Dark

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">Open Exchange, the new venture of 3AC’s Zhu Su and Kyle Davies, has had a rough first day. Early on Tuesday, it was forced to correct an article that identified its day one trading volume as $1.26 and revealed the actual figure to be $13.64—a shocking 982% more than initially reported. Additionally, by the afternoon, the exchange’s <a href="https://twitter.com/OPNX_Official" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">Twitter account</a> was suspended without explanation.</p> 
<h3 id="open-exchange-s-turbulent-first-day">Open Exchange’s Turbulent First Day</h3> 
<p>Open Exchange, the latest venture of Three Arrows Capital’s Zhu Su and Kyle Davies, and a collaboration with Coinflex has been plagued with setbacks and negativity since it was <a href="https://tokenist.com/3ac-founders-to-launch-crypto-bankruptcy-claims-exchange-report/" rel="dofollow" class="deco-link">initially announced under the monicker “GTX”</a> in January. Its first operating day seemingly didn’t go particularly well either based on the exchange’s own data.</p> 
<p>In a now-unavailable tweet, Open Exchange admitted that its total volume in the first 24 hours was a measly $13,64. The firm’s CEO Leslie Lamb <a href="https://twitter.com/therealleslamb0/status/1643631724029509634?s=46&amp;t=cVXkCRojIk1ept1Py8WnUQ" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">explained</a> that the numbers are the result of the fact that it will strive to build liquidity over time without relying on internal market makers. According to Lamb, the decision was reached as a direct consequence of the collapse of FTX.</p> 
<p>The disappointing opening of the exchange was reflected in the price of its token—FLEX—which was down more than 30% at the time of writing and stood at $1.80. The negativity plaguing OPNX didn’t end with its launch and a Twitter user known as FatMan warned all hopeful users they would be doxxed should the company go bankrupt—<a href="https://twitter.com/FatManTerra/status/1643678471711858694" target="_blank" aria-label=" (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">an outcome he considered likely</a>.</p> 
<p>Before the end of the day, Open Exchange suffered another setback as its Twitter account was suspended for unknown reasons.&nbsp;</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="what-is-opnx">What is OPNX?</h3> 
<p>The Open Exchange was announced under the monicker “GTX” in January to much ridicule and negativity. Despite the initial reactions, its founders,&nbsp; Zhu Su and Kyle Davies, as well as the company it was created in partnership with, Coinflex, not only remained adamants about its launch but also explained that the nickname <a href="https://tokenist.com/coinflex-sheds-some-light-on-gtx-project-after-facing-user-backlash/" rel="dofollow" class="deco-link">“GTX” was indeed both a joke and a reference to FTX</a>.</p> 
<p>Subsequent announcements focused on the mission of the new exchange. It was envisaged as a place where customers could trade cryptocurrency-related bankruptcy claims. One of the posts even confirmed that even the claims connected to Three Arrows Capital—the bankrupt firm cofounded by Su Zhu and Kyle Davies—<a href="https://tokenist.com/3ac-founders-answer-the-question-can-you-trade-3ac-claims-on-their-new-gtx/" rel="dofollow" class="deco-link">can also be traded</a>.</p> 
<p>The founders described OPNX as a “next-level” CEX that would build on the failures and experiences of previous ventures—failed and successful. They also estimated that cryptocurrency-related bankruptcy claims constitute a $20 billion, untapped market and tried to position the company as the best way for users that lost money to the slew of recent collapses to recover their funds.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><strong><em>Do you think OPNX will eventually find its footing? Let us know in the comments below.</em></strong></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/opnx-twitter-goes-dark-after-exchange-records-miserable-volume-on-day-1/">OPNX Twitter Goes Dark After Exchange Records Miserable Volume on Day 1</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

OPNX Twitter Goes Dark After Exchange Records Miserable Volume on Day 1

Table of Contents

TokenInsight

Outros artigos publicados em 5 de abr. de 2023

XRP crashed this much since Jim Cramer’s comments on Ripple v. SEC case

ADA Outperforms ETH in Key Parameter as Charles Hoskinson…

dsync airdrop parma airdrop distribute

Is It Safe to Hold BUSD as Binance Goes on Conversion Spree?

Covesting March 2023 Copy Trading Report: Top Trader Maintains 5100% ROI Amidst Market Volatility

Countdown Begins: Realio Network's Alpha Launch in 48 Hours

Join our free newsletter for daily crypto updates!