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Open Exchange (OPNX) has claimed to have experienced a massive surge in trading volume and has joked about its dismally low volume on its opening day.<\/p>\n
According to an April 10 tweet by OPNX, its day one trading volume on April 4 hit a total of $13.64 but has since apparently seen a surge to $12,398 on April 9, an increase of over 90,000%.<\/p>\n
\nWe’re thrilled to announce a significant increase in trading volume at OPNX! On day 1, our volume was a hard-fought $13.64. Today on day 5, it has surged to a magnificent $12,398. That’s a remarkable percentage increase of over 90,000%. We are incredibly proud of our team’s hard\u2026 pic.twitter.com\/0rG9F28xzl<\/a><\/p>\n
\u2014 OPNX (@OPNX_Official) April 10, 2023<\/a><\/p><\/blockquote>\n
However, new data suggests the trading volume has seen a far bigger increase during the last 24 hours.<\/p>\n
According to CoinGecko data<\/a>, OPNX\u2019s 24-hour trading volume as of April 10 has exploded to over $179,000, representing a gain of around 24,500% since April 9. <\/p>\n
The vast majority of the volume has come from the trading pair for Bitcoin (BTC<\/a>) and Tether (USDT<\/a>), with more than $178,000 worth coming from the pair.<\/p>\n
It’s unclear what exactly sparked the increase but it could be connected to the April 9 announcement from OPNX about a new market-making program to help increase its volume. <\/p>\n
\nAfter launch, the OPNX community & journalists provided us with valuable feedback about our inadequate liquidity, which admittedly may have contributed to low trading volume. We are grateful for this insight & have taken swift action by instituting the OPNX Market Maker Program: pic.twitter.com\/V1Aamfpfeg<\/a><\/p>\n
\u2014 OPNX (@OPNX_Official) April 9, 2023<\/a><\/p><\/blockquote>\n
OPNX\u2019s trading volumes may also be a result of the steady climb in the price of BTC, which has seen the largest crypto by market cap cruise past $30,000<\/a> for the first time since June.<\/p>\n
Related: <\/em><\/strong>3AC, Coinflex founders collaborating to raise $25M for new claims trading exchange<\/em><\/strong><\/a><\/p>\n
OPNX CEO Leslie Lamb announced the exchange was open for business<\/a> on April 4. The firm is the result of a partnership between the co-founders of crypto investment firm Coinflex and the co-founders of the collapsed hedge fund Three Arrows Capital<\/a>, Su Zhu and Kyle Davies. <\/p>\n
The crypto community has had a mixed response to the unveiling of OPNX and its reported trading volume. <\/p>\n
Some comments<\/a> criticized the exchange’s connection with Davies and Zhu, whose whereabouts have remained unclear<\/a> since the 2022 collapse of 3AC, which once held $10 billion worth of assets. <\/p>\n
\nDo you sell claims on 3AC?<\/p>\n
\u2014 sir macintosh (@macgregor_now) April 10, 2023<\/a><\/p><\/blockquote>\n
Others, meanwhile, ridiculed OPNX\u2019s still relatively low trading volume, joking that Changpeng \u201cCZ\u201d Zhao, the CEO and founder of Binance, would be worried about the project.<\/p>\n
\nCZ shaking rn<\/p>\n
\u2014 Awawat (@Awawat_Trades) April 10, 2023<\/a><\/p><\/blockquote>\n
In contrast, Binance posted<\/a> a 24-hour volume of over $11 billion compared to OPNX\u2019s $179,000, as per data from CoinGecko.<\/p>\n
Magazine: <\/em><\/strong>Zhu Su\u2019s exchange did $13.64 in volume akshually, Huobi in crisis: Asia Express<\/em><\/strong><\/a><\/p>\n<\/div>\n