OPNX Update: Conversion of FLEX to OX Discontinued, 36% of FLEX Supply Coverted

Cryptocurrency

claims and trading platform OPNX has announced on Platform X that, as of today, users will no longer be able to convert FLEX tokens to OX tokens. During the token migration period, over 35 million FLEX tokens were swapped by users for OX tokens, accounting for approximately 36% of the

FLEX token

supply. This migration resulted in the issuance of 3.89 billion OX tokens.

The maximum supply of OX tokens is 9.86 billion, with the remaining 5.97 billion OX tokens set to be minted and held in escrow contracts. The escrowed OX tokens will be under the control of The Herd and voteOX holders, who will determine the utilization of the remaining OX tokens and exercise decision-making authority to drive the growth of OPNX.

OPNX is a cryptocurrency debt trading platform co-founded by Su Zhu and Kyle Davies, the founders of Three Arrows Capital, along with the now defunct exchange CoinFLEX. This platform aims to tokenize the debt of bankrupt cryptocurrency projects, allowing users to trade these debt tokens or use their debt assets as collateral to unlock liquidity for trapped crypto assets.

The platform made its debut in February of this year and in early March, it announced the acquisition of all assets of the exchange CoinFLEX, which includes personnel, technology, and tokens. The platform continued to use FLEX as its native token, restructured itself, and rebranded as Open Exchange. Subsequently, it was announced that the platform's token would be named OX, stemming from the conversion of FLEX tokens.

On July 16th, the OPNX Twitter account announced that users could convert all their FLEX tokens to OX at a rate of 1:100. Additionally, if users chose to convert their FLEX tokens to OX and pledge them for a period of 3 months, they would receive a discounted conversion rate of 1:125.

Following the cessation of the FLEX to OX conversion as announced on the official OPNX Twitter account, there was a temporary market response. In the short term, the FLEX

token price

experienced a decrease of over 70%, while the OX token price saw an increase of over 15%.

For investors, holding FLEX provides more options compared to holding OX. During the past two months of upward movement for both FLEX and OX, the price of FLEX remained generally within the range of 100 times the OX price to 125 times of the OX price.

With the discontinuation of the conversion functionality, OX experiences short-term inflation control, while for FLEX, the token's utility disappears.