OPNX: A Groundbreaking Exchange with $1.26 Trading Volume
The highly anticipated bankruptcy claims exchange OPNX, co-founded by former Three Arrows Capital (3AC) managers Kyle Davies and Su Zhu, made a grand entrance on Tuesday—boasting a staggering $1.26 trading volume across all spot and derivatives markets. The exchange's native token, FLEX, is down by 28% in the past 24 hours.
One can't help but wonder if it's issues with onboarding new customers or a simple lack of demand that has led to this less-than-stellar performance. OPNX CEO Leslie Lamb has remained suspiciously quiet.
The exchange is the lovechild of failed 3AC hedge fund managers Davies and Zhu, who teamed up with executives from the troubled exchange CoinFLEX. In an interesting twist, Davies informed last month that OPNX would not employ internal market makers—a decision he believed wouldn't restrict liquidity. Zhu echoed the sentiment in a tweet on Tuesday, stating that liquidity will be built "brick by brick," as they learn from the mistakes of their predecessor, FTX, by avoiding internal market makers.
With a whopping $1.26 trading volume, it seems that OPNX is building its liquidity one tiny grain of sand at a time. The real question is whether they'll be able to construct a formidable sandcastle or if their efforts will be washed away with the tide. It's worth noting that the much-hyped tokenized bankruptcy claim feature, which promises to allow users to cash in on a range of crypto-related claims, is not yet live.
Perhaps the launch of this innovative feature will bring some much-needed life to the exchange—or perhaps not. Only time will tell if OPNX can rise from the ashes of its founders' past failures and create something truly groundbreaking. Until then, the world watches with bated breath and a hint of amusement.
The exchange is the lovechild of failed 3AC hedge fund managers Davies and Zhu, who teamed up with executives from the troubled exchange CoinFLEX. In an interesting twist, Davies informed last month that OPNX would not employ internal market makers—a decision he believed wouldn't restrict liquidity. Zhu echoed the sentiment in a tweet on Tuesday, stating that liquidity will be built "brick by brick," as they learn from the mistakes of their predecessor, FTX, by avoiding internal market makers.
With a whopping $1.26 trading volume, it seems that OPNX is building its liquidity one tiny grain of sand at a time. The real question is whether they'll be able to construct a formidable sandcastle or if their efforts will be washed away with the tide. It's worth noting that the much-hyped tokenized bankruptcy claim feature, which promises to allow users to cash in on a range of crypto-related claims, is not yet live.
Perhaps the launch of this innovative feature will bring some much-needed life to the exchange—or perhaps not. Only time will tell if OPNX can rise from the ashes of its founders' past failures and create something truly groundbreaking. Until then, the world watches with bated breath and a hint of amusement.
