Zhu Su’s OPNX exchange rolls with wisecracks on its low daily trading volume

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.

“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.”