previous month.
The exchange's existing FLEX tokens are a holdover from co-founder Mark Lamb's previous crypto exchange CoinFLEX, which froze withdrawals and filed for restructuring last year following a loan agreementRoger Verwent south.
The concept of crypto exchange tokens came under fire in November during the collapse of crypto exchange FTX, which was partly due to the dissolution of its native FTT token. OPNX supports claims trading for FTX.
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