Open Exchange (OPNX) has reported a significant increase in trading volume after its opening day’s low trading volume. According to a tweet by OPNX on April 10th, the trading volume surged from $13.64 on April 4th to $12,398 on April 9th, an increase of over 90,000%. As per CoinGecko data, OPNX’s 24-hour trading volume as of April 10 stands at over $179,000, representing a gain of around 24,500% since April 9th.
We’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… pic.twitter.com/0rG9F28xzl
— OPNX (@OPNX_Official) April 10, 2023
Most of the volume comes from Bitcoin (BTC) and Tether (USDT) trading pairs, with more than $178,000- worth coming from them. It’s uncertain what caused the increase. It could be due to OPNX’s new market-making program, as announced on April 9th, or the steady rise in BTC’s price. Leslie Lamb, OPNX’s CEO, opened the exchange on April 4th. OPNX is the brainchild of a partnership between the co-founders of Coinflex and the co-founders of Three Arrows Capital, Su Zhu and Kyle Davies, who remain missing since 2022’s 3AC collapse.
However, while some hail OPNX’s trading volume, others ridicule its modest numbers, comparing its trading volume with Binance’s 24-hour volume of over $11 billion compared to OPNX’s $179,000.
CZ shaking rn
— Awawat (@Awawat_Trades) April 10, 2023
As per a few comments, due to previous events, some are skeptical about OPNX’s association with Su Zhu and Kyle Davies, who once held $10 billion worth of assets.
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After 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
— OPNX (@OPNX_Official) April 9, 2023