The origin of OPNX dates back to Three Arrow Capital’s establishment, and its reputation was solidified by acquiring CoinFLEX’s assets.
During the token migration phase, an astounding 35 million FLEX tokens were effectively converted into OX tokens. This constitutes roughly 36 percent of the entire supply of FLEX tokens.
The maximum number of OX tokens that can ever be produced is 9.86 billion, while 3.89 billion were released into circulation simultaneously.
Once the remaining 5.97 billion OX tokens have been created, they will be stored securely under the terms of the escrow contract.
The Herd and holders of voteOX tokens will administer this pool of OX tokens jointly.
This will allow holders of voteOX to have input on the distribution and utilization of these tokens, bolstering the growth trajectory of OPNX.
OPNX Token Migration and Utility
The origin of OPNX can be traced back to the proprietors of the investment fund Three Arrow Capital (3AC), who announced the exchange’s establishment on Twitter in February.
In 2022, 3AC, which was led by Su Zhu, went through a difficult period that causes investors’ finances to fluctuate.
OPNX has also established its reputation by acquiring all of CoinFLEX’s assets. This action established FLEX as the primary token on the exchange that can be traded.
This acquisition exemplified the company’s dedication to revitalizing CoinFLEX and overcoming its previous disasters.
OX and FLEX are the principal tokens used to conduct transactions on the exchange. In conjunction with the migration of tokens, OPNX has made it possible for users to exchange their old FLEX tokens for OX tokens at a 1:1 ratio.
This feature was released simultaneously with the token migration. Additionally, consumers who have previously held FLEX tokens will be eligible for a fifty percent transaction fee discount.