OPNX Twitter announced that on July 18th, all FLEX tokens will be converted to OX tokens at a ratio of 1:100. Additionally, if users choose to convert their tokens to OX and stake them for a period of 3 months, they will be eligible for a discounted conversion rate of 1:125.
OPNX is a cryptocurrency debt trading platform co-founded by Su Zhu, the co-founder of Three Arrows Capital, Kyle Davies, and the bankrupt exchange CoinFLEX. It aims to tokenize the debt of failed cryptocurrency projects, allowing users to trade or use their debt assets as collateral to unlock trapped cryptocurrency liquidity.
The platform made its debut in February of this year and announced the acquisition of all assets of the exchange CoinFLEX in early March, including personnel, technology, and tokens. It continued to use FLEX as the platform token and rebranded it as Open Exchange. It later announced that the platform token would be renamed as OX, with a conversion ratio of 1:100 from FLEX. The total supply of OX is 100 times that of FLEX.