Claims, spot, and futures exchange OPNX rolled out a new governance token on Wednesday, dubbed the “Open Exchange token” (OX). In the wake of the announcement, trading volumes on OPNX surged to a new record high of $17 million. So far, the new token has attracted only 117 holders.

FLEX Token Jumped 17% on OX Launch Announcement

OPNX, a bankruptcy claims exchange founded by 3AC founders, announced the launch of the OX token – a governance token that will be used for paying trading fees and for staking and governance purposes.

According to etherscan data, roughly 100 people had either minted or purchased the OX token at the time of the announcement. OX, based on the ERC-20 token standard, has a maximum supply cap of 9.86 billion.

OPNX said users would get a 100% rebate on trading fees if the percentage of their total staked OX tokens is equal to or higher than the percentage of total trading volume on the exchange. In addition, those who exceed “their fee-free trading volume entitlement then receive a 50% trading fee rebate on the remainder,” OX’s whitepaper revealed.

The whitepaper also says that OPNX’s native token, FLEX, can be converted for OX at a 1:100 ratio. Moreover, “if $FLEX holders choose to convert and stake their $OX, a bonus 25% $OX will be paid to them from the OPNX treasury for a total 1:125 conversion,” the paper states. FLEX soared more than 17% on the news, but most gains were erased as trading continued.

OPNX’s Trading Volume Hit a New ATH After OX Token Launch

The rollout of the OX token comes less than two months after the exchange’s soft launch, as trading volume and liquidity on the platform failed to reach impressive levels. At the time, OPNX CEO Leslie Lamb said the low liquidity was due to a lack of internal market makers for the exchange, adding the company would launch a public marketing program to lure investors.

OPNX was founded by Kyle Davies and Su Zhu, executives of the crypto futures exchange CoinFLEX and co-founders of the collapsed hedge fund Three Arrows Capital. The fund’s implosion sent shockwaves throughout the crypto industry last year.

However, the launch of OX on Wednesday attracted significant attention to OPNX, driving trading volume to a new record high of $17 million over the past 24 hours. At press time, the OX token changed hands at $0.011, down 4.2% on the day, while FLEX’s price stood at $1.12.

This article originally appeared on The Tokenist

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