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News

OPNX Now Stops Converting FLEX To OX, Completing 36% Of Total Supply

August 29, 2023 - Around 2 mins mins to read

Key Points:

  • OPNX wraps up the FLEX to OX token migration, exchanging 35 million FLEX tokens for OX tokens, constituting 36% of the FLEX supply.
  • The exchange emerges from 3AC’s collapse, acquires CoinFLEX assets, and employs transparent Proof-of-Reserves.
  • Users enjoy a 1:1 FLEX to OX exchange fee discount of 50% for FLEX holders.
OPNX, the emerging cryptocurrency claims and trading platform, has recently concluded its token migration process, marking a significant step in its development. Notably, users are no longer able to exchange FLEX for OX tokens.
OPNX Now Stops Converting FLEX To OX, Completing 36% Of Total Supply

During the token migration phase, a remarkable 35 million FLEX tokens were successfully swapped for OX tokens, constituting around 36% of the total FLEX supply.

Concomitantly, a substantial 3.89 billion OX tokens were issued, while the maximum supply of OX tokens stands at 9.86 billion. The remaining 5.97 billion OX tokens are slated to be minted and securely held within the escrow contract.

This pool of OX tokens will be managed collaboratively by The Herd and voteOX holders, empowering them to influence the allocation and utilization of these tokens to bolster the growth trajectory of OPNX.

The genesis of OPNX can be traced back to the founders of the investment fund Three Arrow Capital (3AC), who announced the creation of the exchange on Twitter in February. Led by Su Zhu, 3AC faced a challenging period in 2022, resulting in financial turmoil for investors.

OPNX has also made waves by acquiring all assets of CoinFLEX, a move that solidified FLEX as the primary token on the exchange. This acquisition underscored its intent to revitalize CoinFLEX and its previous setbacks.

Distinctively, the exchange operates with two key tokens, OX and FLEX. Concurrent with the token migration, OPNX has rolled out the ability for users to exchange old FLEX tokens for OX tokens at a 1:1 ratio. Moreover, users who previously held FLEX tokens will enjoy a 50% discount on transaction fees.

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.

3AC

CoinFLEX

crypto

FLEX

OPNX

OX

Su Zhu

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

OPNX Now Stops Converting FLEX To OX, Completing 36% Of Total Supply

Key Points:

  • OPNX wraps up the FLEX to OX token migration, exchanging 35 million FLEX tokens for OX tokens, constituting 36% of the FLEX supply.
  • The exchange emerges from 3AC’s collapse, acquires CoinFLEX assets, and employs transparent Proof-of-Reserves.
  • Users enjoy a 1:1 FLEX to OX exchange fee discount of 50% for FLEX holders.
OPNX, the emerging cryptocurrency claims and trading platform, has recently concluded its token migration process, marking a significant step in its development. Notably, users are no longer able to exchange FLEX for OX tokens.
OPNX Now Stops Converting FLEX To OX, Completing 36% Of Total Supply

During the token migration phase, a remarkable 35 million FLEX tokens were successfully swapped for OX tokens, constituting around 36% of the total FLEX supply.

Concomitantly, a substantial 3.89 billion OX tokens were issued, while the maximum supply of OX tokens stands at 9.86 billion. The remaining 5.97 billion OX tokens are slated to be minted and securely held within the escrow contract.

This pool of OX tokens will be managed collaboratively by The Herd and voteOX holders, empowering them to influence the allocation and utilization of these tokens to bolster the growth trajectory of OPNX.

The genesis of OPNX can be traced back to the founders of the investment fund Three Arrow Capital (3AC), who announced the creation of the exchange on Twitter in February. Led by Su Zhu, 3AC faced a challenging period in 2022, resulting in financial turmoil for investors.

OPNX has also made waves by acquiring all assets of CoinFLEX, a move that solidified FLEX as the primary token on the exchange. This acquisition underscored its intent to revitalize CoinFLEX and its previous setbacks.

Distinctively, the exchange operates with two key tokens, OX and FLEX. Concurrent with the token migration, OPNX has rolled out the ability for users to exchange old FLEX tokens for OX tokens at a 1:1 ratio. Moreover, users who previously held FLEX tokens will enjoy a 50% discount on transaction fees.

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.