The OPNX exchange handled jokes about its low trading volume with grace and humor.
OPNX is a Seychelles-based CEX attempting to tokenize crypto bankruptcy claims. Victims of bankrupt platforms can register their claims and sell via OPNX’s order book – thus accessing previously locked liquidity.
OPNX’s daily trading volume is less than $13,000
On April 5, the “world’s first public marketplace for crypto claims trading” opened for business, turning over just $13.64 that day.
The following two days saw similarly low trading activity. However, by April 9, the trading volume experienced a significant 90,000% jump to $12,398, per the company’s Twitter.
Source: @OPNX_Official on Twitter.com
“That’s a remarkable percentage increase of over 90,000%. We are incredibly proud of our team’s hard work and dedication.“
Despite the spike in percentage terms, the nominal value for April 9 volume remains woefully low. One Twitter user joked about wash-trading Bitcoin to bump the stats artificially. The OPNX “Intern” replied, “We’re building liquidity raw.”
Similarly, another Twitter user said he unintentionally became an OPNX market maker by leaving a $2 limit order open. OPNX retweeted this message.
“I accidentally left a $2 limit order on OPNX and now I’m their designated BTC perp market maker.”
Data per CoinGecko shows the latest 24-hour spot volume on the exchange at just $634. The FLEX/USDT pair accounted for 40% of the total.
Skepticism rules
Zhu Su and Kyle Davies founded OPNX, the creators of the now-bankrupt cryptocurrency hedge fund Three Arrows Capital. CoinFLEX co-founder Mark Lamb is also involved.
In June 2022, the courts ordered Three Arrows Capital into liquidation due to its inability to repay creditors. The incident was widely viewed as a significant contributor to the crypto contagion that rocked the industry after Terra’s UST de-pegged.
Likewise, CoinFLEX came under fire for extending an uncollateralized revolving credit line to Roger Ver. In August 2022, after allegations Ver failed to repay his debt, the exchange filed for restructuring as it looks to recover $84 million from the Bitcoin Cash proponent.
Given their collective track record in fiscal management, the crypto community has raised skepticism over OPNX’s viability. There are also ongoing doubts on the valuation of bankruptcy claims, whether users will get a fair price, and whether bankruptcy claims are fungible.
OPNX CEO Leslie Lamb said the exchange launched with low liquidity to trial a more transparent market-making program. She also pointed out that volume consists of spot and futures trading only, with claims onboarding yet to go live.
“Instead, we will build up liquidity via a transparent public marketing program so everyone can see what’s inside the box.”
DBS is launching over-the-counter cryptocurrency options trading and structured notes for institutional and accredited clients, becoming the first Asian bank to offer products directly linked to Bitcoin and Ethereum.
AnaisAI researchers are advocating for a robust contingency plan to address the risk of losing control over AI systems. This measure seeks to prepare for scenarios where AI could act unpredictably, emphasizing the need for strong safeguards and strategies to manage potential risks.
KikyoSC Ventures has invested in One Trading, boosting its role as Europe's first regulated platform for crypto perpetual futures. This investment, alongside increased stakes from existing investors, will support One Trading's launch of innovative crypto products under MiFID II regulations.
WeatherlyDisney+ Hotstar's new AI tool reduces data use by 25% for offline video downloads and increases watch time per gigabyte by 12.5% while maintaining video quality. The technology optimises data based on scene complexity and user habits, promising more efficient streaming.
AnaisEthereum is underperforming against Bitcoin and competitors like Solana, with its ETH/BTC ratio hitting a three-year low. Despite this, Bitwise CIO Matt Hougan views Ethereum's dominance in DeFi and stablecoins as a strong long-term investment opportunity, anticipating potential gains if regulatory clarity improves.
WeatherlyAnimoca Brands is considering Hong Kong for its upcoming IPO due to the city’s growing digital asset sector. Despite a drop in valuation from $5.9 billion to between $1.5 billion and $3 billion, the company is focused on expanding and has yet to set a firm IPO timeline.
AnaisBhutan has become a major Bitcoin player by mining 13,011 BTC, worth around $780 million, through a partnership with Bitdeer and using its hydropower resources. This mining initiative, which has boosted Bhutan’s capacity to 600 megawatts, represents a third of its GDP and reflects a strategic shift towards digital assets.
AnaisUSDT is trading at a 0.3% discount to the USD/CNY, meaning investors have been cashing out. Bitcoin prices are showing strength, but derivatives traders are skeptical that the momentum may not last.
AlexAndras Istvan Arato, known as "Hide The Pain Harold," is making waves at Token2049 in Singapore, where he’s a guest of Memeland and the NFT community Arc. From his origins as a stock image model, Arato has embraced his meme fame, leading to numerous public appearances and commercial opportunities.
WeatherlyBlackRock and Microsoft are launching a $30 billion AI investment fund, in collaboration with Global Infrastructure Partners, to support the growing demand for AI infrastructure. This fund aims to secure up to $70 billion in debt financing to build data centers and energy solutions necessary for advancing AI technology.
Anais