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Open Exchange (OPNX) has reported a significant increase in trading volume while humorously reflecting on its notably low volume during its inaugural day.
As per an April 10 tweet from OPNX, the trading volume on its first day, April 4, reached a mere $13.64 but has reportedly surged to $12,398 by April 9, marking an increase of over 90,000%.
We're excited to share that OPNX has seen a substantial rise in trading volume! On day one, our volume was a hard-earned $13.64. Today, on day five, it has skyrocketed to an impressive $12,398. That’s an extraordinary percentage increase of over 90,000%. We take immense pride in our team’s dedication… pic.twitter.com/0rG9F28xzl
— OPNX (@OPNX_Official) April 10, 2023
However, recent data indicates that the trading volume has experienced an even more significant rise in the past 24 hours.
According to CoinGecko, OPNX’s 24-hour trading volume as of April 10 has surged to over $179,000, reflecting an increase of approximately 24,500% since April 9.
The majority of this volume has originated from the trading pair of Bitcoin (BTC) and Tether (USDT), with over $178,000 attributed to this pair.
The exact catalyst for this surge remains uncertain, but it may be linked to OPNX’s announcement on April 9 regarding a new market-making initiative aimed at boosting its trading volume.
Following our launch, the OPNX community and journalists provided us with essential feedback regarding our insufficient liquidity, which may have contributed to the low trading volume. We appreciate this insight and have promptly acted by launching the OPNX Market Maker Program: pic.twitter.com/V1Aamfpfeg
— OPNX (@OPNX_Official) April 9, 2023
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OPNX’s trading volumes might also be influenced by the steady rise in BTC prices, which have seen the leading cryptocurrency by market capitalization surpass $30,000 for the first time since June.
Related: 3AC, Coinflex founders collaborating to raise $25M for new claims trading exchange
OPNX CEO Leslie Lamb announced the exchange’s launch on April 4. The platform is a collaboration between the co-founders of the crypto investment firm Coinflex and the founders of the defunct hedge fund Three Arrows Capital, Su Zhu and Kyle Davies.
The crypto community has reacted variably to the introduction of OPNX and its reported trading volume.
Some comments have criticized the exchange’s association with Davies and Zhu, whose current status has been unclear since the 2022 downfall of 3AC, which previously managed $10 billion in assets.
Do you sell claims on 3AC?
— sir macintosh (@macgregor_now) April 10, 2023
Conversely, others have mocked OPNX’s still relatively low trading volume, joking that Changpeng “CZ” Zhao, the CEO and founder of Binance, might be concerned about the venture.
CZ shaking rn
— Awawat (@Awawat_Trades) April 10, 2023
In comparison, Binance reported a 24-hour volume exceeding $11 billion, contrasting sharply with OPNX’s $179,000, according to CoinGecko data.
Magazine: Zhu Su’s exchange did $13.64 in volume akshually, Huobi in crisis: Asia Express
