Open Exchange (OPNX) has recently achieved a notable feat by reporting a substantial increase in trading volume. This is a significant accomplishment considering the appallingly low volume on its first day of trading. In fact, the company even joked about the situation, indicating how far they have come since then.
On April 10, 2023, OPNX took to Twitter to reveal that it had only achieved a trading volume of $13.64 on the first day of trading, which was April 4, 2023. However, the company has experienced a remarkable surge in trading volume since then, with the figure soaring to $12,398 on April 9, 2023. This represents a staggering 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
Recent data indicates that OPNX’s trading volume has experienced an even more significant surge over the past 24 hours. According to CoinGecko data, as of April 10, 2023, the company’s 24-hour trading volume had skyrocketed to over $179,000, marking an impressive gain of more than 24,500% compared to April 9, 2023.
The vast majority of the trading volume was accounted for by the trading pair between Bitcoin and Tether, with over $178,000 being traded in this pair alone.
While the exact reason for the surge in trading volume remains unknown, it may be related to OPNX’s statement on April 9, 2023, announcing the launch of a new market-making program aimed at boosting its trading volume and liquidity.
Under the new market-making program, any market maker who transacts at least 5% of OPNX’s maker volume in BTC and ETH perpetual futures contracts within a month would be eligible to receive a $5,000 prize from the company. Initially, up to 19 entities or individuals could qualify for these rewards.
OPNX has also stated that it will allocate a minimum of $50,000 per month to all market makers based on their maker volume, which will be distributed proportionally among all VIP market makers, depending on the company’s 30-day average daily trading volume. However, the total monthly payout for this program will be capped at $500,000.
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
The significant rise in BTC’s price has caused the largest cryptocurrency by market cap to surpass $30,000 for the first time since June 2022. This continuous increase in BTC’s value may have contributed to the trade volumes of OPNX.
Leslie Lamb, the CEO of OPNX, declared the exchange operational on April 4, 2023. The company was formed by Su Zhu and Kyle Davies, co-founders of the cryptocurrency investing company Coinflex and the now-defunct hedge fund Three Arrows Capital.
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