On June 1, OPNX, a debt trading platform founded by Su Zhu, the founder of Three Arrows Capital, announced two important developments in succession. One is to launch a new platform currency OX with governance and fee discounts; Debt trading, which is also the first debt market supported by the platform.

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Q1: About OX

Odaily：Yesterday morning, OPNX announced on the official Twitter that it will launch a new governance token OX. In the tweet, OPNX introduced the role of OX’s fee discount and governance (for details, please refer toThis newsletter). In your opinion, where is the value of OX for OPNX? What is the design idea of ​​its token economic model?

Su Zhu：Good question, we're looking forward to OX for a number of reasons.

Before creating the OPNX and OX models, we thought deeply about the historical issues faced by exchanges and traders. Over the past ten years, we have used almost every trading platform, and we have experienced the best and worst times of cryptocurrency. therefore,We hope to use our experience to ensure that OX's token economic model is fairer, more democratic, and can keep OPNX and its users closely connected in the long-term.

We believe that OX has been designed to achieve this goal. Users can realize permanent fee-free transactions by staking OX in proportion. In this way, on the one hand, traders will be motivated to stake instead of constantly consuming positions due to fees; on the other hand, both large investors and retail investors can make profits in proportion to their pledge, which is also different from those models that prioritize large investors. Improvement; moreover, users can enjoy these benefits permanently, which is like a "royalty income" that can only be obtained by trading on OPNX.

The core token economic model of OX will be fixed, but otherwise,OX stakers can also modify most of the core variables of OPNX by creating proposals and voting, such as non-staking fee rates, burning rates, new coin screening, etc.. We'll be releasing more details on this in the coming weeks.

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Q2: About the debt market

Odaily：Last night, OPNX officially launched Celsius debt trading, which means that OPNX finally ushered in its own main business (previously only spot and contracts).

However, for users in the Crypto field, most people may not understand the concept of credit claims, which may affect the start and development of OPNX credit transactions. In your opinion, how can you attract more users? What about using this new trading product?

Su Zhu："Claims tokenization" is a very novel concept.What we do is only in response to market demand。We chose to build a solution on debt claims due to the size of the market and the number of victims frustrated with the bankruptcy process and looking for alternatives.

The first thing to understand is that debt transactions are related to the liquidity of frozen assets.Choosing "tokenized claims" gives creditors more operational options - you can cash out in advance; you can also use it as a collateral asset for other derivatives transactions; you can also continue to hold it and retain its original claim rights. Of course, there may be some creditors who feel that it is okay to wait a few years for bankruptcy proceedings, so they are unwilling to try tokenization. OPNX just gives them an extra option, especially if they feel the opportunity cost of waiting is too high.

When approaching potential creditor customers, we need to make them understand the benefits of "tokenized claims". Additionally, we are offering fee discounts through OX, a fee-free bonus for early signups, and a great affiliate program coming soon. In addition to these, we also need to ensure that the product has enough advantages so that customers can spontaneously help us promote it.

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Q3: Regarding the operation of the seller

Odaily：There are also many victims of the FTX incident around me. If I want to realize my creditor's rights in advance through OPNX, what should I do? Will the process be complicated?

Su Zhu：FTX is our next bond market coming soon.

For Celsius, which has just been launched, the process is very simple (for more details, please visit OPNX relatedinterface). First, customers need to register with OPNX; then they need to provide OPNX’s tokenization partner Heimdall with detailed information and documents about the claim; when the eligibility is confirmed, customers will be notified and asked to sign the transfer agreement, which will initiate their The transfer and tokenization process of creditor's rights; once completed, customers can freely operate their creditor's rights tokens, such as selling them, acting as collateral assets for contracts, or simply holding them.

The whole process is quick and uncomplicated,Tokenization costs are insignificant compared to going through the court process。

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Q4: About the buyer's rights and interests

Odaily：The subject matter traded on the OPNX debt market is "tokenized claims". For the buyer, how can I ensure that the "tokenized claims" I purchased have real claim rights?

Su Zhu：The execution relationship between "tokenized claims" and the claim holder (trust) will be bound and protected by law.secondary title

Q5: Regarding personal participation

Odaily：It was previously reported that you are no longer involved in the day-to-day operations of OPNX, but you still have a lot of content about OPNX on your personal twitter, so what is the truth? As far as the operation of OPNX is concerned, has the Three Arrows Capital incident had any special impact on the development of OPNX?

Su Zhu：Kyle Davies (another co-founder of Three Arrows) and I had a vision for the next generation of exchanges and a way to tokenize claims. At the same time, CoinFLEX is also trying to reorganize. We have known Leslie Lamb and Mark Lamb (CoinFLEX cofounders) for many years. Thunder made the "tokenized claims" fully meet the market demand), so they naturally chose to cooperate.

We contributed a lot of ideas early on and will continue to provide input, but the 75-person team building OPNX itself is based in Hong Kong. With OX, debt trading, and other products coming online, we were amazed at how they executed on a challenging vision, and now we fully believe in them.

While the collapse of Three Arrows was a tragedy, we also learned painful and valuable lessons from its operations and bankruptcy proceedings.Without the Three Arrows, we would have no insight into what the ideal exchange would look like after FTX, nor the opaque and hostile nature of the bankruptcy process - which often does not lead to the best possible outcome for creditors .

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Q6: About the next round of bull market

Odaily：at present,

Su Zhu：at present,We think tokenizing real world assets is the most interesting thing, which could bring real-world material returns to the cryptocurrency space. "Tokenized Claims" is just the beginning, and we are willing to prove it by delivering more practical results.

In addition to this, the cost of launching a blockchain will continue to decrease, which in turn will present a differentiating challenge to the existing ecosystem. New developments like Worldcoin are also interesting, and there are certainly opportunities to emulate similar concepts in more regional and product-specific markets.