OPNX Launches Native OX Token Despite Limited Tokenized Claims

New Token Launch Boosts OPNX Trading Volumes

At press time, 133 people had either minted or bought the asset, while the amount staked is currently 136 million OX.

Customers whose share of all staked tokens matches their share of OPNX’s weekly volume will receive a 100% fee rebate. Stakers can also vote on decisions to change fees or listings on the exchange.

Holders of the exchange’s previously launched FLEX token can receive OX in a 1:100 ratio.

OPNX is a bankruptcy claims marketplace co-founded by former 3AC execs Kyle Davies and Su Zhu to trade claims of bankrupt crypto firms. It offers creditors instant liquidity by buying claims at a discount.

The platform then assumes the risk of recovering the original claim once courts finalize a debtor’s bankruptcy distributions.

Despite paltry numbers early on, OPNX trading volumes spiked to $17 million after the launch of OX. Zhu initially blamed poor OPNX volumes on a lack of liquidity caused by the absence of an internal market maker.