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.
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%.
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
However, new data suggests the trading volume has seen a far bigger increase during the last 24 hours.
According to CoinGecko data, OPNX’s 24-hour trading volume as of April 10 has exploded to over $179,000, representing a gain of around 24,500% since April 9.
The vast majority of the volume has come from the trading pair for Bitcoin (BTC) and Tether (USDT), with more than $178,000 worth coming from the pair.
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.
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
OPNX’s 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 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 was open for business 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, Su Zhu and Kyle Davies.
The crypto community has had a mixed response to the unveiling of OPNX and its reported trading volume.
Some comments criticized the exchange’s connection with Davies and Zhu, whose whereabouts have remained unclear since the 2022 collapse of 3AC, which once held $10 billion worth of assets.
Do you sell claims on 3AC?
— sir macintosh (@macgregor_now) April 10, 2023
Others, meanwhile, ridiculed OPNX’s still relatively low trading volume, joking that Changpeng “CZ” Zhao, the CEO and founder of Binance, would be worried about the project.
CZ shaking rn
— Awawat (@Awawat_Trades) April 10, 2023
In contrast, Binance posted a 24-hour volume of over $11 billion compared to OPNX’s $179,000, as per data from CoinGecko.
Magazine: Zhu Su’s exchange did $13.64 in volume akshually, Huobi in crisis: Asia Express