As the curtains were drawn on the much-anticipated OPNX Exchange launch, the crypto community’s expectations were met with a resounding thud.
The brainchild of 3AC founders Su Zhu and Kyle Davies, OPNX opened its virtual doors with a disappointingly low trading volume of just $13.64 in its first 24 hours, leaving many to question the wisdom of their latest venture.
The ambitious exchange, which aims to provide claims trading for users with assets entangled in bankrupt entities, seemed to shrug off the underwhelming debut, despite reports that prematurely claimed the trading volume was a mere $1.26.
Low Volume Is Part Of Minimal Liquidity Strategy, Claims Lamb
In a follow-up tweet, Leslie Lamb, the firm’s Chief Executive Officer, shared the company’s new approach to liquidity, stating, “After the FTX fallout, we’ve thought about this deeply and re-evaluated what building up liquidity should look like. This means not relying on internal MMs & not giving preference to external MMs. This is why we launched with minimal liquidity.”
To allay concerns, Lamb revealed that the firm plans to “build up liquidity” through a transparent market-making program that ensures full visibility for all stakeholders.
Additionally, she confirmed that claims onboarding and trading are not yet live, suggesting that the initial trading volume may not fully reflect the platform’s potential.
And in the past hour Lamb posted a further video hitting back against Twitter trolls criticising the exchange’s launch.
— Leslie Lamb (@therealleslamb0) April 6, 2023
How Is OPNX Native FLEX Token Performing?
Originally launched under the moniker “GTX,” a tongue-in-cheek reference to FTX, OPNX’s announcement was met with scorn and skepticism.
However, founders Zhu and Davies remained undeterred, asserting that the crypto-related bankruptcy claims market represents a $20 billion opportunity.
OPNX’s mission is to provide a platform for trading cryptocurrency-related bankruptcy claims, including those connected to the founders’ now-defunct firm, Three Arrows Capital.
Positioning itself as the solution for users who lost money in the recent spate of collapses, OPNX aims to learn from the failures of previous ventures and become a “next-level” centralized exchange (CEX).
Despite its inauspicious start, the OPNX team remains optimistic about their project’s future.
The exchange launched alongside a giveaway of its native token, FLEX, as a “token of our appreciation.”
However, following the news, FLEX was trading at $1.80 by 14:45 GMT, down 12.8% over the past almost 24 hours, according to TradingView.
Only time will tell whether OPNX can overcome its initial hurdles and fulfil its ambitious goals, but for now, it appears that the crypto world remains cautiously sceptical.
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