The Origins and Features of OPNX

Introduction

During this bear market cycle, several institutions and exchanges have faced bankruptcy, including Three Arrow Capital, Coinflex, Celesius, and FTX. While creditors may receive partial compensation, this process may take several years.

Against this backdrop, Kyle Davies and Su Zhu, co-founders of Three Arrow Capital, joined forces with the co-founders of CoinFLEX to create an encrypted

cryptocurrency

claims (or claims for compensation) exchange called Open Exchange (OPNX). According to Open Exchange estimates, a total of $20 billion in claims are entangled in bankruptcy proceedings. The creation of Open Exchange allows individuals to register their claims and sell them on the order book of the cryptocurrency market at a fair price.

Open Exchange is essentially a centralized exchange that, in addition to supporting Spot and Futures trading like other CEXs, has unique features. One of these features is the ability for creditors to tokenize their claims and trade them on the Open Exchange platform.

According to the official website, Open Exchange is expected to support claims from 10 companies, and currently, it has opened support for Celesius.

Currently, there are no trading records for the debt tokens of Celesius on Open Exchange.

Unique Token Model and Economic Model

$OX is the platform token of Open Exchange, which is obtained by exchanging the platform token $Flex from Coinflex at a ratio of 1:100. The maximum supply of $OX is 9,860,000,000.

According to official platform data, approximately 29.6 million $Flex tokens have been converted into $OX:

During the process of converting FLEX to OX, FLEX holder have two ways to convert their FLEX to OX. They can choose coversion into unstaked OX, or opt for conversion into unstaked OX to gain an additional 25% bonus OX.

OX has three functions:

• Staking: By staking OX, users can receive up to 100% of the exchange fee.



• Staking: By staking OX, users can earn RWA Rewards-JTs.

• Providing Liquidity: By pairing OX with JTs, users can participate in liquidity pools and earn additional rewards.



Overall, Open Exchange is a centralized exchange with unique features such as tokenization of debts. While Open Exchange claims that the total value of debts in the industry exceeds 20 billion USD, the tokenization of debts presents challenges in terms of legal processes and asset valuation for OPNX.

From the data provided by OPNX, it can be seen that the OX token model has brought increased trading volume to the exchange and created a unique economic model, attracting market makers and providing significant utility to the OX token.