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