Zhu Su’s OPNX exchange rolls with wisecracks on its low daily trading volume

The OPNX exchange handled jokes about low trading volumes with grace and humor.

OPNX is a Seychelles-based CEX looking to tokenize a crypto bankruptcy filing. Victims of bankrupt platforms can register claims and sell via OPNX’s order book. This allows access to previously locked liquidity.

OPNX daily trading volume is less than $13,000

On April 5th, the “World’s First Public Marketplace for Trading Crypto Claims” opened for business, trading just $13.64 on the day.

The next two days saw similarly low trading activity. However, by April 9th, trading volume soared by a whopping 90,000% of his, reaching $12,398. twitter.

“That’s a staggering increase of over 90,000%. We are very proud of the hard work and dedication of our team.“

Despite the spike in percentages, April 9th’s nominal volume remains horribly low. one twitter Users joked about wash trading Bitcoin to artificially boost stats. An OPNX “intern” replied:We build liquidity raw.“

Similarly, another twitter user By keeping a $2 limit order open, I unintentionally became a market maker for OPNX.OPNX retweeted this message.

“I accidentally left a $2 limit order on OPNX and now I’m the designated BTC perp market maker“

data per coin gecko It shows that the most recent 24 hour spot volume on the exchange is just $634. The FLEX/USDT pair accounted for 40% of the total.

the rule of skepticism

Zhu Su and Kyle Davies founded OPNX, founders of the now-defunct cryptocurrency hedge fund Three Arrows Capital. CoinFLEX co-founder Mark Lamb is also involved.

In June 2022, the court ruled Three Arrows Capital liquidation because they were unable to pay their creditors. The incident was widely seen as a major contributor to the cryptocurrency epidemic that rocked the industry after his UST on Terra was unpegged.

Similarly, CoinFLEX will issue an unsecured revolving credit line to Roger Ver. submitted It is seeking a restructuring to recover $84 million from Bitcoin Cash proponents.

Given their collective track record in financial management, the crypto community is skeptical of OPNX’s viability. There are also ongoing questions about the valuation of bankruptcy bonds, whether users get a fair price, and whether bankruptcy bonds are fungible.

CEO of OPNX Leslie Lamb The exchange said it was launched with low liquidity to test a more transparent market-making program. She also pointed out that trading volume consists only of physical and futures trading and that billing onboarding has not yet begun.

“Instead, we build liquidity through transparent public marketing programs, allowing everyone to see what’s in the box. ”