Open Exchange (OPNX) has issued a new governance token for its bankruptcy claims exchange.
The exchange’s native token FLEX added 20% to its price following the announcement.
Holders of Open Exchange’s OX token can enjoy up to 100% discount on trading fees.
The ERC-20 OX token has a maximum supply of 9.86 billion.
Open Exchange (OPNX), the bankruptcy claims exchange launched by 3AC’s Su Zhu and Kyle Davies, has issued a governance token called the Open Exchange token (OX). The exchange has also launched its staking and governance platform called The Herd. OX token’s launch comes almost four months after the platform was set up by the disgraced founders of the defunct crypto hedge fund Three Arrows Capital (3AC).
OX Token Holders Can Get 100% Rebates On OPNX’s Trading Fees
As per the whitepaper released by OPNX, as the platform’s governance token OX will offer a “Stake To Trade For Free” rebate model in an attempt to promote alignment between the bankruptcy claims trading platform and its users. According to Open Exchange, a convention fixed discount model only incentivized short-term holding of the token to pay trading fees while high minimum volume/holding bands are only accessible to whales & require constant adjustment, causing confusion.
By staking the OX token, traders on the platform will be able to avoid paying trading fees irrespective of their trading volume. Traders will get a 100% rebate on trading fees if their percentage of total staked OX is equal to or greater than their percentage of total OPNX trading volume. Traders who exceed their 100% rebate-free trading volume will get a 50% trading fee rebate on the remainder. Open Exchange claims that with enough staked governance tokens, traders can engage in feeless trading in perpetuity.
In one week, if Alice stakes 2% of total staked $OX and trades up to 2% of the total OPNX trading volume, she will receive a 100% trading fee rebate.”
Example of trading fee rebate based on staked OX tokens
News of the OX token’s launch sent OPNX’s native token FLEX soaring. The native token has gained more than 20% over the past 24 hours. At the time of writing, the token was trading at $1.15. Meanwhile, the OX token has lost nearly 8% of its value since it was issued earlier today. Data from Etherscan shows that 150 people have either purchased or minted the governance token, which has a maximum supply of 9.86 billion.