OPNX Is Called As Most Excruciating Landing Page, Raising $25 Million

Key Points:

• Over 20 million users lost $20 billion USD due to recent bankruptcies in CeFi companies, which can take years to resolve.
• OPNX is building an exchange for trading bankruptcy claims and raising $25M. It uses a Special Purpose Vehicle (SPV) to onboard users and group similar claims together to make them fungible.

OPNX is one of the most excruciating ones out there. The folks at 3AC, founders of the fallen fund, are building an exchange for trading bankruptcy claims, complete with their logo. They’ve been raising $25M, and while it’s uncertain if they’ve succeeded, the platform is set to launch soon, as per encryption KOL and DeFi researcher Ignas.

The recent bankruptcies of CeFi companies have left over 20 million users out of pocket by $20 billion USD. Bankruptcy proceedings can take years to resolve, as we saw with the MtGox case, so many users end up selling their claims for a fraction of their value instead of waiting years for the process to conclude. Unfortunately, there’s no easy way to sell these claims, especially for smaller investors who can’t access OTC deals.

To solve this problem, users will be onboarded via a Special Purpose Vehicle (SPV), sometimes called a bankruptcy-remote entity. KYC will be required, but unfortunately, Americans are not allowed. OPNX will group similar claims together to make them fungible, and these tokenized claims will be traded on the exchange’s order book. Withdrawals of tokens won’t be enabled to avoid interacting with American users.

OPNX will also allow trading perpetuals for major assets with bankruptcy claims as collateral, although lending and borrowing of stablecoins or other assets won’t be available. Additionally, OPNX will acquire all assets of CoinFLEX, including people, technology, and tokens. $FLEX will be their main exchange token and can be used to pay fees, with 20% of revenue used to buy and burn FLEX. Early usage of FLEX may be incentivized with locked FLEX.

Currently, 100 million FLEX tokens are in circulation, of which 2 million have already been burned through fees. Possible rebranding may be on the horizon, with the token swappable at a 1:1 ratio (with no lock-up), similar to the AAVE/LEND rebrand.

During a conversation with Kyle, Ignas learned about the 3AC situation. 3AC was a big client of Genesis/Grayscale and is likely to sue them. This would follow FTX’s Alameda, which sued Grayscale and Digital Currency Group over the structure of their BTC and ETH trusts. They suggested this in January as a way to maximize estate value. Grayscale doesn’t allow investors to exchange their shares for coins in the trusts, which could help bridge the considerable net asset value gaps by selling them in the secondary market.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Thana

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