Author: Lisa, LD Capital
OPNX, originally named GTX, is an exchange launched by Su Zhu and Kyle Davies, founders of Three Arrows Capital, and Mark Lamb, co-founder of CoinFLEX, to support bankruptcy claims, spot and futures derivatives. The exchange aims to simplify the claims process and build a public market for claims trading, releasing trapped capital. OPNX tokenizes bankruptcy claims for trading on the order book trading platform, while allowing bankruptcy claims as collateral for contract trading.
I. Development Timeline
In June 2022, the cryptocurrency derivatives exchange CoinFLEX experienced a liquidity crisis and announced a suspension of withdrawals.
In July 2022, CoinFLEX proposed a compensation plan for users, including issuing rvUSD (Recovery Value USD) representing the value of the debt, compensating users with CoinFLEX shares and locked FLEX tokens, and further distributing existing funds. The displayed price of rvUSD on OPNX is currently $0.15, with no trading volume since August.
In August 2022, CoinFLEX applied for restructuring in the Seychelles court, and the restructuring plan was approved with nearly 99% support. Creditors will own 65% of the company's shares, the CoinFLEX team will be allocated 15% of the shares, and B-round investors will continue to be shareholders of the restructured company.
On January 16, 2023, The Block reported that Su Zhu and Kyle Davies, in collaboration with CoinFLEX, planned to raise $25 million for the new cryptocurrency exchange GTX.
On March 7, 2023, @DefiIgnas tweeted that GTX had completed a $25 million financing, which was also confirmed by Su Zhu. In the same thread, @DefiIgna stated that OPNX would acquire all assets of CoinFLEX, including personnel, technology, and tokens; FLEX would be their main token; and there might be a brand reshaping similar to AAVE/LEND.
On March 9, 2023, GTX was renamed Open Exchange (OPNX).
On April 4, 2023, Open Exchange (OPNX) announced its official launch, with only two transactions and a trading volume of only $1.26 on the first day.
On April 8, 2023, Open Exchange (OPNX) announced the launch of the Market Maker Program to incentivize liquidity for market makers. There are two main incentive methods:
- Up to 200 VIP market makers can receive a $5,000 subsidy per month,
- Incentives of $50,000 to $500,000 per month based on trading volume.
On April 21, 2023, OPNX announced that its investors include AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International, Token Bay Capital, Nascent, and Tuwaiq Limited. However, the next day, DRW, Nascent, MIAX, and Susquehanna (SIG) all denied investing in OPNX. AppWorks officially stated that it did not invest in OPNX, but as an investor in CoinFlex, its equity was transferred to OPNX. It is reasonable to speculate that these investors are all investors in CoinFLEX and, after restructuring, their equity was passively transferred to OPNX, which is somewhat misleading to describe them as strategic investors in the new project.
On May 2, 2023, Open Exchange (OPNX) announced a partnership with the real-world asset (RWA) tokenization service provider Heimdall to launch a claims trading market. Heimdall will manage the verification, transfer, and tokenization of real-world assets for OPNX users. After verification, all claims will be transferred and stored in dedicated trusts (SPVs) for each platform, and then tokens will be issued against the trust and recorded in the claimant's account. The claim tokens reflect the proportional ownership of the claims in the trust.
On June 1, 2023, Open Exchange (OPNX) launched the governance token OX and the corresponding governance platform The Herd. OX has options for staking periods of 2 weeks, 1 month, 3 months, 6 months, and 1 year. Similar to Curve, the longer the staking period, the more voteOX will be obtained, corresponding to a larger staking right.
On June 4, 2023, OPNX announced the launch of the debt trading function.
According to OPNX's operating instructions, tokenizing debt for trading requires three steps:
- Create an OPNX account and complete KYC,
- Provide detailed debt information and submit a debt transfer application,
- Sign the debt transfer agreement.
After completing the above steps, you can trade debt tokens on OPNX.
The platform currently offers bond trading for Celsius and FTX, but with little trading volume.
On June 12, 2023, OPNX launched the Justice Token. Justice Token is a series of tokens issued based on certain risk events. A total of 1 billion tokens will be issued for each token, with 75% of the total supply distributed to OX stakers within 6 months, 20% to liquidity providers for JT-OX, and 5% to the Milady community. The white paper clearly states that Justice Token is a meme token with no intrinsic value, no underlying value support, and no expected return. Currently, two Justice Tokens, DUDAS and FTM, have been launched, with annualized returns for OX stakers of 8.9% and 13.2%, and total liquidity pools of only $40,000 and $10,000 for the two tokens.
On June 24, 2023, OPNX announced the launch of the credit currency oUSD, which can be exchanged 1:1 with USDT. oUSD can be used as collateral, and all profits and losses from futures trading are denominated in $oUSD. Profitable traders will have a positive $oUSD balance, which can be cashed out for $USDT through the $oUSD/$USDT trading pair. Traders with a negative $oUSD balance (need to pay interest) can buy $oUSD to repay the negative balance. When the price of $oUSD is higher than $1, users have an incentive to sell $oUSD, and when the price is lower than $1, users with negative $oUSD balances have an incentive to buy at a cheaper price to repay their borrowed positions, thereby maintaining the stability of the $oUSD price.
June 25, 2023
OPNX announced the launch of its first Launchpad project, the unsecured credit market Raiser (RZR), with 10% of RZR supply allocated to all OX stakers. As of now, the product has not been launched. RZR was launched on OPNX on July 17th at an initial price of 0.164 USDT, but there has been no trading volume so far. RZR has approximately $250,000 in liquidity on Uniswap, with recent daily trading volume fluctuating around $10,000.
July 26, 2023
One month after the first launchpad, OPNX announced its second Launchpad project, Gameplan, a new sports metaverse enterprise of UFC champion Khabib Nurmagomedov. The investment is led by 3AC Ventures, and some GPLAN tokens will be distributed to OX stakers. Users can own tokens for their favorite sports teams and contribute to team management, strategies, and related decision-making processes through token voting. Gameplan currently only has a presence on Twitter and Discord, with no official website or whitepaper available.
August 6, 2023
According to Bloomberg, OPNX proposed injecting the equivalent of $30 million in FLEX digital tokens into the bankrupt Singaporean crypto lending platform Hodlnaut.
Token Economics
- Total Supply
- The total supply of OPNX's platform token $OX is calculated as (total FLEX supply - FLEX burned) * 100, resulting in 9.86 billion. The current OX staking rate is approximately 70%.
- Token Utility
Trading Fee Rebates: OX allows users to trade for free through staking. Users with OX staking totaling or exceeding their total OPNX trading volume can receive a 100% trading fee rebate. Non-staked OX users can also receive up to a 50% trading fee discount.
Staking Rewards: OX stakers receive airdrops of OPNX Launchpad & Justice Tokens.
Collateral for Futures Trading: OX can be used as collateral for futures trading.
- $FLEX-$OX Conversion
- $FLEX can be converted to $OX at a ratio of 1:100, with a 25% bonus for a three-month lockup. Approximately 35% of $FLEX has been converted to $OX.
Price Performance
In 2022, after CoinFLEX announced the suspension of withdrawals in June, the price of FLEX plummeted. However, after the news of GTX financing in January 2023, FLEX experienced a resurgence and entered an upward trend, reaching a high of $2.8. Upon the official launch of Open Exchange (OPNX) in early April 2023, the business data was dismal, with only two transactions on the first day and a subsequent drop of over 70% after FLEX was listed on OPNX. The launch of OX on June 1, 2023, led to another upward trend, with significant increases on June 5th, driven by two launchpad announcements, resulting in a hundredfold increase since the beginning of the year.
Claims Trading Track
Currently, the other two major players in the crypto claims trading market are Xclaim and Claims-Market. Xclaim, founded in 2018, aims to provide transparent pricing and fast execution for crypto claimants. Claims-Market, a product of investment bank Cherokee Acquisition, is not limited to crypto and facilitates secondary trading of claims. OPNX aims to create a high-liquidity standardized order book market and collateral functionality, which the other two lack.
Conclusion
While OPNX's product concept is the most comprehensive in the claims trading track, the actual tokenized claims trading volume is extremely low. The launch of FTX claims did not bring a turnaround, and the development of OPNX's flagship claims trading faces challenges. Additionally, the frequent introduction of various empowering and positive news has been criticized, and OX has a higher premium compared to other exchange platform tokens.
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