FLEX Hikes 16% Amid Open Exchange Issuing a New Governance Token, OX

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FLEX Hikes 16% Amid Open Exchange Issuing a New Governance Token, OX
  • Open Exchange (OPNX) has issued a new governance token called OX.
  • The latest development led to a 16% hike in OPNX’s native token FLEX.
  • More than 100 investors have either purchased or minted OPNX’s new governance token.

Open Exchange (OPNX), the bankruptcy claims trading platform launched by the same founders of the disgraced hedge fund Three Arrows Capital, has issued its own governance token called the Open Exchange token (OX). OPNX’s latest development led to a whopping 16% hike in its native token FLEX’s price.

According to the whitepaper released by OPNX, the new governance token will allow its holders to pay fewer fees while trading on the bankruptcy claims platform. The OX token will also grant a staking fee discount to users who participate in the platform’s governance. The feature was designed to include traders as “integral partners of OPNX.”

OPNX mentioned in the whitepaper that by staking sufficient OX tokens, traders could also secure free trading in perpetuity. With the new token model, OPNX is aiming to incentivize more staking and trading activity on its newly launched platform. Moreover, all trading fee rebates will be paid out to traders in the form of OX tokens.

According to OX’s tokenomics, the governance token will be capped at a maximum supply of 9.86 billion. The maximum OX supply reflects the maximum supply of OPNX’s native token, FLEX, minus the quantity of FLEX tokens burned to date. FLEX tokens can be converted 1:100 into unstaked OX. The tokenomics provide a 100% rebate for traders if their staked OX exceeds their trading volume percentage.

Data from Etherscan shows that at the time of writing, 116 investors had either purchased or minted the governance token. Data from CoinMarketCap shows that OX debuted earlier today at $0.012 and has since dropped 4% to its current trading price of $0.011. Meanwhile, FLEX has gained 16% over the past 24 hours, reaching a 4-week high of $1.12.