Bankruptcy Claims Exchange OPNX Surges To Over $12,000 Daily Volume

Key Points:

• The OPNX exchange created by the two co-founders of the Three Arrows Capital trading volume saw a significant increase on its fifth day of launch.
• On the fifth day, the exchange’s trading volume was $12,398. That is far better than the prior several days’ performance.
• However, compared to other exchanges, this is still a modest number.

The bankruptcy claims exchange Open Exchange (OPNX), founded by Su Zhu, the founder of Three Arrows Capital and others, had a bad start with a first-day trading volume of just $13.64. However, today, this number has spiked to more than $12,000, marking an increase of over 90,000%.

The exchange announced on Twitter that the trading volume of OPNX on the fifth day was $12,398. It is much higher than the performance of the previous few days.

OPNX was already functioning 5 days ago. The exchange’s Twitter account, which was launched by the creators of the bankrupt 3AC crypto hedge fund, was removed soon after its first day of operation. Su Zhu said that the US government had shut down OPNX’s official Twitter account and included a link to a Chinese Telegram group. He did not, however, explain the precise reason.

Claims trading for Celsius, FTX, and other estates will be accessible shortly, according to OPNX.

Customer’s claims against insolvent cryptocurrency businesses will be tokenized by the exchange, allowing them to use bankruptcy claims as collateral while trading indefinitely.

CoinFLEX and FLEX tokens have been transferred to OPNX under the most recent bankruptcy reorganization plan.

The exchange also began offering monthly subsidies of up to $500,000. The OPNX Market Maker Program rewards eligible market makers for their liquidity with a $5,000 monthly stipend and a $50,000 to $500,000 payment. The Market Maker Program is a prominent program that tries to incentivize liquidity from qualified market makers.

It is not clear if this is the actual trading volume of this exchange, but looking back, this is actually a rather modest number. A gain of over 90,000% means nothing, while according to CoinMarketCap, the exchange if matched against other competitors, would not even reach 200th position in terms of daily trading volume.

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Harold

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