OX Token Launched by OPNX Offers Lower Trading Fees and Greater Rewards

OX Token Launched by OPNX Offers Lower Trading Fees and Greater Rewards

Altcoin news, News

The “Open Exchange token” (OX) has been introduced by OPNX, an exchange that specializes in bankruptcy claims. This token supports OPNX’s function as a public marketplace for trading derivatives and crypto claims, and it also aims to reduce trading fees on the platform.

 

The platform’s whitepaper revealed that FLEX, the native token, experienced a 17% surge after the announcement that it can be converted to OX at a 1:100 conversion rate. OX is an ERC-20 token with a maximum supply of 9.86 billion units. The maximum supply is determined by subtracting burned FLEX tokens data from the 100 million FLEX tokens.

Traders can receive a 100% rebate on trading fees by staking a percentage of total OX equal to or greater than their percentage of total OPNX trading volume. Those who exceed their fee-free trading volume entitlement are eligible for a 50% rebate on the remaining amount.

OPNX faced initial difficulties after its launch in April, as the exchange, co-founded by CoinFLEX executives, Kyle Davies, and Su Zhu, the individuals behind the now-defunct hedge fund Three Arrows Capital (3AC), faced challenges.

Compiled by Coinbold

Three Arrow Capital