OPNX, which is short for Open Exchange, a bankruptcy claims exchange co-founded by failed crypto hedge fund Three Arrows Capital co-founders Kyle Davies and Su Zhu, has posted minimal trading volume since it went live on Tuesday.
Across all spot and derivatives markets on the exchange, just two trades have been executed worth a total of $1.26 at press time.
It remains unclear whether the exchange has suffered issues with enlisting new customers or whether the issue is a lack of demand.
OPNX CEO Leslie Lamb didn‘t immediately respond to a request for comment.
The exchange was co-founded by Davies and Zhu, alongside executives of troubled exchange CoinFLEX.
Last month, Davies told CoinDesk that OPNX wouldn‘t have any internal market makers, a decision that he believed wouldn‘t restrict liquidity. Zhu said in a tweet on Tuesday that liquidity will be built "brick by brick" and that the exchange was learning from the failure of crypto exchange FTX by avoiding having internal market makers.
It‘s worth noting that the tokenized bankruptcy claim feature, which will let users cash in a range of crypto-related claims, isn‘t live yet.
The FLEX token, which is OPNX‘s native token, was down 28 over the past 24 hours to $2.01, giving back all its gains it made during a rally earlier this week.
Edited by Stephen Alpher.
