TechFlow Insights
Kyle Davies and Su Zhu (Zhu Su), former co-founders of Three Arrows Capital, along with the co-founders of CoinFLEX, have launched a cryptocurrency claims exchange called Open Exchange (OPNX), allowing users to tokenize and liquidate their claims early.
The first claim tokens listed on OPNX are based on CoinFLEX's liabilities. Under restructuring terms approved by the Supreme Court of Seychelles, CoinFLEX has distributed 83.65 million rvUSD (Recovery Value USD Tokens) to its creditors. CoinFLEX halted trading in April this year. As OPNX acquired CoinFLEX, and given that CoinFLEX’s co-founders are also co-founders of OPNX, CoinFLEX users’ KYC information and account balances can be seamlessly migrated to OPNX, providing OPNX with its initial user base.
OX is the platform token of OPNX, replacing the former CoinFLEX platform token FLEX. The official team states that OX was inspired by CurveDAO (CRV/veCRV), aiming to establish a staking-to-earn-free-trading fee token model.
The specific mechanism is that traders who stake OX at a percentage equal to or greater than their share of trading volume on OPNX will receive a 100% rebate on trading fees. For portions exceeding the free trading threshold, a 50% rebate applies. Additional benefits include voting rights to adjust core exchange parameters (such as trading fees, token burns, and listings), and earning yield from future-listed RWA assets.
