Open Exchange (OPNX) has announced the launch of FatManTerra Justice Tokens aimed at the namesake Terra whistleblower.
Justice Tokens are ERC-20 tokens that will be used to compensate those harmed by defamation in the crypto space.
Open Exchange plans to distribute the Justice Tokens to holders of RLB, LUNA, LUNC, and its native token OX.
Open Exchange, the derivatives and bankruptcy claim trading platform launched by Three Arrows Capital (3AC) founders Su Zhu and Kyle Davies, has unveiled a new variety of cryptocurrencies called Justice Tokens. According to OPNX, these tokens will be used to compensate members of the crypto community that are affected by defamation.
The first edition of these Justice Tokens will reportedly be used to compensate those affected by the alleged defamation from FatManTerra, a crypto influencer who emerged as the largest whistleblower for Terraform Labs after its dramatic collapse in May last year.
OPNX’s OX Rallies 22% To All-Time High
Open Exchange took to Twitter earlier today to announce that it would be launching the Justice Tokens later this week. The Justice Token whitepaper described them as independent meme tokens with no intrinsic value or backing. According to the whitepaper, one shouldn’t expect any returns from Justice Tokens.
The primary function of OPNX’s Justice Tokens (JT) is to return the cost of harm to victims of defamation. One variant of JT will exist for each specific defamation case and will compensate the community affected by the said case. The Justice Token for every defamation case would have a maximum supply of 1 billion tokens.
As per the tokenomics shared by Open Exchange, 75% of the supply would be distributed to users who stake its native token OX. This distribution would take place over a period of six months. 20% of the Justice Token supply would go to liquidity providers. The remaining 5% would be gifted directly to the Milady community. OPNX stated that the JTs would serve as compensation for the defamation faced by the community in 2022.
The FatManTerra Justice Token will be distributed equally between holders of LUNA, LUNC, OX, and RLB. OPNX stated that these four communities were harmed by a long-term malicious misinformation campaign mounted by FatManTerra. Following the announcement, OX gained as much as 22%, reaching an all-time high of $0.049. At the time of writing, the token was trading at $0.045.