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OPNX launches governance platform and new platform token OX! Debt trading feature to be introduced, Celsius and FTX to be listed successively.

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OPNX launches governance platform and new platform token OX! Debt trading feature to be introduced, Celsius and FTX to be listed successively.

Su Zhu and Kyle Davies, co-founders of Three Arrows Capital, launched the bankruptcy claims exchange "OPNX" in April this year, and today they further announced the launch of the governance platform "The Herd" and the new platform token "OX". At the same time, the official also announced that the trading of bankruptcy claims will be launched soon, with Celsius and FTX being the first two trading pairs.

Looking back at the development of OPNX: Three Arrows Capital founders launch new bankruptcy claims exchange "OPNX"! Expected to trade claims from FTX, Three Arrows Capital, and Mt. Gox, among others.

OPNX Launches Governance Platform The Herd and New Platform Token OX

According to OPNX's Twitter announcement, OPNX has launched a staking and governance platform called "The Herd," as well as a new platform token, OX, today.

The original platform token, FLEX, can be exchanged at a ratio of 1:100 on The Herd, or users can choose to stake it for 3 months to receive an additional 25% in OX. The exchanged FLEX will be permanently destroyed.

OX, as the new platform token launched by OPNX, can be staked on The Herd with a total supply of 9.86 billion. It has the following token features:

  1. If the proportion of OX staked by users is greater than the proportion of trading volume, they will receive a 100% trading fee discount.

    For example, if User A's staked amount accounts for 2% of the total staked amount and their trading volume accounts for 2% of the total trading volume, User A will receive a 100% trading fee discount in this case.

  2. If the proportion of OX staked by users is less than the proportion of trading volume, the shortfall will be compensated with a 50% trading fee discount.

    For example, if User B's staked amount accounts for 5% of the total staked amount and their trading volume accounts for 10% of the total trading volume, User B will receive a 100% discount on half of the trading fees and a 50% discount on the remaining portion, resulting in an overall discount of 75%.

  3. Using OX for payments can significantly reduce the cost of tokenizing real-world assets (RWA).

Note: OPNX will classify the future exchange debts as a type of RWA.

Now let's take a look at The Herd, which not only provides token staking and conversion functions but also offers the following features:

  1. Cross-chain migration of OX from Ethereum to Polygon
  2. Receiving rewards distributed from real-world assets
  3. After staking OX, users will receive voteOX based on the amount and duration of their stake, which can be used to vote on platform proposals.

How is the Data for OPNX's New Platform Token OX?

According to the data provided on The Herd's platform, as of the deadline, only about 6.4% of FLEX has been converted to OX, and only 16% of OX is currently staked.

Additionally, the trading volume of OX is quite low, with only $1,546 in trading volume after being officially launched for about half a day.

When Will OPNX's Debt Trading Go Live?

As for the most critical debt functionality, when will OPNX launch it?

According to OPNX's announcement yesterday, they only mentioned that it will be launched very soon, with Celsius being the first debt trading pair followed by FTX.