The #bankruptcy claims exchange Open Exchange (OPNX), formed by Su Zhu, the creator of Three Arrows Capital, and others, got off to a shaky start, with only $13.64 in first-day trading activity. However, today, this figure has risen to more over $12,000, representing a 90,000% increase.
The exchange declared on Twitter that the fifth day's trading volume for #OPNX was $12,398. It is far better than the prior few days' performance.
OPNX had already been operational for 5 days. The exchange's Twitter account, which was set up by the founders of the insolvent #3AC #crypto hedge fund, was deactivated shortly after it went live. As stated by Su Zhu, the US government has shut down OPNX's official Twitter account, which includes a link to a Chinese Telegram group. He did not, however, specify why.
As stated by OPNX, claims trading for Celsius, FTX, and other estates will be available shortly.
The exchange would tokenize customer claims against insolvent bitcoin businesses, allowing them to utilize bankruptcy claims as collateral while trading indefinitely.
Under the most recent bankruptcy reorganization plan, CoinFLEX and FLEX tokens were transferred to OPNX.
The exchange also started granting monthly subsidies of up to $500,000. The OPNX Market Maker Program compensates eligible market makers for their liquidity with a $5,000 monthly stipend and a $50,000 to $500,000 bonus. The Market Maker Program is a well-known program that seeks to incentivize liquidity from certified market makers.
It is unclear whether this is the actual trade volume of this exchange, but in retrospect, it is a fairly low figure. A increase of more than 90,000% is meaningless since the exchange, when compared to other competitors, would not even reach the 200th position in terms of daily trading volume.
This news is republished from https://coinaquarium.io/