Open Exchange (OPNX) Launches FTX/oUSD Spot Market and Tokenizes FTX Claims

Open Exchange (OPNX) Launches FTX/oUSD Spot Market and Tokenizes FTX Claims

Open Exchange (OPNX) has achieved a significant milestone, successfully processing the initial batch of FTX claims and launching the FTX/oUSD spot market. OPNX, an encrypted claims and trading platform co-founded by Su Zhu and other industry experts, recently introduced the tokenization of FTX claims.

The new feature on OPNX allows users to trade bankruptcy claims from both FTX and Celsius Network, providing an avenue to monetize these claims and regain control over their funds. This development comes in the wake of FTX’s collapse, leaving customers owed up to $8 billion and Celsius Network owed approximately $4.7 billion. By offering immediate liquidity for these claims, OPNX aims to expedite the resolution process, granting traders a quicker and more flexible way to access their funds.

Trading their claims on OPNX provides users with native tokens like reOX or oUSD, which can be utilized as collateral for further trading activities. This alternative approach offers a more efficient solution compared to the conventional lengthy process of resolving bankruptcy claims.

In the previous month, OPNX introduced a credit currency named “oUSD,” tailored for margin trading. The litepaper for oUSD addresses three critical issues in the crypto space. Firstly, lenders are often hesitant to trust platforms for holding cash loans backed by crypto collateral. Secondly, exchanges and lending platforms show reluctance in lending cash to margin traders due to the risks highlighted during the 2022 bear market’s multiple bankruptcies. Lastly, crypto derivatives traders seek “portfolio margin” options, enabling them to borrow and trade based on their crypto holdings, rather than stablecoin holdings.

The oUSD acts as a “credit currency,” available for purchase at a 1-to-1 ratio with Tether, and also serves as a measurement tool for profit and loss when users use Bitcoin, Ether, or other cryptocurrencies as collateral. Users with a negative oUSD balance will be subject to an interest rate set by OX token holders, while those with a positive oUSD balance can redeem it for USDT.

In recent announcements, OPNX unveiled its plan to introduce the FatManTerra Justice Token in response to legal actions against FatManTerra by multiple parties. The Justice Token aims to distribute potential settlement outcomes to communities claiming harm caused by FatManTerra’s long-term malicious disinformation. The distribution of Justice Tokens will be equally divided among RLB, LUNA, LUNC, and OX token holders, representing four communities allegedly affected by FatManTerra’s actions. This innovative mechanism seeks to address grievances and bring justice to those impacted by the dissemination of false information.

As part of its bankruptcy proceedings, FTX has released a draft creditor-repayment plan, proposing to settle customer claims in cash and eliminate its digital token, FTT. Creditors will be divided into classes, with one class potentially resuming the exchange with the involvement of third-party investors if an agreement is reached