OPNX releases FLEX governance token, sees 16% increase.

The bankruptcy claims exchange, OPNX, has created a new governance token named “Open Exchange token” (OX) to decrease trading fees on their platform.

After the release of their whitepaper, it was revealed that FLEX, the exchange’s current native token, can be exchanged for OX at a rate of 1:100. As a result, FLEX’s value increased by 16%.

OX is an ERC-20 token with a maximum supply of 9.86 billion. Currently, around 100 individuals have either purchased or created the token according to etherscan.

OPNX had a difficult start after going live in April. The exchange was founded by CoinFLEX executives, Kyle Davies and Su Zhu, and the two individuals behind the defunct hedge fund, Three Arrows Capital (3AC). 3AC’s collapse left a significant gap in the cryptocurrency market last year.

Initially, the platform’s trading volume and liquidity were subpar. However, with the introduction of OX, OPNX’s trading volume surged to a record high of $17 million in the past 24 hours.

Similar to exchange tokens such as FTT and BNB, which serve as an advance payment of trading fees, OX holders will receive greater discounts depending on the amount of trading volume they execute on the platform.

The market value of the OX token was $0.0115, with a market capitalization of $7.7 million, based on a calculation using the circulating supply figure on the flexstatistics website.

Edited by Parikshit Mishra.

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