OPNX, an exchange specializing in bankruptcy claims, has introduced its new governance token called the “Open Exchange token” (OX). This token aims to lower trading fees on the platform and accompanies OPNX’s role as a public marketplace for crypto claims trading and derivatives.
Following the release of their whitepaper, the existing native token of the platform, FLEX, witnessed a significant surge of 17%. The whitepaper unveiled the exciting revelation that FLEX can be converted to OX at a conversion rate of 1:100, fueling investors’ enthusiasm and contributing to the token’s price increase.
OX is an ERC-20 token with a maximum supply of 9.86 billion units. As per etherscan data, approximately 100 individuals have minted or purchased this asset at the time of writing.
As outlined in the white paper, the maximum supply of OX tokens is determined by subtracting the quantity of burned FLEX tokens data (around 1.4 million) multiple by 100 from the maximum supply of FLEX tokens (100 million). The calculation is done to arrive at the maximum OX supply of 9.86 billion tokens.
Traders can enjoy a 100% rebate on trading fees by staking a percentage of total OX that is equal to or greater than their percentage of total OPNX trading volume. Those who surpass their fee-free trading volume entitlement are eligible for a 50% trading fee rebate on the remaining amount.
Stakers are rewarded with trading fee rebates in the form of OX tokens, enhancing the demand and utility of the token. This incentivizes participation and further drives the value of OX.
Following its launch in April, OPNX encountered initial difficulties. The exchange, co-founded by CoinFLEX executives along with Kyle Davies and Su Zhu, the individuals behind the now-defunct hedge fund Three Arrows Capital (3AC), faced challenges. This collapse of 3AC in the previous year left a significant void in the crypto ecosystem.
As of the present moment, the Open Exchange Token (OX) is being traded at a price of $0.01150, based on data provided by TokenInsight. Over the past 24 hours, the trading volume has reached approximately $423K.
OX Token Launch Ignites Surge FLEX Crypto Price
Based on data from CoinMarketCap, the price of FLEX has experienced an impressive surge of over 44%, with the current trading price reaching $1.10. Consequently, the market capitalization of this cryptocurrency has now reached $108.4 million.
Also Read: XDC Network Surges 25% with SBI VC Trade Partnership
