OPNX Now Stops Converting FLEX To OX, Completing 36% Of Total Supply
Key Points:
- OPNX wraps up the FLEX to Bull token relocation, trading 35 million FLEX tokens for Bull tokens, comprising 36% of the FLEX supply.
- The exchange uses transparent Proof-of-Reserves, acquires CoinFLEX assets, and emerges from the collapse of 3AC.
- Clients partake in a 1:1 FLEX to Bull trade charge markdown of half for FLEX holders.
OPNX, a new claims and trading platform for cryptocurrencies, recently completed its token migration process, a significant development step. Notably, FLEX cannot be exchanged for OX tokens any longer.
During the symbolic movement stage, a momentous 35 million FLEX tokens were effectively traded for Bull tokens, comprising around 36% of the all out FLEX supply.
Additionally, 3.89 billion OX tokens were issued, bringing the total supply of OX tokens to 9.86 billion. The leftover 5.97 billion Bull tokens are scheduled to be printed and safely held inside the escrow contract.
This pool of Bull tokens will be overseen cooperatively by The Crowd and voteOX holders, engaging them to impact the designation and usage of these tokens to reinforce the development direction of OPNX.
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The investment fund’s founders, Three Arrow Capital (3AC), are the ones who started OPNX. In February, they posted an announcement about the exchange on Twitter. 3AC, led by Su Zhu, went through a difficult time in 2022, which caused investors’ finances to be in turmoil.
OPNX has also caused a stir by purchasing all of CoinFLEX’s assets, establishing FLEX as the exchange’s primary token. Despite its previous setbacks, this acquisition emphasized its intention to revitalize CoinFLEX.
The exchange distinguishes itself by using two key tokens, OX and FLEX. Simultaneous with the symbolic relocation, OPNX has carried out the capacity for clients to trade old FLEX tokens for Bull tokens at a 1:1 proportion. Besides, clients who recently held FLEX tokens will partake in a half markdown on exchange charges.
