OPNX’s 7-Day Trade Volume Average Hits $80 Million ATH, 69% of Minted $OX Staked

OPNX, a platform that combines crypto and real-world assets (RWAs), has released key statistics on August 7, 2023, highlighting several significant milestones in its recent performance.

According to the tweet, the 7-day trade volume average for OPNX has reached an all-time high (ATH) of $80 million. This figure represents a notable increase, though the exact percentage of growth was not specified in the announcement.

Furthermore, 69% of the minted $OX, the native token of the OPNX platform, is now locked in staking. Staking is a process where users lock their tokens to receive rewards, and this high percentage indicates a strong commitment from the community to the platform’s ecosystem.

The tweet also mentioned an ATH for $OX and increased trading volume across liquidity pools. However, specific details regarding the ATH price or the exact increase in trading volume were not provided.

An additional highlight from the announcement is the conversion of 34.3 million $FLEX to $OX, with a time-sensitive 25% conversion bonus. The tweet did not elaborate on the deadline for this bonus or the reason behind the conversion.

OPNX’s official Twitter account shared this information on “Statistics Sunday,” a possible regular update from the platform. The tweet garnered attention, with 8,677 views, 14 retweets, 3 quotes, and 71 likes as of the date of the announcement.

OPNX is expanding the influence of its native tokens: $FLEX to $OX.

On August 6, 2023, according to Bloomberg, OPNX offered to inject $30 million in FLEX digital tokens into Hodlnaut to fund partial creditor payouts and finalize claims. FLEX, associated with CoinFLEX exchange and valued at $729 million, climbed 15% to $7.39 in the past 24 hours. The court-submitted offer, if approved, would result in OPNX owning 75% of Hodlnaut, with creditors receiving up to 95% of the total available corporate asset pool in FLEX and other tokens.

In March 2023, Coinflex rebranded to OPNX with Leslie Lamb as CEO and  3AC founders as actual controllers. OPNX reserved Coinflex’s native token $FLEX while issuing it is native token $OX.

On May 8, 2023, Coinflex published an announcement giving “all eligible CoinFLEX users the opportunity to migrate their account balances and KYC information from CoinFLEX to OPNX for a seamless transition.”

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OPNX to Launch FatManTerra Justice Token, Airdropping to LUNC and LUNA Holders

OPNX has announced the imminent launch of the FatManTerra Justice Token. This move comes in response to the commencement of legal proceedings against FatManTerra by several parties.

According to OPNX’s tweets, the Justice Token is a novel mechanism designed to return potential settlement outcomes to communities harmed by defamation.

The tokens will be distributed equally between RLB, LUNA, LUNC, and OX holders, representing four communities allegedly harmed by FatManTerra’s long-term malicious disinformation. The full details of the Justice Token can be found in OPNX’s official document.

OPNX has clarified that the distribution of Justice Tokens will be modified to reflect the communities harmed as mentioned above. It’s also important to note that Justice Tokens must be considered independent meme tokens with no intrinsic value, no backing, or expectation of return.

A distribution of the entirety (after costs) of potential settlement outcomes will only occur if determined by the justice system, at OPNX’s discretion.

In response to the announcement, FatManTerra replied, “There’s no way you guys are turning this into a scam too lmao,” expressing skepticism towards the initiative.

The launch of the FatManTerra Justice Token by OPNX marks a unique approach to addressing legal disputes and alleged defamation. While the initiative has been met with both interest and skepticism, the final outcome of the legal proceedings and the distribution of the Justice Tokens remains to be seen.

It is worth noticing that OPNX is a new crypto and RWA exchange platform launched by controversial and bankrupted former Three Arrows Capital founders.

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OPNX Reveals Venture Capital Backers

OPNX, a new exchange founded jointly by members of the Three Arrows Capital (3AC) and Coinflex teams, has revealed the venture capital firms that are backing the project. The announcement came in the form of a video posted by the company on April 21, in which CEO Leslie Lamb thanked some of the major backers of the project, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International, and Token Bay Capital.

Despite the announcement, OPNX has faced criticism in the crypto community due to its association with the bankrupt 3AC hedge fund. Some firms have claimed they may refuse to associate with anyone who helps fund the new exchange. However, the company behind the project has defended itself, arguing that it will help make customers of failed crypto ventures whole again.

According to early fundraising documents, OPNX will allow traders to buy and sell claims against bankrupt firms such as 3AC and FTX. The exchange aims to create a secondary market for these claims, allowing investors to potentially profit from them.

The backers of OPNX have previously funded various tech and financial projects. For example, SIG was one of the early backers of TikTok, and MIAX Group owns a U.S.-regulated equities and options exchange. AppWorks is also listed on Crunchbase as a partial owner of Uber.

However, at least one of the firms mentioned in the video has denied funding the project. DeFi trading firm Nascent stated that it bought Coinflex tokens issued by the company’s previous incarnation but did not participate in a funding round for OPNX.

Three Arrows Capital was a crypto hedge fund founded in 2012. In June, it was issued a notice of default by Voyager Digital after allegedly failing to pay 15,250 Bitcoin (BTC) and 350 million USD Coin (USDC) that had been loaned to it. The hedge fund filed for bankruptcy on July 1, and some creditors have accused the founders of being “on the run” or hiding from the bankruptcy court.

Despite these controversies, OPNX seems determined to move forward with its plans. By creating a secondary market for claims against bankrupt firms, the exchange aims to provide a new avenue for investors to potentially profit from these types of investments. However, it remains to be seen how successful the venture will be, especially given the backlash it has received from some corners of the crypto community.

Overall, the emergence of OPNX highlights the growing interest in crypto-related investment opportunities, as well as the potential risks and rewards of these types of investments. As the crypto market continues to evolve, it is likely that we will see more projects like OPNX emerge, each with their own unique opportunities and challenges.


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